This past weekend was the Global Venture Labs Investment Competition, held at the AT&T Center and hosted by Texas Venture Labs. Last year, our very own Jaime Sutton (Director of Marketing & Operations) launched the first ever Nemec Elevator Pitch Competition INSIDE the UT Tower. In the past, the individuals who did not make it to the semi-finals would be invited to compete in an elevator pitch competition within the AT&T Center, but last year, this “consolation prize” became cooler than the semi-finals themselves!
According to Jaime, “finding the right person to talk to and the right approach with the University was the hardest part. The Tower is no longer open to the public and you must have a pre-scheduled, guided tour with police presence to ride up the Tower elevators.” So what is an “elevator pitch”?
Investopedia says: Venture capitalists use the quality of the elevator speech as a way to judge whether to continue with an idea. The elevator pitch is also used by project managers, salespeople and jobseekers as a way to market themselves or their ideas. An elevator pitch should include why your product, idea or project is worth investing in by explaining such things as the features, benefits and cost savings.
The students were given 60 seconds each to pitch. The elevator ride itself is approximately 30 seconds to the 27th floor, so the students would finish as they exit the elevator and say goodbye in the lobby. From there? The chance to walk around and take pictures at the top of the UT Tower. It is a fun experience for both the judges and the competitors and we hope to see it continue in future years.