A business pitch or elevator pitch is not only a crucial tool for getting investment, it’s also one of the best tools you can use to flesh out your business concept, iterate it through different variations, and find a business model that works and will turn into a profitable company.
But, shouldn’t you have a solid business plan before you build a pitch? I don’t think so. If you think of your pitch as a tool to develop strategy instead of just a vehicle for selling ideas to investors, you’ll find that there are many reasons why you should start with your pitch and develop a formal business plan (if you need one) later.
This is not to say that you shouldn’t have a plan. That would be like trying to go on a trip without a map.
A traditional business plan just isn’t the right format to flesh out your initial business strategy. The problem with business plans isn’t the planning process, but the format of the output. I suggest writing a 1-page Lean Plan first—it’s the elevator pitch version of a business plan.