For Starters, not every business needs a pitch deck.
Pitch decks are primarily about generating FOMO in potential investors. Considering most new businesses shouldn’t pursue VC and fundraising rounds are currently taking 9+ months to close, working a on pitch deck is likely a distraction for most founders.
Even the most focused founders have multiple efforts running in parallel. It’s easy to get distracted and entangle unrelated concepts. I’ve reviewed nearly a hundred pitch decks in the past six years, helped dozens of founders clarify their decks ahead of securing funding, and even created a few of my own along the way.
The highly-constrained format of the pitch deck has a power to clearly, concisely tell a very compelling story - or at least highlight where the story isn’t compelling. Where unrelated ideas are muddy-ing things up.
It’s through this lens - telling a compelling story clearly and concisely - that I’d like to share all the questions going through my head when I’m reviewing a pitch deck or other description of a startup - e.g. Lean Canvas.
Overall
Yes to giant font sizes.
None of the slides have boring labels (e.g. “Team”, “Solution”, “Ask”)
No more than 7 slides. If the deck has more, it’s already failed ‘clearly and concisely’.
If the deck appears to be highly visually polished or conversely looks like a clip-art ransom note, it’s a sign the founder’s more focused on visual style than storytelling.
The Problem Slide
What’s the persistent frustrating problem being addressed?
Who has this persistent frustration?
Is there an expression (or two) of just how painful this problem is, directly from those experiencing it?
Why is now the moment to address this problem?
How will this problem dramatically increase over the next decade?
The Solution Slide
Does each bullet point directly tie to a bullet point in The Problem Slide in both an unexpected and easy-to-understand manner?
Does it make me smack my own head and ask, “Of course, duh, why didn’t I think of that?”
What’s the unique insight/perspective/approach/technology at the core of the solution?
Can I imagine successful, existing, solutions to this problem without this special sauce?
Is it obvious how the special sauce makes a 10x better solution to the target customers?
3. The Go-To-Market / Traction Slide
Is there a clear line between the current Go-To-Market and the larger vision?
Can I imagine when and how the current Go-To-Market breaks?
What demand has been to captured to date?
Are these early engagements repeatable or are they different kinds of one-offs?
Revenue Model
Does pricing seem to be value-based from the eyes of the customer?
What’s the fewest number of sales I can imagine covering the founding teams’ lifestyle?
Does it seem reasonable to achieve that number in the next 12 months?
Market Sizing
The “market” is the market for solutions to the problem articulated in The Problem Slide by the target customer. Market sizes are expressed in currency - the amount of money changing hands to solve the problem.
Is the market size expressed in currency?
How is the target customer for the next 18-24 months articulated (e.g. SOM) defined?
How is the largest, 10 years from now, expression of the market articulated (e.g. TAM)?
If the SOM is $##M and the TAM is in $#B, it’s a sign the market definition isn’t yet narrowly defined around the problem.
Team
Are there 1-5 people with clear distinction of roles, and at least one person with substantial domain expertise?
Does everyone have a headshot? No headshot = red flag. Why won’t this person attach their face to this effort?
Does the teams’ past experience suggest a more theoretical, academic, hands-off approach or a more practical, resourceful, hands-on approach?
The Ask (optional)
What are they looking for?
What will this help them accomplish faster?
Does that seem like the most critical piece or might they be overlooking something more critical?
How many customer transactions is equivalent to this ask?
That’s it.
Answering these questions clearly, concisely, and consistently will help Founders get all kinds of people excited about supporting their venture, deck or no deck.
Which of the questions are the weakest in your current story?