We review 200+ companies per month and have heard thousands of early-stage founders pitch. We’ve also anchored founders and helped close rounds quickly.
What makes a pitch FLOP? 17 ways:
1. Not deeply understanding the problem and customer. The CEO must be able to speak with nuanced depth of the problem, solution, and customer.
2. Long-winded answers and intros. Concise but complete answers are key. Founders should answer an investor’s imperfect questions with perfect, crisp responses.
3. Playing the game too hard. Aggressive / unrealistic deadlines, high ego, and rude behavior are mega turn offs.
4. Slow follow-ups to scheduling and materials. Every touch point is sales, including email communications. Have templates locked and loaded, and give investors what they need to make a decision.
5. Being cagey. Founders should be protective of their confidential IP, but not sharing anything substantial will likely not result in a 2nd call.
6. Evasive answers or not answering the question. Early-stage companies often don’t have all the pieces together and that’s expected! Own what is there and what’s next. Also, pay close attention to the question being asked. Confirm the question was answered.
7. Low energy. All founders involved should be high stamina and ready to conquer the world. A 1st call is often a vibe check.
8. Presenting from a deck vs. Q&A. Each investor has their own process. Always allow the majority of the time for the investor to run through Q&A. Give context in advance (AKA, send a non-confidential deck or one-pager).
9. Not learning about the investor. Allow the investor to intro themselves first. Go-to questions: what’s your typical check size, what’s your thesis, do you lead or follow, and how long is your process. Check their website first, as these questions may be answered.
10. Not reading the room. See when attention falters and when you’re getting strong engagement. Be adaptable and responsive to these signals.
11. Complex entity structure, cap table, or deal terms. Keep it simple.
12. Chasing too hard. When an investor wants something, they will make you a priority. Always follow-up with promised materials (same day), but appreciate this dynamic.
13. Not doing a temperature check at the end. Ask: what do you see as the biggest risk? Get feedback and map out next steps.
14. Logical inconsistencies and not *knowing* the business. Includes: saying one thing and doing another, strategy that doesn’t align with execution so far, and inconsistent numbers (eg, generating $X in revenue but financials show $Y).
15. Having no OR an incomplete data room / materials. This looks low effort and disorganized.
16. Not being open to feedback. Being able to rapidly integrate lessons learned is crucial for success.
17. Boiling the ocean on a 1st call. The purpose of a 1st call is to get a 2nd call. Share your top 3 points, and allow the investor guide the convo from there. Simplicity is key.
Comment: what helped you the most?
