On this week’s episode of Entrepreneur’s pitch show, the panel gets critical about whether the products in front of them can withstand competition.
2 min read
Among the questions investors vetting a new product or business idea have to answer, “Is there anything else just like this out there?” is among the most important. If it is truly unique, they then have to consider whether the entrepreneur has done their due diligence to make sure no one can steal the idea.
On this week’s episode of Entrepreneur Elevator Pitch, our panel of prominent investors pose these questions and others to the entrepreneurs who try to entice them from inside the Entrepreneur Elevator.
Contestants have just 60 seconds to present their product as the next billion-dollar business idea while the elevator ascends. Everyone has their own style — one guy in this episode even goes for the infomercial-style “But wait, there’s more!” approach. When time’s up, the judges decide whether they want to learn more and potentially invest. They come to an agreement about whether to open the Entrepreneur Elevator doors and invite the contestant into the boardroom — or send them down with no deal.
This week’s products help travelers stick to their routines, curly-haired ladies tame their tresses, proud parents create keepsakes and more. With each, the judges have to decide, is there a business here? Is the entrepreneur’s projected valuation realistic?
As judge and Sports 1 Marketing CEO Dave Meltzer notes during one pitch, “this could be a niche product.” But it’ll take more than a minute to be sure.
Watch the episode above, or on Facebook or YouTube, to see which opportunities the judges seize and which they pass up. If you think one of the entrepreneurs has the next billion-dollar idea, don’t forget to check out our Entrepreneur Elevator Pitch landing page to support them via crowdfunding.