What Investors Look for in a (Pre-)Seed Stage Pitch Deck

Creating a pitch deck that captures investor attention can be the difference between securing funding or watching your start-up stall. What investors look for in a pitch deck goes beyond flashy slides—it’s about presenting a clear, compelling narrative that answers the critical questions investors care about most. In this article, we’ll break down the must-haves and nice-to-haves, along with common mistakes, so you can craft a pitch deck that stands out and drives results.

The Goal of Pitch Decks

A solid pitch deck is more than just a presentation—it’s your gateway to capturing an investor’s attention. By distilling your start-up’s vision, strategy, and potential into a concise and compelling narrative, it becomes a powerful tool for standing out, building credibility, and sparking meaningful conversations in a competitive funding landscape. To give you an idea of how this is accomplished, we have prepared a pre-seed investor deck guideline for you.

Since investors evaluate funding decisions analytically—carefully weighing potential returns against the likelihood of success—fundraising is not merely about seeking capital. It’s about presenting and selling a financial product: shares in your company. So what exactly needs to be covered to accomplish this?

Key Elements of a Pitch Deck

Investors, whether angel investors or venture capitalists, often prioritise similar criteria when evaluating start-ups. While individual preferences can vary, insights from EWOR’s co-founding team—gathered from a network of over 100 angel and VC investors and over 100 angel investments—reveal a consistent pattern. That is, at the heart of every investment decision, comes the need to know more about:

The Market and Opportunity Size

Investors prioritise start-ups targeting large, rapidly growing markets—often valued at €1 billion or more. For ventures in smaller markets, it’s essential to outline how you plan to expand into larger, more lucrative opportunities. A compelling pitch deck doesn’t just highlight market size; it demonstrates your venture’s scalability, business model, and mission, providing a clear picture of the potential for significant returns.

To capture investor interest, your deck must also showcase your ability to secure a meaningful share of the market. In order to achieve this, touch on the following aspects:  

Barriers to Entry

Show how your team can navigate and overcome barriers to entry. Investors need to see that you possess the relationships, strategies, or unique advantages required to enter and succeed in the market. Neglecting this aspect could raise concerns about your start-up’s scalability.

Product Differentiation

Highlight what sets your product apart. A highly differentiated solution with a unique approach can dominate the market, especially when network effects are in play. Conversely, entering a crowded market with limited differentiation makes it difficult to stand out and secure a significant market share.

Strategic Vision

If your market is currently smaller than €1 billion, present a clear plan to expand into larger markets in the future. A well-articulated growth strategy reassures investors that your start-up has the potential to scale and sustain long-term success.

Your Founding Team

What investors look for in a pitch deck goes beyond a start-up’s idea or market—it heavily depends on the team’s ability to execute. A strong founding team is one of the most critical factors in their decision-making process. To make a compelling case, ask yourself: “What does each of us bring to the table that aligns with the problem we are solving and the solution we are developing?”

A winning team demonstrates a unique combination of skills, experience, and credibility to develop a product that can dominate the market or secure a significant share. This goes beyond industry expertise to include the ability to both build and sell the solution. Highlighting your team’s expertise, technological strengths, and operational capabilities instils confidence in investors that your start-up has what it takes to outpace the competition.

Industry Expertise

Investors value founders who possess a deep understanding of their industry. However, decades of experience aren’t always necessary—many unicorns have been founded by individuals with fewer than 10 years of industry exposure. Often, these newcomers bring fresh perspectives from other sectors, leading to innovative solutions to entrenched problems.

Entrepreneurial Experience

A proven history of entrepreneurial initiative can set your team apart. If prior founding experience is lacking, emphasise projects that demonstrate resourcefulness and execution ability. These could include starting a university club, developing a coding project, or launching other personal ventures. Such initiatives signal drive, creativity, and a bias for action—qualities investors love to see.

Leadership and Influence

Strong leadership is not just about managing teams—it’s about inspiring others to believe in and commit to your vision. Investors look for charismatic founders who can attract talent, advisors, and early adopters to the journey. Without this influence, even the best products can struggle to transition into successful businesses.

Demonstrating Founder Attributes

Personal qualities like resilience, determination, and adaptability are often what truly convince investors to back a start-up. While these traits can’t be explicitly listed in a pitch deck, they can be effectively communicated through stories or examples. Highlighting these attributes directly addresses what investors look for in a pitch deck, showcasing your ability to persevere and adapt under pressure.

The Product Value

Investors want to see products that stand out, solve real problems, and have the potential for significant growth. A strong pitch deck clearly articulates how your product delivers value and why it is uniquely positioned for success. To achieve this, focus on the following aspects:

Distinctive Value Proposition

Clearly communicate what makes your product unique and innovative. Investors are drawn to solutions that were previously unattainable, answering the all-important “Why Now?” question. For example, Uber’s initial pitch highlighted the simplicity of booking a cab through a phone without delays—a groundbreaking convenience at the time.

Problem-Solution Fit

Demonstrate how your product addresses a tangible and pressing problem. Investors want to know that real people are experiencing this issue and that your solution effectively resolves it. Provide validation through evidence such as:

• Letters of intent.
• Paying customers.
• Engaged users who consistently use and retain your product.

Scalability

Highlight how your product can grow efficiently to serve larger markets. Investors are looking for solutions that can scale without significant operational hurdles, showing strong potential for future growth and profitability.

Intellectual Property (IP)

If applicable, emphasise any patents, proprietary technologies, or other unique elements that make your product difficult to replicate. This not only protects your market position but also demonstrates a significant competitive edge.

