Springwise, an invaluable ear to the ground, reports on cmypitch.com, a new site for entrepreneurs in the U.K. to upload elevator pitch videos for potential investors to watch. You can pay 200 GBP to list your pitch for three months. Springwise also featured a similar site, Vator.tv aimed at tech startups last year. Techcrunch launched a pitch forum in June. (Both Vator and TechCrunch are free, as are other parts of cmypitch.)
Here’s my question: who’s watching? How many investors are really trolling the web to hear elevator pitches? Venture firms are inundated with more unsolicited business plans and pitches than they know what to do with. And business plans that come over in the transom are almost never funded, if they’re even looked at, which is an open question. (For more, see here.)
Vator.tv says that their audience is about 80 percent entrepreneurs, 9 percent investors and 11 percent others, according to Kedric Van de Carr, the VP of marketing and business development. No deals have been closed through Vator connections, but several startups got funding offers, he said. He emphasized that the focus is on exposure and connecting with interested people, not dealmaking.
This seems like a fine idea for practicing and refining pitches, sharing ideas, and making connections. But I think entrepreneurs need to be careful not to expect these forums to actually lead to investments – and doubly careful if they’re paying anything to host their videos.