The Elevator Pitch is exactly what the title suggests - 20 'newbies' / 'oldies' / whatever you want to call them, get 3 minutes to show their best work, a new idea, live coding, live drawing, whatever.
It is a chance for new speakers to get some exposure, and a chance for us, the audience to see new talent.
The Elevator Pitch is a mish-mash of designers, developers and creatives throwing down their stuff in 3 minutes!