Your pitch deck is the gateway to securing the funding you need to turn your vision into reality. Yet so many founders fall at this hurdle. In our latest Startup Essentials article we hear from pitch deck coach Malcolm Lewis on creating effective pitch decks that attract investors. He highlights the need for two versions of the deck: one for sending ahead and a more concise one for presentations. Plus why the strength of the pitch needs to win out over a flashy design.
At its core, a pitch deck is the combination of your pitch (your story) and your deck (your slides). However, too many founders lose focus, prioritising eye-catching designs and flashy graphics at the expense of a clear, compelling pitch.
Remember: your story matters most. Let’s dive into how to craft a pitch deck that speaks directly to investors and sets your startup up for success.
What investors are looking for
Investors are evaluating your pitch deck with a universal goal in mind: they want to invest early in startups with the potential to dominate a market large enough to sustain a $1B+ exit. Why? Because investors have their own investors, and in the world of venture capital, the power law rules—most investments will fail, so the winners need to return the entire fund (or more). This boils down to two key questions:
1. Can you get big enough?
This question focuses on your market and growth potential. Here’s how to assess it:
- Market size: Calculate your total addressable market (TAM). How big is the opportunity?
- Market share: Estimate the share of the market you could realistically capture.
- Exit valuation multiple: Make an educated guess about the valuation multiple your startup could achieve at exit.
- Target ownership: Determine what percentage of your startup an investor would expect to own at exit.
Your goal: Show investors that their potential return aligns with their fund’s size. For example:
- Big enough = market size × market share × exit valuation multiple × investor ownership ≥ 1–2x the fund size.
2. Are you good enough to get big enough?
This question is about your product, team, and go-to-market (GTM) strategy:
- Product: Demonstrate competitive advantages that customers love and rivals find hard to copy.
- Team: Highlight expertise in these key areas:
- Your target market and ideal customer.
- Your solution’s technology stack.
- Startups, particularly at your stage (e.g., pre-revenue MedTech, scaling from $0–3M).
- GTM strategy: Showcase:
- A scalable, efficient business model.
- Proven tactics across Marketing, Sales, and Customer Service to build and convert pipeline, and to retain and grow customers.
3 easy steps to focus your pitch deck
Keeping your pitch deck laser-focused on answering key investor questions is critical. Here’s a simple process to stay on track:
1. Outline your deck
Make a list of the key sections in a typical pitch deck: cover, highlights, team, problem, solution, product, competition, business model, market size, GTM, roadmap, financials, and the ask.
2: Define one key takeaway per section
For each section, craft a crisp statement that encapsulates the most important message you want investors to remember. These become your pitch deck slide headlines. For example:
- Cover: “We provide a private-label auction and e-commerce platform for rare coin collectors.”
- Business model: “We charge a 1% transaction fee on all purchases processed on our platform.”
- Team: “Our founders have 30+ years of experience building scalable auction platforms for collectibles at Ebay.”
3: Add supporting details
For each key takeaway, include 2-3 supporting points or visuals. These become your slide content. For example, under “Team”:
- Founder/CEO: Former VP of Collectibles at eBay, grew eBay’s collectibles business from $M to $B+.
- Co-founder/CTO: Former VP of Engineering at eBay, built scalable auction platforms.
Why you need two versions of your deck
A common mistake founders make is creating one pitch deck and using it for everything. Instead, you need two versions, each with a specific purpose:
1. The send-ahead deck
- Goal: Secure an in-person meeting with investors.
- Details: This version needs more information since it will be read without you there to explain it. Think of it like a dating profile—just enough to get a “swipe right.”
2. The presentation deck
- Goal: Keep the conversation going and secure an investment.
- Details: This version should be leaner and more visual. You’ll be there to present the content, so remove as much text as possible while keeping slide headlines for context.
Pro tip: Start with your send-ahead deck, then trim it down for your presentation deck.
Final thoughts
As a pitch deck coach, I’ve helped countless first-time founders refine their investor pitches. Before coaching, I spent over 30 years building startups—helping one scale from $0 to $130M and a $B+ IPO in two years. These experiences taught me the power of a focused, compelling pitch.
Your pitch deck isn’t just a collection of slides—it’s the story of your startup’s potential. Keep it simple, stay focused on what investors care about, and always remember: Your pitch matters more than the deck.
Malcolm helps first-time founders nail their pitch decks. He works with 1-2 clients a month, always 1:1. Fun fact: He is the creator of the Sequoia pitch deck template that has helped over 2 million founders build better pitch decks. He previously spent 30+ years as a marketing exec and startup founder. He then ran product marketing for Oracle ERP in the early 90’s, then worked for or founded 8 startups with 4 exits, including a $1B IPO.
