#12 — Crafting your fundraising pitch
January 9, 2024•5 min read
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Why it matters: Your fundraising deck's opening minutes determine whether investors lean in or tune out. Most founders wing it — but there's a better way.
The big picture: Think in three acts, not individual slides. Act I (your opening) must hook investors by showing your unique market understanding, key insight, product differentiation, and early signals of success.
The 5 proven pitch plots
🔄 Starting Over
- The setup: "This market is a complete mess"
- The insight: Show why incumbents can't innovate or adapt
- The payoff: "Here's what we'd build from scratch"
- Best for: Educating investors on unfamiliar markets
- Key requirement: Must demonstrate criminal level of inertia through statistics, images, or powerful anecdotes
⬇️ Doing That Over Here
- The setup: "Look how AI/mobile/cloud transformed these industries"
- The gap: "Our market got left behind"
- The vision: Paint the transformed future step-by-step
- The execution: "This is exactly what we are building"
- Best for: Clear technology or business model advantages with strong analogs valued at $1B+
💡 But Here's the Thing
- The hook: Share a counterintuitive insider fact that investors don't know
- The insight: Go one level deeper with your unique perspective
- The opportunity: Connect insight to massive business potential
- The proof: Show how your company is built specifically for this insight
- Best for: Founders with deep domain expertise and original market intelligence
📱 All the Kids Are Doing It
- The trend: Reveal hidden behavioral shifts (not Gartner reports)
- The lag: Show incumbents can't see it or move fast enough
- The preparation: Demonstrate founder/market fit through your origin story
- The proof: Early evidence you're riding the wave
- Best for: Companies at the forefront of emerging trends with data only you were looking for
✋ I Took It Personally
- The story: Your authentic struggle with the problem (fish out of water or inside baseball)
- The pain: Distill 2-3 fundamental barriers you experienced
- The research: Who you talked to, what you learned, how long you iterated
- The solution: What you built for yourself that solves a massive market opportunity
- Best for: Founders with genuine, relatable origin stories
The three-act structure
Act I: Make Your Case (Where you spend 50%+ of your prep time)
- Unique understanding of your market
- Key insight into that market
- Unique product or service differentiation
- Signal that your approach is working
Act II: De-risk Your Approach
- Company-specific proof points
- Traction metrics and validation
- Team credentials and execution capability
Act III: Broaden Your Case
- Market size and expansion opportunities
- Long-term vision and trajectory
- Why this leads to a billion-dollar outcome
Execution playbook
Before you choose your plot:
- Experiment with different plots to find your most authentic story
- Test with industry insiders first, not investors
- Validate that your "unique" insights are actually unknown to your audience
Plot-specific success factors:
Starting Over
- ✅ Use when educating investors on unfamiliar markets
- ❌ Avoid "educating" with stories investors already know
- ❌ Don't rely on marketing strategy as your only differentiator
Doing That Over Here
- ✅ Ensure airtight analogies with minimal variables between markets
- ✅ Distill your uniqueness to a single technology or business model
- ❌ Don't get dragged into debates about analog markets you don't operate in
But Here's the Thing
- ✅ Requires both unknown facts AND original insights
- ✅ Validate uniqueness with colleagues and friendly investors first
- ❌ Falls flat if either fact or insight is already familiar
All the Kids Are Doing It
- ✅ Focus on long-term trends that transform markets
- ✅ Use data hidden in plain sight, not Google-searchable insights
- ❌ Avoid temporary blips or trends everyone can see
I Took It Personally
- ✅ Only use if your story is core to customer/employee narrative
- ✅ Ensure the problem feels like "must have" not "nice to have"
- ❌ Don't force yourself as the hero if it's not authentic
Pro tips for execution
Timing and structure:
- Allocate one slide and one minute or less per "beat"
- Spend over half your prep time crafting Act I
- Each plot should flow naturally from beat to beat
Content guidelines:
- Use statistics, images, or anecdotes to create emotional impact
- Make solutions seem simple, straightforward, and inevitable
- Connect every insight directly to business opportunity
- Show early evidence and proof points throughout
Validation checklist:
- Does this plot allow me to authentically explain my best case?
- Have I pressure-tested every analogy and insight?
- Would industry insiders be impressed by my unique perspective?
- Does this story generate conviction that we can reach $1B+ valuation?
The bottom line: Every billion-dollar outcome started with a compelling story that instilled confidence and inspired belief. Your plot choice is the foundation everything else builds on — choose wisely and execute flawlessly.
P.S. If you got this far, you must really like what you’re reading (or you’re just really bored). Either way, if you'd like sample decks of each pitch plot to help you craft your own, just send us an email at hi@hillock.studio (completely free, no strings attached, no annoying spam).
Frequently asked questions
How long should I spend preparing my pitch deck's opening slides?
You should spend over half your prep time on Act I (your opening). This means if you're dedicating 40 hours to pitch prep, 20+ hours should focus solely on crafting those first few slides that hook investors.
Which pitch plot should I choose if I'm in a crowded market like fintech?
Avoid 'Starting Over' if you're in fintech - investors have heard the 'unbanked' story countless times. Instead, consider 'But Here's the Thing' if you have unique market insights, or 'Doing That Over Here' if you can draw clear analogies to AI/mobile transformations in other industries.
What's the biggest mistake founders make when using the 'I Took It Personally' plot?
Forcing yourself as the hero when your story isn't authentic. This plot only works if your origin story is core to your customer narrative. John Crowley of Amicus Therapeutics exemplifies this - he left finance to develop treatments after his kids were diagnosed with Pompe disease.
How do I validate my 'unique insight' before pitching to investors?
Test your insights with industry insiders and friendly investors first. If colleagues in your space aren't impressed by your 'unknown facts,' investors won't be either. Your insight must be both factually unknown AND offer original perspective that only you possess.
