Your startup pitch deck is your "go-to" tool for approaching investors. Additionally, it's probably the essential document for your startup. Sadly, some of the most common and critical elements get overlooked.If you're like most startup founders, you've probably spent a lot of time thinking about what to include in your pitch deck. But what about what NOT to include?
If you're getting ready to show your startup off to investors, some things can make or break your chances of success. And one of the most important is what's not included in your pitch deck. Here are a few things NOT to have in your pitch deck:
Too much text
If your pitch deck is full of dense text and no visuals, take a step back and start over. Keep your pitch focused and to the point. Don't bury the lede, and don't ramble; investors want to hear what you say. They don't want to read a copy-and-paste business plan. They want you to show them what you mean instead of just telling them. Instead of using words and numbers, show them pictures and graphs, so they can better understand what you are saying. Plus, they'll be able to read the terms on the screen before you have told them out loud, so speak slowly enough for them to catch up.
Too many slides
A pitch deck is more effective when it contains the right balance of information. You want to strike the right balance of everything in your presentation, text, visuals, information, and data. All of these things are connected. Too much text, pictures, and data can lead to too many slides. It's tempting to get across as much information as possible, but you want to sell your company most appealingly. But often, less is more. If you keep the number of slides you use reasonable, you'll be able to ensure the content on each slide is essential.
Contact information
When you're pitching to an investor, including all your contact information is tempting, however, that's not always what they want!Instead, consider removing your personal contact information from the pitch deck. If your investor has questions about where to send a term sheet or how to reach you, they'll let you know.And if an investor needs more information about the whereabouts of the company? They'll ask for it!
No mention of competition
For some people, it might seem like a good idea, not to mention competitors. You probably want to keep similar companies in your space a secret. You want your deck to talk about you and your startup, but don't be afraid to mention competitors. Competition indicates a market for your product or idea, so if you don't have competitors, you need to consider why.
Investors may view your company as having less potential if you have no competition. It might mean you must reconsider the problem you're trying to solve and why it's essential. Use the performance of your competitors to highlight what makes you unique, how you perform better, and why. Look into them in-depth, and use a competitor analysis graph to show where you stand. If you have competitors but don't mention them, investors will try to dig up the information independently.
Unrealistic claims and predictions
Here at Entrepreneurs Collective, we believe sticking to the facts is essential. Don't exaggerate facts and figures so much that your claims seem unrealistic or merely false. It's important to be optimistic, but there's a difference between being positive and idealistic.
Rather than trying to sell a fanciful idea, discussing your business with investors using facts that show you understand the market makes sense. Investors are more likely to be impressed by a business plan that presents realistic goals rather than one that is so ambitious it seems unattainable.
No narrative or story
Storytelling can make all the difference when it comes to pitching your idea. You might have a fantastic product, a piece of tech that is pioneering and amazing. If you can't come up with a story to go along with your pitch, getting funding will continue to be complicated. Your idea may not be quite there yet, but if you can create a strong narrative that connects with an investor, they might take a chance on you. Remember that you are pitching to real people.
Storytelling has always been a part of human interaction. It allows people to connect by sharing everyday experiences. Connecting a problem and its solution is an effective way to hold your audience's attention. You can make this connection by creating an emotional response in your audience and making it difficult for them to forget you or what you have said. Good storytelling can help you win pitches, so include it in your strategy.
