Elevator Pitch Develops Venture Ecosystem

Among the estimated crowd of 150 attending a local elevator pitch contest late last month were about 20 aspiring entrepreneurs.

Their presence among the group was notable for its ever-so-slight uneasiness. Call it a competitive nervousness.

“There is that element, as there is with any competition,” said Jeff Amerine, the event’s organizer. “I think that’s what is primal and interesting and what draws a crowd to these events.”

The contest, dubbed “Gone in 60 Seconds,” was held Oct. 27 at Buck Nekkid BBQ in Fayetteville. The restaurant was also the venue for the inaugural event held in August.

Sponsored by more than a dozen local businesses, the events are open to aspiring entrepreneurs who want to pitch their ideas, designed to capture the interest of business leaders or potential investors.

Contestants give a presentation about their idea or product in 60 seconds. That’s roughly the same amount of time as an elevator ride.

“If you want to differentiate yourself, and have the opportunity to talk to a decision-maker, without a doubt this is an essential skill,” Amerine said.

The audience used Sumotext voting on their cellphones to choose winners. There were 25 registered entries, some from as far away as Little Rock, and the level of polish to the pitchers ranged from exceptional to underwhelming.

With a ticking 60-second clock on a screen behind them and a room full of staring eyeballs in front of them, a handful succumbed to “stage fright.”

Max Mahler, a 24-year-old University of Arkansas graduate, seemed confident explaining his product, which he did standing on a chair — the only contestant to be so bold — “so I can seem as big as this idea is.”

Mahler won the first prize of $1,000 for his company Icepresso Coffee LLC.

Mahler had never participated in an elevator pitch contest before.

“I majored in finance; I’m a numbers guy,” he said afterward. Mahler, a Fayetteville native, is a first-year MBA student at the UA. He’s currently working as a financial adviser at Wells Fargo Advisors in Fayetteville.

“Right now they have me studying 10 hours a day to get past my Series 7 licensing,” he said. “I take that Dec. 16.”

Essentially, Mahler’s product will make coffee flavor better. The refrigerated coffee concentrate “gives you all the traditional flavor of coffee but with the power of concentrate,” Mahler said

Amerine, the technology licensing officer for the UA’s Office of the Vice Provost for Research, believes elevator pitches can have a significant impact on an early-stage startup, calling it an essential tool for an entrepreneur.

“The pitch isn’t intended to replace a solid business plan,” he said. “But if a pitcher catches that attention, odds are good that the pitcher will get a chance to present the business idea in more detail at a later time.”

And that’s the prize that can be more beneficial than the cash award. In fact, Mahler was scheduled to meet with two groups from Wal-Mart Stores Inc. in the week following his victory.

“I met some really incredible people in the area, so it was 100 percent beneficial,” he said.

Amerine said he is planning to schedule contests every other month beginning in January.

Holding contests in other parts of the state during the “off” months is also being discussed.

“The whole reason for having the pitch come to life was an excuse for having bright people come together and engaging with each other,” he said. “From my perspective, the exposure to the cadre of investors, service providers and techies will create a robust venture ecosystem. We hope to only build on this.”