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Essentials of a seed pitch deck
- 2. Get their Attention Passionately & clearly communicate a vision Don’t oversell - investors can easily see through crap Focus on your strengths & remain candid ShowGrowth, Opportunity &Passion,ButDon’tOversellIt Send one or two high-level members of your team, not the whole crew Stay Intimate An exceptional entrepreneur or team who has experience and drive Large enough and interesting enough market opportunities A smart, differentiated, and defensible product/service that will stand out initially in its market and be able to protect its margins over time
- 5. • Regurgitation of business plan or technology roadmap • A sales pitch • A brainstorming tool or a way to collect your thoughts Whata pitchdeck isn’t...
- 6. • The Big Idea • The Problem • The Solution • The Market • Market Adoption • Business Model • Proprietary Technology • Competition • Competitive Advantages • Traction/Validation • Milestones • Regulatory & Reimbursement Strategy • Who We Are • Press/Testimonials • Financials • The Ask • Summary 10-15SlidesChoose Wisely!
- 8. Tagline Think about including keyinformation like name, title, email, mobile phonenumber
- 10. 1.The Big Idea
- 13. 2.The Problem
- 14. • Frustration? What is broken? • Why should your product exist? • What’s the opportunity? Current Pain
- 19. 3.The Solution
- 20. Your Product • Show how your product works in 3 easy steps – Describe your product, including key differentiators – Describe the non-confidentialmechanism of action – Secret sauce or magic? • Break to demo if its short and worth emphasising one or two key insights or features – Tell a story – future client or an example of a current client
- 26. • Status of any patent filings (issued, applications) • Details of any license agreements • Status of any other IP (e.g. trademarks, trade secret, etc.) Intellectual Property
- 28. 5.The Market
- 29. • Massive (but realistic) market • Data/stats on market size, existing proof points, etc. The Opportunity Total Addressable Market Serviceable Addressable Market Serviceable Obtainable Market TAM SAM SOM Typical Top-Down
- 31. Market Top Down –USA only $36 Billion Total Skin Cancer Diagnostic Market Source: Some Reputable Source $4 Billion Telehealth Skin Cancer Diagnostics Source: Some Reputable Source $50 Million My Product Opportunity $10 per use
- 33. Market Bottom Up – USA only Number of at risk people Something big % with smartphones Smaller Price per report $10.00 _____________________________________________ Opportunity/Year at x% penetration Impressive $
- 34. 6.Competition
- 35. • Direct vs indirect competitors – Potential entrants • Competitive advantage • Barriers to entry for new players? (money, time, expertise, relationships, patents) Market Fit
- 36. Feature A Feature B Feature C YOU CoA CoB Competitor logo • Bullet point summary of model, traction, limitations Market share Competitive differentiation Defence from competitive response Types ofdiagrams/charts Market landscapecomparison Feature ListComparison
- 43. 7.BusinessModel
- 48. • List approaches/tactics you’re going to use to get customers. Initial set plus over time. – How long is sales cycle to get a client? – Expected conversion rate? – Average cost to acquire a customer? – Lifetime value of customer? • Key expenses/ time-efforts • AUS, US or EU first? Why? • Direct sales vs independent reps vs partner? Getting Customers
- 51. 9.Go to market strategy & Milestones
- 52. Go-To-MarketTotal Addressable Market: [$XB industry] Distribution Strategy: [Your unique advantage + channels you plan to test Launch [Dates] Traction [Dates] Growth [Dates] Main Focus: Priority Tasks: Target Results: [X] [X] [X] [X] [X] [X] [Launch web & iOS app] • [Improve signup flow • Finalize user referral process • Accepted to App Store • Drive initial signups • Measure DAU totals] • [X initial users • Convert X% of existing email list • Understand DAU & optimize] 5
- 57. Timeline
- 61. Customer Overview “By 2020, over 85% of general practitioners will use cloud-based patient management software solutions” Live Customers Implementing Pilots Prospects Logo Logo Logo Logo Logo Logo Logo Logo
- 68. 12. The team
- 69. Who We Are • List pics + short bio on each founder/senior team member • Include info on board members & advisors – State verbally if Board is investing (big points). If no, don’t bring it up, have a reason for why not if asked. • Include info on future hires • Outline division of responsibilities
- 74. 13. The ask
- 75. 4key questions o How much are you raising now? o How much have you raised previously? o What will you use the money for? o When and how do investors get a return on their investment? What Do You Need?
