The term "elevator pitch" comes from an imaginary scenario:
You have an incredible idea, but in order to make it happen, you need the funding or expertise of someone you're unlikely to ever get to meet.
Then one day, you find yourself riding an elevator with the exact person you need help from!
Once the elevator arrives at their floor, you'll lose your chance to talk to this person. So you have about a minute to "sell" them on your idea.
If you're persuasive enough, they'll help you make your idea become reality. If not, you've lost your shot.
The term has become popular in entrepreneurial and investment circles; it encourages those with ideas to boil it down to the most important elements, getting rid of all the "fluff".
If you've never seen or heard of an elevator pitch before, you might check out an episode of Shark Tank, the show where people with an idea try to get investors to lend them money so they can make their idea happen. Notice how the pitch is short and to the point, and the pitch-er needs to be able to answer questions about the idea.
For your elevator pitch, you'll have 2 minutes to convince your "investor" that your project is a good investment of their time and resources.
A successful pitch will include the following information:
A statement of the specific task you intend to take on.
A quick summary of the current "state of affairs" for that product/skill.
An explanation of how what you're pitching adds something worthwhile to the world.
How you plan to measure your progress.
A rough timeline of what needs to be done when, knowing that there are a limited number of research & prep days left this year, and about 55 production days next year.
A list of and/or cost for any resources, materials, or other support you'll need to make it happen.
The FORMAT of your pitch is completely up to you. Bear in mind, you're basically trying to "sell" your idea, so you want your investor to have a very clear image in their mind (or maybe in their eyes) of what you are trying to accomplish, and you need to give them good reasons to put their trust (and resources) into your hands.
If you do a slide deck, remember that the text should be minimal - you want people paying attention to your words, and the slides should just be supplemental images to SHOW what you are saying.
Want to include some visuals? Great - go for it! Want to make a mock-up of the final product to help investors see what they're ponying up for? Sure! Want to make an "infomercial" that gets your point across? Make it so!