I can`t speak to the coast question - but I`d like to add my thoughts on the subject.
As a Silicon Valley resident for 30 years, I`ve been told by many investor types (VC and angels, etc) that they like to ask for the "elevator pitch" for 2 reasons;
In my business, I encourage clients to develop several "short speeches" where they express the important points of their business. Each one might be different in length and each might have a different target audience besides potential investors (customers, suppliers, partners, affiliates, etc).
While I believe in the value of these other "speeches" - the focus of this specific forum is developing your 60 second opening message to potential investors - commonly called the elevator pitch.