An EIN is an Employer Identification Number used by the IRS (Internal Revenue Service) to identify a business entity. This nine-digit number is used for tax-filing and reporting purposes - it functions similarly to how a SSN functions for an individual.

A business will typically file for an EIN when they are formed. If your business has employees, then you likely will have an EIN. The common exception to not needing an EIN is if you are a single-member LLC as you can use your social security number to file your taxes. However, if your entity has employees, then even a single-member LLC will need to file for an EIN.

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In the context of tech startups, an elevator pitch is a short, 30-second presentation that introduces key stakeholders to your product or business idea. The purpose of an elevator pitch is to capture your audience’s interest and make them curious to learn more.

As a startup founder, it is your responsibility to prepare and practice your elevator pitch so that you can make a great first impression.

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