Sunday was ten years since I started Forum Ventures. It isn’t often that I stop to appreciate what we have built, as I’m usually heads down and focused on building brick by brick. With that said, it has far surpassed what I initially set out to accomplish and I now believe we can build an enduring firm and business that lasts for decades beyond my own career. We’ve gone from a $3.5M first fund and a one-person team (me) to $100M+ in AUM, 32 full-time employees, close to 500 portfolio companies (and adding 100+ more per year), and 3 cohesive strategies with our Venture Studio, our flagship Accelerator, and our Pre-Seed funds. And we’ve now built the team, platform, infrastructure, and track record to really scale from here. All while also building my family from 0 to 4 kids over that same time, which has created its own set of challenges but has also been incredibly rewarding.

A Brief History:

After two operating roles at high-growth companies, Box and AcademixDirect, I began socializing the idea of starting a B2B SaaS-focused accelerator in San Francisco. There were only a few in the country at the time but the model was starting to be proven out by some of the brand-name accelerators that are still thriving today. The first wave of SaaS companies in the Bay Area had reached massive scale and it was clear to me that all software was moving in that direction. After unsuccessfully landing a role at various VC firms I interviewed at, I was determined to start my own fund, despite many people telling me the world didn’t need another accelerator. I come from an entrepreneurial family and grew up around my parents’ business, and I had adopted that overly optimistic founder mindset — believing strongly in the potential for success despite the odds. I thought if I could keep the cohort sizes small and truly feel like we were an extension of their founding team, helping with go-to-market and fundraising especially, we could meaningfully impact the trajectory of the companies.

I was able to get early buy-in from amazing SaaS execs and leaders like Nick Mehta, Karen Page, and Rowan Trollope, which gave me the confidence to leave my job in January 2014 and go for it. Acceleprise was one of the few B2B-focused accelerators that existed and they were based in DC. I didn’t know the Partners, but cold reached out to let them know I was planning to launch something similar in SF and to see if they had any advice. They were each running their own successful businesses at the time and were not planning to raise another fund, but they offered to support me. We ended up agreeing that I would license their brand with an exclusive license but launch as a completely separate management company, GP and fund. One of their Partners, Sean Glass, came in as an early investor and he and Allen Gannett were especially helpful advisors as I got started. Dave Lambert at Right Side Capital and Larry Bernstein at EV Private Investments were also both early investors in our first fund and are now anchor LP’s for our accelerator funds and have been mentors for me as we have built the business. Both have been incredible partners for us over the last 10 years.

I consulted with a few startups to pay the bills in the first half of 2014 while I set out to fundraise. I told myself if I get to $1M in commitments I would form the management company and Fund I, and announce it to my network in order to create accountability. It took a lot of meetings, and with a little bit of luck, I was able to get to that number by May of 2014 and officially kicked things off. I looked at 100 companies for that first cohort and selected 7 of them. I created enough buzz and the companies showed enough early progress that I was able to pull together another $2.5M in commitments over the next 12 months and did a final close at $3.5M in Q2 2015.

It has certainly not been up and to the right since then. There were several points where it was not clear how it was going to work. As I moved to NYC to expand the accelerator there, I was able to bring on Whitney Sales as an early partner and MD to run the SF location while I focused on launching it in a new market. During that time, I took on a part time consulting/Venture Partner role with the SaaStr Fund to help with my personal cash flow and to learn from Jason Lemkin, who has proven to be a world class SaaS investor. Once that engagement ended, I didn’t have enough revenue to pay the team in SF, the one hire I made in NYC, and myself. So I went to one of my larger LP’s and told him I had to get another part time job to help support my new mortgage and second kid. He asked me how much I needed to avoid part-time work because he was certain this was going to be successful and didn’t want me distracted. I gave him a number and he offered to buy some of my carried interest in my first fund at a mutually agreed upon value and told me I could buy it back some day at a slight premium if it worked. He may have believed in it more than I did at the time. I’ve since bought it back and he is still an anchor LP in our core Accelerator funds to this day, and I consider him a friend. I also raised money for our management company along the way ahead of where fees and revenue were in order to grow the team and lean into growing the business.

About 5–6 years ago, it was working so well that my ambition and goals for the business got a lot larger than they had been the previous 4–5 years. I brought on James Murphy and Jonah Midanik initially as Managing Directors for the accelerator program so that I could focus on building the business and raising capital. Around that same time, Olivia O’Sullivan joined as well, and about 2 years ago Bocar Dia joined. In all four cases, it very quickly became clear that they were going to be game-changing for our business and I am lucky to call them all partners today. We’ve come a long way since Jonah, James and Olivia joined, including a major rebrand from Acceleprise to Forum Ventures, launching in Toronto, starting two new strategies and building the team from about 6 to 32.

