Most founders have to pitch their ventures in the hopes of raising capital in the end. NEA partner Tiffany Lack took the stage at the all-stage event at TechCrunch in Boston and answered how to create the perfect pitch.
“I like to think of VC pitch as the first way to assess the suitability of founders’ investors,” she told the crowd before jumping into the presentation. One of the most important slides on the pitch is to say “what” and to mean “what are you building?” Then “why” you are the right person for the job and why you have a unique solution. But there is another reason too. “Why is the best time to do that. ”
Then there’s “who,” she continued. “Who did you hire to do this crazy thing?” And finally, “How.”
“How do you get there? How do you get there today? How do you get there?” she said.
Then, of course, “a sense of some numbers,” she added, noting that part depends on the states the company is trying to fundraiser: seed, seed, Series A, etc. “These are meant to be fundamental fundamentals.”
Set the stage
As Good Luck explained, it sets the stage “what what” and tells investors what the problem is and how it affects people, then tells them what the solution is today and where there is room for confusion.
It’s a good idea to showcase product demos during “What,” and she said many investors love product demos. “If you think the photo is worth 1,000 words, then I think the demo is worth 1,000 hours,” she said. “When you see the product, you actually get it right away.”
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Lucky said there are two different “reasons” that all founders should deal with. First, there is a deeper reason why founders enter the story of their origins and explain their unique perspective on solutions.
Obsession is important here, she said. Investors added that they want to see and understand that founders are being consumed entirely by problems and solutions. This passion, she said, keeps everyone motivated to continue building.
The next one is “Why now.” This means entering market dynamics and preparation.
“It tells the story of why the market is ready for what you have and what you’re building,” she said.
Why now, founders are expected to talk about the team they have gathered, “The Who.”
“The shared beliefs part is really important,” Luck said. “It’s ‘Are you all imagining the future together?” ”
“How” is where the founders are supposed to talk about “milestones.”
Here, she said, she wants investors to know what a minimal product (MVP) is. Who were the early users? And what kind of feedback has your product received so far?
“And once more, explain where you are today. Where are you going? What have you learned?” she asked, listing her questions.
It’s also good to talk about pivots here if necessary.
Lucky noted that she often talks with founders who pivoted early in the journey or at some point. It helps investors learn more about the early stages of the company, “where you shouldn’t go, what to do, and what to do for the rest of your journey.”
For the love of numbers
Finally, she scrutinized the importance of numbers.
“Investors love numbers,” she said. “I think a lot of the important numbers include storytelling.” Here, investors want to know about the market size and any traction the product may have. “Why do customers like this product? Why do you imagine it not only grows, but also sustainably growing in a way that has excellent retention?”
She likes to see her talking about how much cash the company is burning and what the runway looks like. But most importantly, the question is how much they are going to raise this round and what they do with the money.
Together, who, what, how, and (two) reasons serve as a starting point, helping founders embark on an entrepreneurial journey.
“Starting a company is like an extreme sport,” she said, particularly likening it to climbing Everest. “You’re up to milestones, various camps. You’re encountering challenges, enduring the storm. You’re finally about to reach the summit.”
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