The One Minute Pitch

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1. Introduce yourself:

No need to thank anyone for the opportunity or thank your mom :). Just tell who you are and what you are good at.
Ex: Hi, my name is Chaitanya and I am the principal architect designing the next generation cloud telephony technologies.

2. Introduce the problem:

In simple sentences describe what the problem is. The most important aspect is that the audience should relate to or identify the problem. The audience will vote for you, so unless they can connect and understand the problem, they will not vote for you.
Ex: Every day, while coming to office I get stuck in traffic and lose about 1 hour everyday on the road.

3. Describe your solution:

Make it logical. Make it sound plausible. If needed, specify your background and how that can help in you solving the problem.
Ex: I want to build a mobile app which gives me alerts about traffic updates and alternate routes. We can also add a feature to display on which routes there are traffic cops :). The data will be crowd sourced. If you are stuck in traffic or see a cop, press a big red button

4. Optional step:

Specify who will buy your solution and why. Basically, describe the market potential. If you feel that you are not able to fit this into your one minute pitch then feel free to skip this part.
Ex: There are 4 lakh commuters on the Begumpet road in Hyderabad. They will subscribe monthly to receive alerts.

5. Name your product:

This is very important. Think of nice, funny, quirky names. Once again helps a lot in brand recognition and getting votes.
Ex:Traffic Buster

6. Team members needed:

End with who are looking for to join your team. This sets up the expectation for prospective team members.
Ex: I am looking for UX designers and marketing people.

Make sure you have humor in your pitch. Throw in the odd joke. Show your personality.

Another link with good description on pitches, http://philly.startupweekend.org/2012/09/05/preparing-for-the-pitch-2/