The document that opens conversations.
WHAT IT MUST DO
Make someone want a conversation.
WHAT IT IS NOT
A complete description of the business.
HOW LONG
Short. Roughly a dozen slides.
WHAT TO COVER
The problem Who has it, and how many Your solution Evidence that it works How you make money The market Competition The team The numbers What you are raising and what it funds
WHAT TO LEAD WITH
The problem, stated concretely.
WHY
It establishes that there is something to solve.
WHAT MAKES EVIDENCE PERSUASIVE
Specific numbers, with the period stated.
WHAT TO AVOID
Very large market figures with no path to them Projections with no basis Claiming no competition Hiding weaknesses
WHY CLAIMING NO COMPETITION FAILS
It signals either no market or no research.
WHAT TO SAY INSTEAD
Who the alternatives are, and why customers choose you.
WHAT TO BE HONEST ABOUT
Risks and what you do not yet know.
WHY
Investors find them anyway, and disclosure builds credibility.
WHAT TO STATE CLEARLY
How much you are raising What it will achieve What milestone it reaches
WHY THE MILESTONE
It shows you have thought beyond the money.
WHAT TO PREPARE SEPARATELY
Detail, for those who ask.
