What is the purpose of an elevator pitch?

The purpose of an elevator pitch is to summarize a business idea quickly and attract interest. It is designed to be a concise and engaging summary of what your business does, how it stands out, and why it matters, typically delivered in the time it would take to ride an elevator, hence the name. This brief format is essential for capturing the attention of potential investors, customers, or partners, allowing you to create interest that can lead to further discussions.

Providing a detailed business proposal, as suggested in one of the other options, would take significantly longer and wouldn't serve the quick interest-sparking purpose that an elevator pitch is meant for. Similarly, a formal business plan is a comprehensive document with in-depth analysis and information, which contrasts sharply with the brevity of an elevator pitch. Lastly, explaining complex financial forecasts requires a level of detail and conversation that goes beyond the quick nature of an elevator pitch, which aims to provide an immediate impact rather than detailed explanations.