Top 3 TIPs to improve your (pre)seed pitch deck today
June + July 2023
Having reviewed 100+ pitch decks for VCs, accelerators, and as an advisor and mentor, this year alone (!). I’ve got some/many opinions :) – here, here, and here.
Here are the top 3 mistakes I see the majority of the founders make, time and time again. By fixing just these 3 things today -- your pitch deck will stand out!
Mistake #1: Assuming audience has PhD or 10+ years of experience in your field
I shared this tip at a panel I spoke at last month on the topic of "Expanding in the US and fundraising, everything you need to know". Yes, I’m flattered :), but I also can’t follow along; so your deck gets low scores and is sidelined.
Yannis Moore (co-panelist) took it a step further and pointed out that if Analysts don't understand the pitch, they also can't pitch the start-up to their VC partners. So you’re not getting that next meeting.
TIP: Guillaume Bourcy (co-panelist) suggested updating the deck so that an 8-year-old gets excited about your product.
Mistake #2. Solution doesn't tie into current customer habits to solve their pain point(s)
Sometimes it seems like the solution was developed independently of the customers and you’re now raising money now, to figure out what that solution is – and pivot.
TIP: I can’t stress enough the "fake front door test" to help you identify and understand your customers’ needs, expectations, and habits ASAP, ideally before developing an MVP.
Lego IDEAS is a great example of the "fake front door test": if not enough people support the project, it won't get created.
Mistake #3: Forgot to mention milestones you're raising funds to achieve
Instead, you mention that the raise will help you transition to full-time founder, hire people and/or use it for ad-spend. This raises investment risk and your deck gets sidelined.
TIP: Don’t forget who you talked about milestones using the X-Y-Z format on your resume; the “X” or accomplishment is key to calling out here.
Bonus Advice: Consider Alternatives to VC Funds
I don’t have to tell you it’s hard to fundraise right now. It’s even harder if you’re fundraising to fund the development of an MVP. Here’s what to try instead:
"Fake front door test"
Wireframes or no-code apps to DIY an MVP
NSF SBIR Seed Fund grants for start-ups with a fast-pitch, 1-page application and ~1-month turnaround time for decision or feedback on what can be improved (!), for non-dilutive grants up to $2M
Texas A&M SBIR training on YouTube can also help you prepare to apply (I recommend Sessions 1 and 3 over the panel sessions)
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