The usual fundraising deck doesn’t work anymore. Here’s a better structure

I see hundreds of fundraising decks each year. I’ve been doing this for eight years now, so I’ve been able to see some longitudinal trends.

There are a couple of trends that I have noticed emerge over the last few years that I think have become industry standard. The problem is that I think they don’t work and need to be rethought. I’m not sure if this is going to be true for every investor out there, but this is definitely true for me.

Below are a couple of things I’d change in the current model of fundraising decks and a proposed structure that I’d recommend. This is particularly for founders that are raising a more mature seed or series A that have at least early signs of product-market fit.

Put the team slide first

This used to be standard but has since changed. I think part of the reason for this is that conventional wisdom has been influenced by demo day-style decks. In those cases, team slides are often appropriately placed at the end.

When I’ve seen demo day presentations, founders generally weave a story about the problem and market and close with something like “we are the right team to do this.” But when you are having a real conversation with someone, you always start by introducing yourself.

Trust me, almost every investor I know flips to the team slide first when they get a deck or are first hearing a presentation on the phone. So, save everyone the trouble and put the team slide up front.

Bring traction up front as well

Burying it toward the end makes no sense, especially if it’s strong. Again, the money slide of most early-stage decks includes the most relevant top-line growth and engagement metrics. After the team, this is the next slide that investors will just skip to.

However, this is different if you are a pre-launch company. But increasingly, seed and series A rounds are raised for companies that have some product in the market, if not significant revenue. The entire narrative will eventually be viewed through the lens of traction.

If you don’t have much traction, you need some credible evidence to show me that your company will be the best in the world at whatever it is you are doing. This evidence can come in the form of the team, distribution, and some collection of unique assets that give you an unfair advantage.

Tone down the big-picture narrative

I don’t need to see another slide with a hero image that says “XYZ is broken.” These sorts of claims are being made so frequently that they all blend together.

Instead, I’d make it crystal clear what your product actually does within the first three minutes after introducing the team. It’s amazing how often I hear a pitch and, after 10 minutes, think to myself, “What does this company actually do?”

The proper order

Based on these things, here’s how I’d order a deck:

• Slide 1: Who are you?
• Slide 2: What do you do?
• Slide 3: Is it working?
• Slide 4–5: Why does it matter? (Market)
• Slide 6–8: Can you be the best in the world? (product, growth, and financial metrics)
• Slide 9: Where are you going?
• Slide 10: What do you want?