Bangalore, the hub of Startups, has let me encounter competent founders at several startup events. Last weekend, when I was among an entrepreneur group at an event, I heard somebody saying “I have a million dollar business idea with $X million market size projection, Y% returning customers… Could you please connect me with Investors?”
As soon as he said this, the other voice came “Have you prepared your pitch deck?”. Fundamentally, the pitch deck is for Investors and potential customers to have an understanding of the business idea. However, there are few qualified founders who wish to set up a call or a meeting as the potential first step. Reason being, they want to know more about investors before showcasing the confidential information. It seems fair on their part, but the fact is that time is equally valuable to both.
Let’s ponder over why should you sleep over the deck before pitching to an investor:
- A great deck will not ensure winning any investor, but it will ensure opening up the dialogue.
- Pitch Deck serves as the first filter for Investors. You may be operating in a sector, in which they are not interested or they have already invested in the same sector recently. Having said that, it will help them to determine quickly whether to go further or not; thus saving your time.
- When you start listing down the key components of a pitch deck – Product, Team, Traction and Market size, it helps you to go through each area of your business systematically.
- Preparing a deck should be an agile process, where you integrate the info as your startup grows. The more you refine the presentation, the more you will understand in depth.
- You may commit a blunder if you create a long deck without knowing the KPIs to include. Michael has wrote a great post about “What should be in my fundraising slides”.
- Don’t send your pitch deck to dozen of Investors. It is recommended if you do a bit of research, select few investors interested in your domain and then proceed ahead.
On the same line, it is worthwhile to learn from an entrepreneur’s experience; hence, I reached out to Ankit Oberoi (Founder of Ad-Pushup). He is an experienced entrepreneur, an articulate writer and always happy to help. His advice for building a Pitch Deck:
“Personalise. Keep multiple versions of your deck and personalise them based on the investor (you’re pitching to) and the occasion. Elevator pitch version, 5 minute version, half hour version – all sorts. If you’re going to meet a partner at a firm for a meeting, send the detailed version. If it’s just over email, send a short and crisp one. Does the investor already understand the industry? Get straight to the point in the Deck. If not, remove all the jargon.”
AdPushup has raised $632K from Angel Investors. Check out AdPushup’s Fundraising Deck for Angel round.
In summary : Do consider your pitch deck as an important opening note for the investors as it serves as the most crucial building block as and when you multiply your team.