On November 2nd, 11 prospective entrepreneurs gathered in Steele Hall Lecture Room to see who would come out on top at the Elevator Pitch Contest.
This competition had students deliver elevator pitches—60 to 90-second summaries on possible business ideas. A good elevator pitch is quick and to the point, but retains an appropriate level of detail. It highlights the problem one is trying to solve, the proposed solution, as well as financial considerations such as cost, return, and profit. It must be convincing enough to interest a potential investor – all of this in a few minutes.
After each presentation, participants took questions from the audience and the judging panel, which consisted of Mr. Diamond, Mr. Bice, Mr. Seth, and Mr. Vanasse.
Participants were judged on presentation skills, the feasibility of the idea, marketing/profit potential, and creativity (“wow factor”). The judges awarded first place and the corresponding $80 prize to Brigida Caruso ’20 and Alexa Esposito ’20 for their app proposal “Living Broke”, which aimed to help college students budget their money and avoid debt.
Second place and $40 went to Reo Aono ’18 for his website idea that would connect boarding school students from different schools. Third place and $20 went to Misha Verozub ’19 and Alexander Mochalov ’18 for their app that would allow users to make money renting out their phone’s gigabytes for data storage.
Other proposals were Adrian DeCola’s “Student to Student” app (provides a peer tutor via video call), Jonathan Fernandez ’20 and Kenneth Marici’s ’20 scented sunscreen business, Oscar Wang’s ’21 “Homework Broccoli” app (photograph a homework question to get help), and Brendan Desmarais ’18 and William McArdle’s ’18 “Recipe Blender” app (suggests recipe options based on what’s in your cupboard). All entrants receive a certificate for their participation.
Before the competition, the Business Club offered two workshops to assist in developing the pitches. Through slideshows, videos, and examples, participants were introduced to the idea of an elevator pitch. One-on-one help was offered as participants began writing their own pitches.
Raif Harris ’20 and Stanson Wu ‘18, the Business Club leaders who spearheaded the competition, both drew inspiration from similar programs they had participated in elsewhere. Stanson recalled a summer camp at Columbia University, and Raif participated in a Shark Tank-inspired competition when he attended Hamden Middle School.
Both consider this skill essential to success in the world of business and entrepreneurship, as Stanson learned firsthand during an internship in Shanghai. According to them, it’s the best way to quickly pitch a concept to a CEO and make money off your idea.
Outside of business, an elevator pitch helps a person develop pithiness and a fast but thorough conveyance of ideas, skills useful in college, work, writing, and even everyday speech.
As Raif put it, “Time is money.”
As the Business Club looks to the future, Raif and Stanson hope to extend this competition into an annual event and are considering turning it into a competition based on ABC’s Shark Tank. Also, the club may seek the chance to participate in a regional business competition or initiate a real business project at Canterbury. They are also currently running a Stock Market Competition. Contact either one if you’re interested in learning more.
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