The key idea of this task is that you should be able to explain the problem you are addressing and the main features of your solution in five minutes. It's not a research seminar or an investor pitch, but an announcement, so you have to cut to the chase and get people interested in learning more.
You're not supposed to present the history of the project, the architecture of your system, or your marketing plan -- just pretend that you are out there in late 2011 or early 2012 and launching your product to the world at a suitable event.
So go back to your draft presentation and toss everything that is not relevant to stating the pain points, the target market, and the key features of your product as it is about to launch. Tell your audience why you are excited about your product and why they should be interested, too. You can make up a customer and/or partner testimonial, too.
As you rehearse your presentation, make sure that your style conveys your enthusiasm about what you have
accomplished. You are in sales mode, not in engineering mode.