Updated 01 July 20
I’m pretty sure you’ve experienced this yourself. (Let me set the scene.) It’s a Saturday night and you decide to watch a film. You switch on Netflix and start browsing through their movies. Only, you're overwhelmed by how many choices there are to choose from and end up wasting a lot of time - having no idea what to pick!
This is a theory known as the Paradox of Choice.
If a person is presented with too many choices, they are actually less likely to buy.
Psychologists in Columbia and Stanford University tested this theory using jams. There were 2 different experiments:
- Experiment 1 offered 24 samples.
- Experiment 2 offered 6 samples.
What they found was the group that was shown a larger number of samples was far less likely to purchase a jar of jam than those who were shown the smaller display.
Before an investor makes a deal, they’ve listened to dozens if not hundreds of pitches. Sadly, you can’t change the number of pitches they see on that day, but you can make the decision easier for them. With a clear, articulate, compelling statement delivered with confidence known as an elevator pitch.
In the video below, I catch up with Investment Manager, Luke, and Startup Consultant, Dan, to learn more about elevator pitches and what Nova's investors look for.👇
Pitching soon? Make sure to also check out the article;
If your question about elevator pitches wasn't answered in our discussion, pop it in the comments below!