Last week I had the opportunity to participate in my first PitchCamp and was reminded of how challenging it is to describe a business in 60 seconds or less. It is really ironic, as an entrepreneur, your job is to thoroughly evaluate your value proposition, diligently survey the competitive landscape, and to consider all obvious and less obvious contingencies (among other things). You will spend months and months analyzing your business and then one day, if you are lucky, you will attend something like "PitchCamp" and be told that you must crystallize your entire business concept into a soliloquy lasting no longer than 60 seconds! At first you will think that such an aberration is impossible if not irresponsible.
However with the help of people like, Michael Blake and Scott Burkett ( founders of both StartupLounge and PitchCamp) and the volunteer mentors that they selectively recruit, you will find that the 60 second pitch is indeed possible and a valuable tool to market your business to customers, investors, and potential employees.
If you are struggling with simplifying your business concept, take solace in the fact that I have seen even the most experienced entrepreneurs struggle with this task and from my experience, this third-party review is essential. In a future post I will share some tools that make this task easier.
Kudos to the organizers and volunteers of the Startup Lounge!