What I learned along the way:

1. Be patient. Venture is a long game and can be an emotional roller coaster. We’ve invested in close to 500 companies over the last 10 years. We’ve seen hot companies cool off, slow-to-get-going companies all of a sudden take off, and everything in between. It takes a long time to know if you are any good or if your strategy can create persistent results vs. getting lucky with one early investment. My wife always asked me where the mythical carry checks were that I kept telling her would come some day. It took 7 years into starting the fund to get my first carry check!
2. Find your true believers and go all-in on building genuine relationships with them. I’ve been fortunate to have folks like Nick, Karen and Rowan support and invest with us for a decade. I also have two anchor LP’s for our accelerator funds that have been incredible partners and advisors for a decade now and I anticipate will continue to be for a long time.
3. It sounds cliche, but surround yourself with people smarter than you. It took me a long time to relinquish the feeling of having to be involved in everything and to truly become self aware about my own weaknesses. I’m really proud of the team and culture we have built here at Forum; and it’s what has allowed us to build the platform we have today.
4. Figure out your right to win and lean into that. Venture, at a simplistic level, is about sourcing, picking and winning deals. Sourcing is often driven by network, brand and past success as an investor. Claiming to win by being the best picker often takes a really long time to prove out, so it’s hard to differentiate on as a new fund. Winning deals usually comes down to paying the highest price, speed of decision, brand/reputation and/or relationship. The key is finding something that is repeatable and sustainable, and hopefully gets stronger the longer you are in the market executing.
5. Build a business, not just a fund. Early on, I made the decision to build a business vs just a fund. It wasn’t just about the GPs leveraging their network to source deals and be great at picking. I obviously aspire to be a great investor but I also wanted to create a platform and well-oiled machine that would give us a sustainable advantage for decades. That requires a lot of people, so we had to really think through processes, compensation, and creative structures to drive more revenue than our AUM would otherwise allow, and more recently, automate some of our operations leveraging AI. A profitable business can endure and be more nimble as the market moves up and down.
6. Lean into building the brand early. We didn’t invest in brand for a long time. It’s not my strength, nor my personality. I took the approach of being maniacally focused on founder experience, figuring the more founders we work with who say great things about Forum, the more the brand will grow organically over time. That is certainly starting to happen but it took a lot longer than I anticipated it would. We had to be relentless about building a network and an outbound engine to find great companies until more recently when we doubled down on brand building. Inbound has now caught up as a very meaningful sourcing channel for us. The stronger the brand, the easier it is to win deals as well.
7. Stay true to your mission. My top priority from the very beginning was to over-index on founder experience. 10 years later and the founder experience is still the heartbeat of our organization and culture; and is a big part of our strategy.

So what’s next for Forum Ventures:

Our aspiration is to build a platform and community that provides unparalleled support for early stage B2B SaaS founders from 0 to 1; and provides a sustainable and repeatable strategy that consistently drives outsized returns for our LP’s. We think we are well on our way to building that platform and plan to spend the next 10 years doubling down on our existing three strategies to scale the number of companies we start and invest in, and be able to bring more capital and resources to each of them. I couldn’t be more excited about what the next decade will bring.

Here’s to another 10 years building Forum. Onwards and Upwards!

Forum Ventures Turns 10! was originally published in Forum Ventures on Medium, where people are continuing the conversation by highlighting and responding to this story.

We’ve got some exciting team news to share from our corner of the world at Forum Ventures. It’s not just about new titles; it’s about recognizing the incredible journeys and the passion our team brings to supporting our portfolio founders, every single day. While a lot of funds are cutting back on platform and portfolio support during the market downturn, Forum sees it as a driving force and necessity during these times. As our firm continues to grow — both in headcount and the number of founders we support — we recognize the importance of a robust and diverse leadership team to propel this growth forward.

