I am going to post the best resources I find on giving the elevator pitch. First is from Mark Suster who has a post called “How to Nail the Elevator Pitch.” In 2-3 sentences, Suster explains that you should focus on showing how there is a huge problem, laying out the solution, identifying the target customers, explaining your progress to date, and explaining your domain knowledge showing you are well-positioned for this opportunity. Reminscent of Komisar and Khosla, the most important thing is conveying there is a real problem.
Suster has a number of follow-up posts which dive deeper, the best of which I will link to in due course.