In the fast-paced world of startups, the art of the pitch is more critical than ever. It’s not just about a single, perfect presentation; it’s a continuous process of storytelling and refinement. For founders and entrepreneurs, mastering this skill is essential for success.
The “Pitch Early, Pitch Often” Philosophy
Many founders make the mistake of waiting until their product is perfect to start pitching. They believe they need to have everything—mock-ups, press releases, and a flawless story—in place before they can approach investors. However, the real mantra for success is to start telling your story early, even when it’s not perfect.
This approach is crucial for several reasons. For one, it’s a numbers game. Venture capitalists may look at 200 to 300 deals a year but only invest in three or four. A very small percentage of pitches make the cut for a possible investment. The reason for rejection often has nothing to do with the founder or the idea; it could be that the VC already has a company in that category, doesn’t invest in that region, or has other specific filters.
Pitching early and often serves as a form of boot camp for entrepreneurs. It’s a training exercise to refine your story, get your pitch down, and identify areas of your business that people don’t understand. An investor can educate an entrepreneur as long as the founder is willing to get things wrong. The tough questions and feedback from these early pitches are invaluable for building a stronger, more compelling narrative.
The Purpose of a Pitch
The primary purpose of a pitch deck is not to close a deal, but to generate enough interest to open the door to the next conversation. A pitch should be compelling and interesting, providing an overview of the market and your business model without getting bogged down in minutiae.
Guy Kawasaki’s “10-20-30 rule” is a timeless guideline for effective pitching. The rule states a pitch should consist of:
- 10 slides
- A maximum length of 20 minutes
- No more than 30-point font size for the text
This approach acts as a forcing function, making you distill your story into big, impactful statements. The titles of your slides alone should tell the complete story. Today, this is more important than ever, as data from DocSend shows that nearly 60-70% of pitch decks are viewed on mobile devices. The average person spends less than two minutes looking at a pitch deck.
The Role of “The Why”
Beyond the data and the business model, the “why” behind the team is becoming increasingly important to investors. They want to know if the team has the conviction and passion to see the startup through the inevitable adversity. This passion is what makes a pitch resonate and is something that cannot be faked.
Founders should also be prepared for rejection. It is a necessary part of the process, and a founder needs grit to handle it. Not every “no” is a final judgment on your idea. It could simply be a bad fit. The key is to be resilient, take constructive feedback, and use it to improve your story.
The Future of Pitching
While the core content of a great pitch will remain the same, the format is evolving. There is a growing trend towards video pitches. With the rise of platforms that require video, such as crowdfunding sites, a 90-second to two-minute video can quickly convey a founder’s conviction and the core of their idea. This format respects the limited attention spans of modern audiences and offers a compelling way to decide if a deeper conversation is warranted.