Meet Our New Partners: Olivia and Bocar

First up, a huge congratulations to Olivia O’Sullivan and Bocar Dia, our new Partners! 🎉

Olivia, who you probably know as our Head of Platform, has been the heart and soul behind providing portfolio founder support at every stage of their journey. She brings a deep understanding of the critical role platform teams play in venture capital, commenting, “The platform function within venture capital is instrumental. It’s more than just funding; it’s about building resilient ecosystems that propel B2B SaaS companies from ideation to sustainable success. Our primary objectives revolve around sourcing incredible companies, improving the fund-through rate, and offering hands-on GTM & Sales support. Our founders feel not only genuinely supported by our platform team but also experience tangible results for their businesses.” Olivia joined Forum over 5 years ago and has helped grow the team to 25+ people, and develop a portfolio of over 400 companies. She was also recently Featured as one of 5 Women to Watch in Venture and won the Women in Platform Award.

Bocar, evolving from his role as Managing Director, has been instrumental in guiding founders through the complexity of zero to one go-to-market, including early customer and market validation, founder-led sales fundamentals, and fundraising. Bocar comments on the evolving investment landscape, saying, “In today’s competitive investment climate, traction is no longer a nice-to-have but a necessity. Founders must validate the market need, have a deep understanding of customer pain points, the impact their solution can provide, and have strong early signals of a repeatable motion and product-market fit.” Pulling from his experience as one of the very first Enterprise Sales hires at Hootsuite, Bocar tells founders what they need to hear, not just what they want to hear, especially when it comes to navigating sales cycles and closing their first customers.

Meet Our New Studio Heads: Alice and Sid

At Forum’s AI Studio, Alice Krenitski and Sid Bharath have been promoted to Head of Studio! 🎉

Alice is a crucial player in our company’s journey of turning innovative concepts into thriving businesses. Her role involves pinpointing markets with a problem to solve, validating solutions, and then translating those solutions into viable companies. Alice brings a wealth of company design and building experience to Forum Ventures’ AI Studio from her roles as Head of Business Design at Human Ventures and Director of Design Research & Strategy at OpenFin. Together, we are excited to shape the future of technology and create companies that push the boundaries of what is possible.

Sid is an AI and Technology enthusiast whose expertise runs the gamut from founding multiple companies to growth marketing to product development and more. Sid started at Forum Ventures in 2019 as a mentor, and then joined us as a portfolio founder in our Accelerator in 2020. At Forum Ventures’ AI Studio, Sid works alongside Alice on finding market problems, concept validation and product development from inception to launch, with a focus on growth after product launch. His ability to seamlessly blend AI and other advanced technologies into practical applications sets him apart as an industry leader.

This year, we are thrilled to build and launch 8 new B2B SaaS companies from the ground up through our AI Studio. These companies are born out of a combination of cutting-edge technology and a deep understanding of industry needs. As we embark on this exciting venture, Alice and Sid’s expertise will play a pivotal role in shaping these companies’ products and ensuring their success.

Michael Cardamone, Forum’s CEO and Managing Partner comments “Over the last 3 years, the team at Forum Ventures has grown and leveled up in ways that I couldn’t have imagined. The talent here is exceptional, and we have been working incredibly hard to create a supportive, founder-first fund, accelerator, and studio.”

Enhancing Our Founder Experience: Dani Pico and More

Dani Pico is stepping up from Community Director to Head of Platform. Dani has been laser-focused on founder support, ensuring our portfolio companies have what they need to reach sustainable, healthy growth. Her promotion is a testament to her commitment to enhancing our programming with post-investment support like customer introductions, founder resources, and mentorship. Dani’s expertise will be pivotal in enriching our community, offering support tailored to the unique needs of each founder.

Additionally, we are celebrating the promotion of Ellie Bof to Director of Finance, who has been a warrior in closing our books, processing invoices, and ultimately keeping the lights on. Naomi Goez is now a Principal on our investment team, leading a team of associates and analysts and supporting thesis development. We would also like to warmly welcome back Alexis Clarfield-Henry, our VP of Marketing, from parental leave, where her expertise and leadership will be used to double down on our brand strategies and drive increased awareness. Their roles are crucial in maintaining the stability and growth of our fund and its ventures.

A Bright Future Ahead

These changes are about making us better at what we do best — finding and supporting founders from concept to launch, to sustainable growth. We’re here to make sure you’ve got everything you need on your startup journey, from that first seed of an idea to raising your first round, and beyond. Think of us as your go-to co-founder and team, here to help with the heavy lifting so you can focus on making a product that solves the core needs of your customers.

The elevation of Olivia and Bocar to Partners, along with the promotions of Alice, Sid, Dani, Ellie, and the return of Alexis, strengthens our capacity to foster groundbreaking B2B SaaS companies, setting new benchmarks in the venture capital ecosystem.

