If you are a startup founder, the term pitch deck must be as familiar to you as the term funding. The term sounds technical but carries a simple explanation. It is a PowerPoint presentation that entrepreneurs use to raise funds from “pitch” to investors. A pitch deck may be a simple document, but adding a presentation to it would make it even more attractive.
However, before you present your pitch deck to investors, here is something to keep in mind. Even if you spend all your time and resources in making a pitch deck, it still might fail. This is because you might be making some common mistakes that many entrepreneurs make.
Here you will get to know the most common mistakes that occur while making a pitch deck; and also how to avoid them.
Mistake #1: Not Telling a Good Story
If you tell a good story with passion and enthusiasm, only they can the investors relate to the pitch. It will only make them want to learn more. A use case is an excellent way to convey a story. This is because it allows the investor to see how the customers can benefit from the solution. So, if you tell a bad story, it will affect the presentation as well as the investor reactions.
Mistake #2: Adding Too Much Information in Your Pitch Deck
Investors are busy people with a lot of work. For example, an average general partner sees at least 5, 000 pitches in a year. Thus, adding a lot of information will affect your pitch deck in two ways. First, it will make the pitch deck time consuming. Second, it will cause the investor to lose interest. Thus, taking away the message you are trying to convey. Each slide should be crisp, short, and simple. Further, you should write it in paragraphs, highlighting the most important information. The more charts, visual communications, or graphics you use; greater will be the impact.
Mistake #3: Listing Features and Not Benefits
Most entrepreneurs end up presenting their pitch with a lot of technical data and features. Investors are smart enough to understand the concept. But, they may not understand the jargon or any technical complexities. So, it is important to list the core customer benefits to highlight the value added. Customers only care about what’s in it for them. Therefore, if you can’t highlight customer benefits, it will affect the pitch.
Mistake #4: Trying to Solve Too Many Problems
The main aim of the deck should be to articulate the problem you are aiming to solve in an efficient way. Targeting the main problem should be the aim. The investor should be able to understand and relate to the solution. The solution should be such that it leaves them wanting more. If the pitch brings about a “cool” solution, rather than a practical or an effective one, it is a big red flag.
It may be tempting to list all the problems, but it is always better to start with a specific problem. Otherwise, the investor might think that your team lacks focus or the drive to solve problems. Pitch the problem first and connect with your audience around the problem. Then, and ONLY then, offer your solution as the remedy to that problem.
Mistake #5: Claiming You Don’t Have Any Competitors
If you claim that you have no competitors in the relevant market, it only shows a lack of research and knowledge. If no other competitor wants to grab the same opportunity, means that no one else feels that this opportunity is valuable.
Mistake #6: Adding Too Many Slides And Too Many Words
This is the most common mistake made by entrepreneurs. The main reason is to appear and sound well-prepared. But always remember one rule, less is more.
More number of slides and words means two things. One, it will consume more time and two, investor-attention will reduce.
Mistake #7: No Product Demo
If you fail to demonstrate the product or idea you are pitching for, it’s a major mistake. Demos trump every form of presentation and leave the investors wanting more. Chances of getting funding increase when investors see the practical aspects of the idea.
Avoid these pitch deck mistakes, and you will increase the power of your pitch by increasing your goodwill. This is not all. Your likelihood of getting funded will also soar.
To summarize, here are a few pointers to keep on your tips. Tell a good story without too much technical information. Highlight benefits of the idea while tackling problems. Do a thorough research on competitors. That’s it! Just like that, you will not commit any pitch deck mistakes anymore.
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