advice from Due Diligence of 25+ Pitch Decks

Advice for Aligning Product, Technology and AI in your Pitch Deck Story

Post was originally published in July 2022, and updated in October + December 2022, March 2023

I help VC firms evaluate alignment between how SaaS (software-a-a-service) or HaaS (hardware-as-a-service) start-ups solve their customers’ pain points with their products, align incentives on product and pricing, and how they use technology and (where applicable) AI to do so. As I review pitch decks, here’s what I look for.

First, we need to understand the goal of a pitch deck. It won't get you a check, but it may get you a meeting.

Bonus: As a non-investor, especially when reviewing a D2C brand, by the time I'm done reviewing your pitch deck, I'd love to have you leave me wondering (and answering) one thing -- "where can I buy this now?!?"

Due diligence is one such meeting, where the end goal may be either get you to the next meeting, get you to an intro, to get you to the next due diligence meeting, etc. Before I start, I find out what the (high-level) end goal is of due diligence, and work backwards from there.

Raise

Why are you raising money? How will the raise help you reach the end goal of a scalable product?
What are the steps this raise will help you achieve, to get you closer to the end goal? Connect the dots for me.
Does the amount of the raise accurately reflect what you’re trying to accomplish, to get you to the end goal – or next raise/exit?

Product

Does the product solve 1+ much needed, highly valued (out of 30+) customer pain points?
Does the product and pricing align incentives between start-up and its customers?
Does it tie-in to the current customer workflow? Or (not recommended) will customers be expected to overhaul how they currently do things to solve their problem?
1. - Are you able to walk me through (at a very high level), how the product ties-in to the current customer's workflow and solves their pain point (end-to-end)?
Is the scope manageable, with focus on one product/feature at a time?
Do I have enough information to agree – or disagree – with you? Or will I be asking you for more information to make a more informed decision?
Who are your competitors (on national and global scale) and how are you different?
1. - For example: if you're a smoothie-making start-up, I'd argue that fresh/frozen fruit from your grocery store are also alternatives to your product. What sets you apart?

Technology and Infrastructure

Is the product scalable, such that 2 and 20 fee structure for VC compensation and ROI on investment makes sense for it?
If technology is core to the business, is there a technical (co)founder/employee (even if they're part-time)?
If you’re showing me an architecture diagram of your future tech stack (it happens!) – are these the right tools for the job?
If there’s existing software/hardware infrastructure that you call out, do I have enough information to agree – or disagree – with you? Or will I be asking you for more information to make a more informed decision?

Analytics/AI

Is it clear how data will be accessed or created?
Is the analytics/AI appropriate for the stage of the product – and feasible, or is the claim to develop state-of-the-art that doesn’t exist yet with the next raise?
1. - Please see my (opinionated) blog posts on Biggest AI/ML mistakes made by startups and What should (not) be your AI roadmap? (or) Why You Don't Need AI in your SaaS MVP for more details.
How will AI be used to help the company scale?
Will this AI offering be an added feature that the you charges for, separately? or is it part of the core product bundle?

Parting Advice

Connect the dots for me on "why you, why now", so that by the end of the pitch deck, you've built credibility and I have no doubt that you can execute on what you promised. And the audience is left feeling -- I need to be a part of this, now!
Are there any objections you keep hearing (what seems like) time and time again? Call them out and address how you're already solving them (if not in the main part of the deck, then in the Appendix). This will go a long way to continue to build credibility and rapport.
If your answers to the questions raised here are not objectively clear, I advise that founders address these points before recommending them to the next step in the process.
Don't include full sentences in the slide deck.
I hope you're not requiring an NDA for people to access the pitch deck.

Now you know what you need to improve; good luck!

You're not hearing yeses from investors and you need advice on how to align incentives, what‘s not clear or what can be improved. I'd love to support you; please feel free to schedule this flat-fee session with me.

Good luck!