As always, we’re on the lookout for awesome B2B SaaS companies to join our portfolio, and ideas and founders to join our AI Studio. This year, we are writing 80+ checks into bold, ambitious founders, and launching 8 Studio companies from scratch. If you’ve got an idea for a transformative, tech-enabled product, we’ve got the time.

So here’s to new beginnings, big dreams, and even bigger achievements. We’re all in this together, and we can’t wait to see what the future holds.

About Forum Ventures

Forum Ventures® is a leading early-stage Studio, Accelerator and fund for B2B SaaS startups based in New York, San Francisco, and Toronto. Founded in 2014, we’re on a mission to make the B2B SaaS journey easier, more accessible and successful for early-stage founders.

We are a team of B2B SaaS experts, operators, and founders with a passion for helping founders succeed on their journeys, especially those who are traditionally underrepresented. To date, we have made 400+ pre-seed and seed investments. Those companies have gone on to raise ~$1B in follow on funding

With a focus on early-stage (pre-seed to series A) B2B SaaS in any vertical, we typically invest in companies that sell to SMBs, Mid-Market, or Enterprise businesses with an MVP built out and a large market.

Doubling Down on Founder Support & Success at Forum Ventures was originally published in Forum Ventures on Medium, where people are continuing the conversation by highlighting and responding to this story.

We’re thrilled to announce that Forum Ventures has invested in a pre-seed round for DeepLogica, a cutting-edge AI platform transforming the e-commerce delivery sector. At Forum Ventures, we pride ourselves on backing exceptional founders building winning B2B SaaS companies, and we’re excited to embark on this journey together with DeepLogica and its founder, Manoj Singh.

“We’re passionate about partnering with founders who have a clear vision and the determination to make it a reality. Manoj is a very thoughtful and compelling founder, and we’re eager to support him and his team in their mission to redefine e-commerce delivery,” said Maia Benson, Managing Director at Forum Ventures.

With years of global experience in product and supply chain management, Manoj Singh has held leadership positions in multiple Fortune 500 companies, including Tyco Electronics, Terex, Pitney Bowes, and Geodis. His expertise, combined with his BS Engineering degree from NIT Trichy, India, and MBA in SCM and Finance from MSU, makes him an ideal candidate to lead DeepLogica to success.

DeepLogica is an AI platform that leverages machine learning models to enhance clients’ existing processes and systems, enabling them to accurately predict supply chain events, gain actionable business insights, and improve the overall buying experience. The company’s innovative approach to e-commerce delivery is poised to make a significant impact in the industry.

This pre-seed funding will be instrumental in accelerating DeepLogica’s go-to-market strategy, as well as increasing engineering resources to further develop the platform. Manoj expressed his excitement about working with Maia and the Forum Ventures team, saying,

“I really connected with Maia through her experience at Shopify. I wanted her on my side to fine-tune our go-to-market approach and leverage her industry relationships to accelerate our growth strategy. I’ve talked to others about Forum’s value, and the feedback was glowing.”

As we embark on this partnership, Forum Ventures remains committed to supporting DeepLogica with our extensive experience, empathy, and dedication to empowering founders. We’re eager to see what the future holds for DeepLogica and its impact on the e-commerce delivery sector.

About Forum Ventures:

Forum Ventures is a venture capital firm dedicated to backing and supporting exceptional founders building winning B2B SaaS companies. With a focus on collaboration and empathy, Forum Ventures works closely with founders to help them grow, succeed, and navigate the challenges of entrepreneurship.

For more information, please contact:

Forum Ventures

Email: maggie@forumvc.com

Website: www.forumventures.com

DeepLogica

Email: manoj@deeplogica.com

Website: www.deeplogica.com

Forum Ventures Invests in Pre-Seed Funding for DeepLogica was originally published in Forum Ventures on Medium, where people are continuing the conversation by highlighting and responding to this story.

In the world of construction, design, and architecture, keeping track of finances can be a complex task. With a range of expenses to manage, clients to bill, and vendors to pay, the process can quickly become messy and disorganized. Enter Vergo, a financial platform that aims to streamline the process and help businesses in these industries manage their day-to-day finances. We sat down with Rich Kane, the founder of Vergo to discuss the platform’s origins, the challenges they faced, and the future of the company. Watch the full interview here.‍

Welcome! Tell us a little bit more about Vergo

Vergo is a financial platform for businesses in the construction, design, and architecture industries. My background in finance includes working for about ten years in various roles, such as trading, operations, strategy, and technology. I had the opportunity to travel and live in different countries like London, Argentina, Brazil, and finally settled in New York in 2017. However, I always had the desire to start my own business.

