The Startup Guide to Landing a Paid Pilot Through Elevar Labs
Elevar® is an enterprise-startup connector with a mission to connect today’s leading enterprises with tomorrow’s innovations. Our unique Elevar Labs® builds partnerships between enterprise and top startups, creating solutions aligned to specific industry needs.
Here’s everything you need to know about the program.
How does Elevar® connect startups to large enterprises?
Elevar Labs® kicks off with an evening event called, Reverse Pitch Day® (“RPD”), where senior level executives come directly to you, the startup and entrepreneurial community, for help on their most challenging and pressing business problems. Once these problem statements are released, if you have a solution that addresses the enterprise needs, we encourage you to apply to the program.
“The RPD model focuses the conversation…[and] allows us [to] fit our…puzzle piece of the solution” — Mike Batista, CEO and Cofounder Quantified Care
If you make it through the selection process, your team will be invited back for Enterprise Challenge Day — a fast-paced series of one-on-one conversations directly with enterprise executives. At this event, you will present your idea, ask questions and receive feedback to further refine your solution to meet the specific enterprise needs. Those chosen as finalists will move on to Letter of Intent (LOI) Day.
During LOI Day, you will enter the boardroom and pitch your final solution. If you succeed, you will receive a Letter of Intent (LOI) for a transformative deal (i.e., a paid pilot for your solution).
After landing the LOI contract, the real work begins — and we are there to ensure a successful integration of your solution.
Why should my startup participate in this program?
Startups align with interested executives from the start, rapidly accelerating their likelihood of landing transformative pilot contracts. Moreover, entrepreneurs participating in the Elevar Labs® program receive unparalleled access to industry insiders and executives while receiving hands-on support, feedback, and guidance from Elevar’s team from start to finish.
For those startups whose solutions are chosen, paid enterprise pilots can be transformative. Winning startups gain a new client with considerable brand cache, customer revenue and pilot outcomes data — key components for a minimum viable product (MVP) or capital fundraising.
And all you have to do is show up! There are no fees to pay. Just listen, learn, and if you think your startup has a relevant and compelling product, apply to the program.
“The networking is awesome… we’ve already made connections with people that we think we can integrate in to our solutions, that alone was worth it” — Kourosh Parsapour, Founder PersonalRN
What is RPD like and why should my startup attend?
Elevar’s Reverse Pitch Day® lets enterprises pitch their market needs to startups — not the other way around. This one-night event gives startups the chance to network with fellow entrepreneurs, venture capitalists, industry C-suite executives and thought leaders.
We kick off with opening remarks from enterprise executives and move quickly in to the problem statements, where executives pitch their innovation needs. We follow this with an executive panel discussion on “Healthcare Digital Innovation” and conclude with more networking on food and drinks. The time goes by quickly and there are lots of people to meet — so be sure to come early, take notes and stay hydrated!
“We are fans of the model, it is a really great way to bring the establishment and startup world together in a way that is hopefully mutually beneficial” –Rebecca Norlander, CEO and Cofounder Health123
How should startups prepare for Elevar Labs®?
One of the largest factors leading to startup failures is a lack of product-market fit. We help overcome this challenge by directly revealing enterprise problems and market challenges to startups. In doing so, startups can focus on real opportunities and confirmed industry pain points.
“RPD is genius…You know exactly what the areas of opportunity are” — Jamie Hall, Chief Growth Officer LifeNexis/iChip
But that is just the first step. Startups participating in Elevar Labs® undergo a rigorous selection and vetting process. Here are some tips to improve your chances and prepare your solutions:
- Do your research — the more you know about your potential customer the better. Coming in with questions revealing that you have done any research will bode well and distinguish you from the rest. Ask the right questions that will help customize your solution to specific enterprise needs.
- Learn about the problem — the better grasp you have of the problem your customer is trying to solve, the better you’ll be able to create a solution that adapts to all the intricacies of the challenge itself. We provide background articles on all problem statements on our website.
- Be flexible and patient — the more adaptable and flexible your solution is, the easier it will be to customize products for the end customer. Remember that you are building a relationship with a large enterprise, which takes time, accommodation and patience.
All entrepreneurs and startups passionate about digital health and interested in making an impact in healthcare are encouraged to apply to our upcoming Labs programs. If you are interested in learning more about Elevar Labs® and Reverse Pitch Day®, you can reach us here. We look forward to hearing from you!
Elevar®, Elevar Labs®, and Reverse Pitch Day® are registered trademarks of Elevar Consulting, LLC in the US Patent and Trademark Office.
Originally published at elevarco.com on August 1, 2016.