There is no one-size-fits-all method, but addressing these core building blocks will help you build a compelling narrative.
- Overview – In a few sentences, describe what you’re building, who you’re serving, and what you’re enabling.
- Team – The founding team is our highest priority. Integrity and obsession with the mission are table stakes. We back entrepreneurs whom team members would feel privileged to work for. How do your past experiences as a team complement the problem you’re solving? Can you out execute the myriad of competitors in your space through deeper technical expertise, industry insights or relationships? Prove this to us by briefing us on the team’s history.
- Demo – We almost always require a demo, or at least a mockup. If you do not have one, you’re likely too early for us.
- Market – What is the problem, why does it exist, and how big is the opportunity? Why are you positioned to displace the existing solutions today and would it be a mistake for a potential customer to ignore you? Are you innovating in a growing industry or a declining industry?
- Solution – Your value proposition: how are you solving this problem faster, cheaper, smarter?
- Business Model – How do you make money? Who pays, how much, from where, and how frequently? More importantly, are there network effects that lead to customer lock-in?
- Customer / User – Who they are and how many? How will you reach/acquire them? Who is the gatekeeper that signs the check?
- Competition – Keep your friends close and your enemies closer! Demonstrate an intimate understanding of companies whose every success results in a missed opportunity for your company. Know what your competitive advantage is.
- Financial Overview – What are the key drivers to your revenues and expenses? What are the key assumptions made behind these drivers? We typically fund companies sufficiently so that they can run 18 months until the next funding, if needed.
- Funding – How much are you raising and how are you going to use the money? To grow a team, to support overhead, or to expand? Why do you believe you need venture funding? How much have you raised thus far and from whom?
- Milestones – What is your vision for the future, measured in milestones for the next 3 years? Note that in our investment team meetings, we will evaluate your progress against these milestones.
- Legal Status – Where are you incorporated? Are you planning to relocate some or all of your team?