Traction, KPIs, and Milestones

Investors want to see tangible proof that your start-up is making progress and has the potential for growth. Traction, key performance indicators (KPIs), and milestones demonstrate the viability of your business model and the demand for your product. To build investor confidence, ensure your pitch deck highlights these elements effectively.

Value Creation and Capture

Explain how your business creates, delivers, and captures value. Many start-ups succeed in creating value for customers, but struggle to effectively capture it. Your pitch should clearly outline:

• Distribution channels: How you deliver value to customers.
• Revenue strategies: How you monetise your solution and sustain profitability.

Addressing these aspects ensures investors understand the operational and financial viability of your business model.

Financials and KPIs

Your financial details and KPIs help investors assess your start-up’s growth potential. Key areas to focus on include:

• Financials: Break down unit economics and explain how you plan to allocate the funds you’re raising (e.g., product development, team growth, marketing).
• KPIs for B2C: Emphasise user count, growth, retention rates, revenue, and profitability.
• KPIs for B2B: Highlight letters of intent, revenue streams, product usage patterns, and potential for upselling or cross-selling.

Cost-effectiveness is equally important. Showcase how your customer acquisition costs (CAC) compare favourably to industry standards, indicating efficient use of resources.

Milestones

Milestones are powerful indicators of progress. Outline the significant achievements you’ve reached so far, as well as the milestones you plan to accomplish with additional funding. Examples include:

• Founding Team Recruited
• Prototype (MVP)
• Early Customer Traction
• Top Class Non-Exec Directors
• Strategic Alliances & Partnerships
• Grant Funding Obtained
• Patent Proof of Market
• Adoption by Reference Customer
• Proof of Concept
• Successful Beta Test
• First Round of Investment Secured

For deep-tech companies or ventures with long product development cycles, highlight milestones like patent approvals, professor endorsements, or government grants. Even for mature companies, showcasing recent achievements—such as OpenAI’s GPT-4 milestone—can reaffirm value and attract further funding.

A strong presentation of traction, KPIs, and milestones not only validates your start-up’s progress but also ensures your pitch deck effectively communicates what investors look for in a pitch deck.

Nice-to-Haves in a Pitch Deck

In addition to the essentials, certain nice-to-haves can greatly influence an investor’s decision and your start-up’s valuation. While not deal-breakers, these elements can enhance your appeal and build investor confidence.

• Innovative Solutions
  The first of these nice-to-have criteria is solution innovativeness, or the novelty and efficacy of the solution. Investors frequently evaluate whether the solution is truly innovative and meets a legitimate customer need. This scrutiny is critical, given that 42% of start-ups fail because their products lack genuine market demand.
• Strong Business Models
  A clear and coherent business model is essential. Investors aren’t just interested in how a start-up captures value—they also want to understand how it creates value and delivers it to customers. Unfortunately, many pitch decks fail to address all three components effectively. To truly stand out, ensure your deck covers each one in full.
• Demonstrable Traction
  The third nice-to-have for investors is traction. You can show traction in the form of the number of customers or users, support from other investors, patents, or notable figures on your advisory board.

Hygiene Factors

While hygiene factors might not take centre stage in your pitch, they play a critical role in earning investor confidence. Chief among these is your company’s legal setup, which lays the groundwork for smooth operations and future growth. Addressing these details ensures your pitch deck meets the key elements investors prioritise in a pitch deck.

Legal Setup: Building Investor Confidence

A well-organised legal structure signals that your start-up is prepared to handle growth and navigate challenges effectively. Investors will often scrutinise details like incorporation, geographic jurisdiction, and co-founder agreements to identify potential risks. A disorganised or unclear legal setup can quickly deter investment, even if your business idea is strong.

Keep Your Cap Table Clean

A clean cap table is vital for transparency and simplicity in early equity allocation. It should primarily include co-founders, select advisors, and perhaps an early-stage business angel. Overcomplicated cap tables with inactive stakeholders—often called “dead equity”—can raise red flags for investors.

• Pre-Seed Stage: Allocate equity strategically, focusing on key contributors.
• Post-Seed Rounds: Expect dilution of 10–30%, with active investors holding most of the equity.
• Dead Equity: Resolve issues with inactive parties before seeking additional funding to streamline your structure.

Shareholder Agreements Matter

A robust shareholder agreement ensures long-term stability and outlines mechanisms like:

• Vesting Periods: Usually 3–4 years, with a 12-month cliff to encourage long-term commitment.
• Equity Redistribution: Clear protocols for reallocating equity if team members leave.

Such agreements protect your start-up’s interests and give investors confidence that you’ve considered potential challenges.

Co-Founder Vesting Schedules

Vesting schedules ensure that equity is tied to meaningful contributions over time. A typical four-year vesting schedule helps reduce risks associated with early departures and maintains a fair equity balance. Demonstrating this foresight reassures investors that your team is committed to the company’s growth.

By addressing these hygiene factors, you’ll build trust and present a professional, investment-ready business that helps create an investor winning pitch deck.

That’s a Wrap

Crafting a winning seed-stage pitch deck is about more than just beautiful slides—it’s about telling a story that addresses the key questions investors care about. From showcasing your team’s expertise and market opportunity to highlighting traction, financials, and legal readiness, every detail counts in building investor confidence.

By focusing on what investors look for in a pitch deck, you can effectively demonstrate your start-up’s potential, differentiate yourself from competitors, and create a pitch that inspires action. Remember, your pitch deck is more than a presentation; it’s your gateway to securing the funding you need to turn your vision into reality.

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