Early-stage founders – just about everything you’ve been taught about pitching is a lie.
A VC’s job is not to write checks.
A VC’s job is to say “no”.
VCs say “no” hundreds of times for every one check they write.
The 10-slide pitch deck you are currently working on is designed for investors to quickly weed you out.
When a VC asks you for a deck before deciding whether to take a call, they aren't looking to say "yes"; they are looking for a reason to say "no".
They use your deck to pattern match as fast as possible on the things that typically *don’t* work.
No tech co-founder? Easy pass.
Your made-up TAM is too small? Easy pass.
Your made-up TAM is too big? Also an easy pass!
VCs spend an average of 2 minutes and 24 seconds reviewing a send-ahead deck.
Two things matter:
1) An idea that they need to know more about
Frame the world in a way they haven’t thought of before.
Make the outcome feel inevitable.
2) Don’t put anything in your send-ahead deck that has only downside risk
Your team doesn’t have a developer? Don’t include that slide.
You don’t have a ton of traction? Don’t include that slide.
Don’t give VCs a reason to say “no” before talking to you.
A 30-minute call gives you 12X more time in front of a VC to make your case. THAT'S where the magic happens.
(VCs, I love you. I can’t imagine you doing your job any differently; you have way too much deal flow to meaningfully vet each company. But I’ll absolutely try to get my clients to short circuit your pattern matching if I can.)