| > but many really bad ones. Indeed, having spent 4 years at a VC where we all took part in initial filtering of decks, the typical reasons decks failed to even make it to our investment committee, were: * Not describing the team, or not having a team, or thinking you could outsource key functions (e.g. we once rejected a "tech company" where the entire tech function including the CTO were outsourced to a consultancy with no link to the founders) * Not clearly explaining the idea. * Not setting out the size of the opportunity clearly. * Not setting out unit economics. * Not setting out a long enough plan (some might want 5, we wanted 10) that sets out an optimistic but possible case to a huge exit. If you go to an angel, they might be ok with a case for a 10m acquihire, but for a VC putting in $5m+, you better have a path towards a $100m+/year revenue business even if it's a long shot. It doesn't matter if the opportunity is huge if you plan to take a conservative approach that will hardly get you any of it. |