Do you want an ideal pitch deck for your idea? Have you considered the many loopholes in your current pitch deck? What makes a pitch deck unique?
Creating a pitch deck can be a daunting task at best, especially if it has never been done before. If a person is a new entrepreneur lacking experience in the field, one feels very nervous and excited about the venture, and quite anxious about raising one’s very first round of financing. Pitching a deck is an art, but an art that is almost formulaic in precision of its procedure. The key steps are of course, coming up with a story relating to the idea, to paint a vision for the investors, to know one’s numbers well enough, and finally the crucial part of the entire process: SELLING. The 8 key things to know about creating a pitch deck are given below:
In the entrepreneur world, simply having vision is not enough. One needs to build upon ideas and think out of the box on how to expand and capitalize that vision. Many entrepreneurs can have the same idea, but the one with vision can take the idea to the next level so that investors are forced to raise an eyebrow and become interested.
Investors are not satisfied with ideas alone. A person who is willing to invest in one’s ideas needs you to have a clear head and a detailed analysis of how you are going to spend their money and make the project a viable success.
Initially, one should start with a short main deck that focuses on the key ideas, metrics related to the idea, and simple terms that would help the idea expand. The slides should be 6-7 in total, that define the agenda, the main problem faced at that particular time, target market and opportunity, the solution, and lastly the revenue distribution (this really catches an investor’s eye). The deck should also mention the market or the customers that would benefit from the idea’s ingenuity and development.
More often than not, investors are attracted to stories behind the idea, the initial struggle that might have hindered your success-route at some point, which eventually led to the solution to the problem and helped develop a business with excellent metrics.
If one’s business strategy is already doing well and generating worthwhile revenue, it is best to mention the fact in the slides themselves. The slides could indicate the accelerated growth of the company and help the investors in making the right decision in getting you a term sheet.
After finishing the first pitch, always have a question and answer session to better understand the queries of the investors. These questions can be tweaked into the next pitch to make it better and more solid.
Having faith in one’s idea is essential, but being an eccentric dreamer with baseless far-fetched ideas is not an option if investors are to be gained. Don’t pitch it too much and over-deliver to ensure investor happiness.
Some rookies make the mistake of ignoring their competitors or denying competition to the idea altogether. This should be avoided at all cost. Investors trust an idea which is already in the market with your innovation to make them money from it.