Contestants Seek Nod -- And $10,000 Prize -- For Best 'Elevator Pitch'

(CBS) – It's called an elevator pitch: selling your business idea to a potential investor in a mere 60 seconds.

CBS 2's Ed Curran went along for the ride at the Hyatt Regency Chicago, as contestants did some quick talking for exposure and a crack at a $10,000 prize.

The elevator pitchers got coaching from the founder of Vosges Haut-Chocolate and Wild Ophelia, Katrina Markoff.

"Really keep it succinct -- keep it focused on why there's a need in the marketplace for your product," she says.

There were elevator pitches for all kinds of products, from services and technology to fitness.

Among the entrepreneurs was 6-foot-1-inch tall Lovisa Tedestedt of the Lova Collection.

"A lot of women can't find clothes that fit them off the rack. I'm the perfect example of someone who can't buy clothes off the rack," she says.

Four elevator pitch winners from Chicago and four from the east coast will be featured at fastcompany.com, where users can vote for the final $10,000 winner.