What makes Airbnb's pitch deck still relevant 15+ years later?
Airbnb used the 'All the Kids Are Doing It' plot perfectly - they pointed to Craigslist temporary housing listings as hidden behavioral evidence, not obvious trend reports. They showed data that only they were looking for, demonstrating founder/market fit through their origin story.
Should I include a team slide in my seed pitch deck?
Absolutely - it's a 'No-Go for investors' without one. Uber's original pitch deck failed to include team credentials, which would be unacceptable today. Highlight your team's domain expertise and relevant experience, especially for technical or regulated industries.
How do I know if my market analogy is strong enough for 'Doing That Over Here'?
Your analog markets should be valued at $1B+ with minimal variables between them and yours. Early Catch ('Gusto for freelancers') or BallerTV ('ESPN for amateur sports') work because the business models translate directly with clear technology advantages.
What's the difference between trends that work vs. trends that don't in pitch decks?
Investors want long-term transformative trends, not temporary blips. Avoid Google-searchable insights or obvious consumer behavior shifts. Focus on hidden data patterns that only emerge when you're specifically looking for them, like Airbnb spotting non-hotel accommodation demand in Craigslist listings.
How many versions of my pitch deck do I actually need?
Most startups need multiple versions for different contexts: a 10-12 slide presentation deck, a detailed leave-behind version, and potentially format-specific versions for accelerators. Each investment platform (VCs, incubators, demo days) often requests different lengths and formats.
What financial metrics should I include in my seed pitch deck?
Modern investors expect unit economics, customer acquisition costs, and growth projections - areas where early decks like Uber's fell short. Include revenue projections, profit margins, and clear assumptions behind your financial model, even at the seed stage.
How do I make my pitch deck memorable without being gimmicky?
Focus on authentic storytelling with data-driven insights. Tinder's deck worked because they created a relatable character ('Matt') to demonstrate the problem-solution fit. Use real user stories and craft a visionary statement about your market impact, not flashy design tricks.
What's the most common reason pitch decks fail in Act I?
Educating investors on stories they already know. If you're explaining problems that are Google-searchable or commonly discussed in your industry, you've lost credibility immediately. Your opening must demonstrate expertise through insights only you possess.
How many investors should I actually pitch to raise a successful round?
Plan to reach out to 50+ investors minimum. Typically, 25 will respond, 12 will take a first call, 6 will request a second meeting, and 1-2 will offer term sheets. Many successful founders maintain CRMs with 80-120 investor names for comprehensive coverage.
What's the ideal length for each 'beat' in my pitch plot?
Allocate one slide and one minute or less per beat. This keeps your narrative tight and prevents investors from losing focus. Each beat should build naturally to the next, creating momentum toward your key insight and business opportunity.
When should I use the 'Starting Over' plot vs. other pitch plots?
Use 'Starting Over' when educating investors on unfamiliar markets where you can demonstrate criminal levels of inertia. Avoid it for well-known markets like fintech or if your only differentiator is marketing strategy rather than fundamental reimagining.
How do I demonstrate founder-market fit in my pitch deck?
Show your origin story and preparation for the trend you're riding. Explain who you talked to, what you learned, how long you iterated, and who you recruited. This builds investor confidence that you're committed to solving the problem long-term.
What makes a pitch deck 'investor-ready' vs. just good?
Investor-ready decks need to be exceptional (think 8-9 out of 10) and answer basic VC questions immediately. They demonstrate unique market understanding, key insights, product differentiation, and early signals of success - all within the first few slides that hook investors.
Should I focus on TAM, SAM, or SOM in my market opportunity slide?
Include all three but emphasize Serviceable Addressable Market (SAM) - the portion you can realistically capture. Investors want to see you understand market sizing methodology and can identify your specific opportunity within the broader market.
How do I handle competitive analysis without making competitors look good?
Focus on fundamental differentiators, not feature comparisons. Show why incumbents can't adapt to your approach due to technical debt, business model constraints, or market positioning. Emphasize your unique advantages that create defensible moats.
What traction metrics matter most for seed-stage startups?
Prioritize user growth, engagement rates, and early revenue signals over vanity metrics. Include customer testimonials, retention data, and any indication you're solving a 'must-have' vs. 'nice-to-have' problem for your target market.
How do I create urgency in my pitch without seeming desperate?
Demonstrate market timing through external trends and competitive threats. Show why this opportunity exists now and why waiting would mean missing the wave. Reference industry shifts, regulatory changes, or technology enablers that create your window.
What's the difference between a pitch deck and a business plan?
A pitch deck is a visual story designed to generate conviction in 10-15 slides, while a business plan is a detailed operational document. Your deck should inspire belief in billion-dollar potential; your business plan should prove execution capability.
How do I price my startup for seed funding without comparable companies?
Focus on value creation potential and capital efficiency rather than direct comparisons. Show how much value you can create per dollar invested, your path to key milestones, and the risk-adjusted return potential for investors.
Should I include a go-to-market strategy in my seed pitch deck?
Yes, but keep it high-level and focused on early customer acquisition. Show you understand your customer acquisition cost, sales cycle, and initial distribution channels. Avoid overly complex multi-channel strategies that suggest lack of focus.
What's the best way to handle intellectual property in my pitch?
Address IP as a competitive moat, not just legal protection. Explain how your patents, trade secrets, or proprietary data create barriers to entry and sustainable advantages. Show IP strategy aligns with business strategy.
How do I demonstrate product-market fit in early-stage pitches?
Show qualitative and quantitative evidence of customer love. Include retention rates, Net Promoter Scores, customer testimonials, and usage patterns that indicate you're solving a real problem people will pay for consistently.
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