It is often called an elevator pitch but is just as useful as your introduction to people you meet at networking events. There are different views on how long the pitch shall be, 15-30 seconds or up to a minute. In my opinion, short is better.

An “elevator pitch” is a quick and concise way to communicate who you are, what you’re trying to do, and why you do it better. Another explanation is that an “Elevator Pitch” is a concise, carefully planned, and well-practiced description about your company that your mother should be able to understand in the time it would take to ride up an elevator.

Here are some tips for creating an elevator pitch:
1. Assume short buildings.
2. Put a tag on it.
3. Solve a problem.
4. Turn adversity into opportunity.
5. Lay out the benefits.
6. Conclude with a call to action.
7. Make it tangible.
8. Show your passion.
Read more at Fast Company.

Some more links:
15SecondPitch
Your Elevator pitch
3 steps to a great elevator pitch
Mastering the 30-Second Pitch