- 79. 14. summary
- 80. Key Takeaways • List 3-5 of your strongest points, distilled down to memorable sound bites • What is your call to action
- 82. z. outro
- 85. Ω. appendices
- 86. Executive Summary What We Do: • ExampleCo is a [zero-jargon description of product] used by [broad but addressable market] to [benefits]. • We are focused on the [$X billion target niche] market. Current Status: We are [company stage, e.g. pre-revenue, pre-launch, etc.]. Traction to date includes: • (Month or Quarter 1): X key metric, Y key metric • (Month or Quarter 2): X key metric, Y key metric Currently Raising: • [$X-Y million] seed round. • Previously raised [$X million] from [investors]. Team Experience Pilot Customers/Partners Logos of Past Companies & Top Schools Logos or Other Proof of Early Traction Borrowed from NextView Ventures
- 88. Detailed Financial Projections ($000) Milestones Month Expenditures Customers Revenue Prototype Jan 16 $150 0 $0 Clinical Trial Jun 16 $100 0 $0 Reg Approval Jan 17 $100 0 $0 Launch Jan 17 $100 10 $100 Feb 17 $100 100 $1,000 Breakeven Mar 17 … 2016 2017 2018 Unit Sales Consumables Revenue Gross Profit OPEX • Sales & Marketing • Customer Service • Product Development EBIT
- 89. Detailed Start-Up Capitalisation Amount % of Total Founder’s Investments Angel Investors VC Bank Loans Non-Dilutive o Grants _______________________________________ TOTAL CAPITALISATION
- 90. Tactic Tactic Tactic #Customers Time Tactic Tactic Tactic Tactic [X] Customers Tactic Tactic 12 Path to [X] Customers Marketing Deep Dive Borrowed from NextView Ventures
- 91. GrowthStrategy
- 92. Headshot Headshot Logo Logo “Quote.” “Quote.” Test Customer Logos • Proof of concept data point • Proof of concept data point • Proof of concept data point • Proof of concept data point 17 Customer Validation Borrowed from NextView Ventures
- 93. Startup Buyer acq. by [$X] VC VC Startup Buyer acq. by [$X] VC VC Startup Buyer acq. by [$X] VC VC Public Co [market cap] Public Co [market cap] Public Co [market cap] • Startups in the [industry niche] space are acquisition targets for companies such as [Examples], at valuations around [N] times price/sale. 21 Exit Comparisons Borrowed from NextView Ventures
- 94. Explain how you have taken risk out of the project, list the remaining major risks. o Technical Risk o Market Risk o Execution Risk Risk Mitigation Strategies Specific Risk Specific Risk Specific Risk Mitigation Strategy Mitigation Strategy Mitigation Strategy
- 96. • Detailed value proposition to clients/users/partners • Pipeline of potential clients, % likelihood of closing, revenue potential from pipeline • Partnerships/agreements/structures • Proprietary aspects not discussed in core deck • Additional strategy slides: ex) how to avoid/limit circumvention AdditionalAppendixSlides
- 97. • Competitors capital raises/investors • Head count (# employees) projection/key hires needed • Additional screen shots from demo • Testimonials (key opinion leaders, potential future partners, potential future acquirers) • Unit economics analysis • Details on research, publications (without being too academic) AdditionalAppendixSlides
- 98. Tips
- 99. If you can’t explain it simply, you don’t understand it well enough. - Albert Einstein
- 100. • http://www.buzinga.com.au/buzz/startup- pitch-videos/ • http://thepitch.fm/ • Interesting way to explain a pivot: http://www.slideshare.net/fabulis/fab-2011-timeline Some Examples
- 101. • If you regularly get a specific question, address it head on • Leave room for questions, this is when decisions are made about whether & how much to fund you • Each slide should stand on its own without explanation – use clear figures to convey a lot of information without a lot of text • Don’t read slides – connect with your audience • Don’t use industry acronyms/terminology or reference companies they won’t know • DO NOT ask them to sign an NDA – most won’t
- 102. • Retitle your slides • Minimize bullets & text • Add visuals – but NOT stock photos
- 103. • Remove redundancy • Reduce phrases to words • Omit gratuitous intensifiers and qualifiers • Expunge expletives • Negate nominalisations • Delete superfluous phrases • Avoid clichés • Watch for words like o That o Absolutely o Very o Always/Never Be Precise and Concise
- 104. • This estimate is conservative • Won’t need funding after this round • Device works, we’ve tested it in our lab / in pigs / in China • We’ll be on the market in X years • We’ll get acquired before expensive trials/commercial launch • We’ll capture x% (e.g. <40%) of the addressable market in <5 years • The addressable market (or worse, revenue) opportunity is $1B+ Don’t Lie
- 106. • Get introduced – they don’t respond well to random calls/e-mails • Review investment criteria • Review portfolio companies Before Sending YourDeck 1First things first.
- 107. • Arrive early to set up computer, projector, get access to wifi, etc. • Ask investors to be introduced, provide a quick background on themselves and the fund (you may learn something!) • One joke – make audience laugh at least once, but don’t do a comedy routine • Keep detailed notes of the interaction – who was at the meeting, their specific comments At the Pitch
- 108. • If requested, send a follow-up meeting PDF with additional slides (they may have requested you to create) and some appendix slides • Stay on their radar • Guidelines for following up: After the Pitch o Be subtle o Be concise o Be persistent o Use multiple channels o Let time pass o Be gracious o Accept “no” for an answer
- 109. You Got Told No