During my time at JPMorgan, I had a few side hustles, and eventually, I decided to quit the corporate world and pursue my own venture. I started a small furniture business after my wife and I moved into a new apartment in the East Village and we had difficulties finding suitable furniture that would fit. I began by making furniture for our own space, but eventually rented a workshop in Brooklyn and turned the venture into a website. Later on, I pivoted the business into an interior design studio catering exclusively to startup founders, which gained significant traction with hundreds of thousands of dollars in projects.

The biggest challenge I faced during that time was managing finances, such as tracking expenses, paying vendors, and receiving payments from clients. As a finance professional, I was frustrated with the lack of a system to manage all these aspects. Accounting systems and project management software were available, but there was no solution that addressed the day-to-day finances of businesses.

This led to the creation of Vergo, a platform similar to Brex and Ramp, designed for the specific needs of businesses in the construction, design, and architecture sectors. Vergo offers a checking account, a credit card, expense management software, and bill pay services, aiming to own every dollar that moves within these businesses.

I reached out to the Forum team in early 2021 with this concept, and they provided the initial $100,000 investment, which was a game changer. Raising money is challenging, but obtaining that first check can make all the difference.

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How did you go from “There MUST be a better way” to then launching your product? What made you take the leap?

Being an entrepreneur is something you can’t really escape from. It’s all-consuming. If you’re up at 2:00 in the morning working on a side project every day for several months, it’s clear that you’re not meant for a big corporate job. I was searching for an opportunity that would be significant and warrant my time, as well as the time of investors, and potentially have a substantial outcome. A lot of this process involved business model construction.

We conducted extensive research on what the business could look like if it became quite large. Of course, we considered the addressable market size, and it’s evident that construction is a massive industry with significant potential. The challenge was constructing a business model around that. We set an ambitious goal: to become the bank for the construction industry. This goal is difficult to achieve because it relies on many factors going right.

Some challenges include finding a bank partner to work with and sponsor us, launching a credit card, and building all the necessary software. Fintech is incredibly complex because it involves simultaneously building software, working with partner banks, and setting up a processing system. These elements all need to go right, which is both good and bad. It makes it harder to get started, but it also provides a compelling story for investors when raising money. There’s a genuine reason for raising funds, as the potential upside is astronomical, and the money is required to reach the next major milestone.

Our team at Forum recognized this early on. They understood that we needed actual funding to build the business, and there was a valid use case and business case for it. They believed we were the right team to make it happen.

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What did your MVP look like and how has that adapted to what the product looks like today?

The MVP for our project was essentially my personal experiences running the business myself. I had a founder story where I had done this before, and I knew people in the industry who were doing it as well. When I built the interior design studio, I developed software to automate some of the processes, which became version zero of our product.

To de-risk the project for investors, we started with a simple landing page, explaining what we were building and offering a waitlist for interested users. During the Summer of Forum Ventures, we focused on building a large waitlist to prove demand, which involved cold calling, running ads, and talking to people at places like Home Depot.

This strategy seemed to excite our team and investors, as we used our time wisely to prove there was demand for our product. We could have spent that time building expense tracking software, but demonstrating demand was more important. After raising our first major round of funding at the end of 2021, we entered build mode.

We established a partner bank relationship and built our first product, a checking account with basic expense management features and a mobile app. Following the Y Combinator mantra, we aimed to launch quickly. This MVP revealed interesting insights about the fintech industry and customer expectations, such as the desire for features like Face ID.

From there, we listened to our customers and honed in on our ideal customer profile. We discovered strong pull from various segments of the market, from large to small businesses. We realized that focusing on larger businesses would be more profitable, leading to the decision to launch a credit card product and a web dashboard for users who work on computers rather than mobile devices.

Our approach involved building the most basic product possible, gauging market interest, and then pursuing the most promising direction from a business perspective. Many entrepreneurs make the mistake of assuming they know their ideal customer and their needs, but we chose to launch an imperfect product quickly and learn from market feedback. While this strategy has worked in our favor, it’s still a challenging process as we continue to learn and grow.

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How has your role as a founder and CEO changed from those very early days to now after raising your Seed round?

Prior to receiving the first check from Forum, I funded everything myself. I paid for salaries and used all of my savings to cover expenses. Once I received that first check, I realized I was no longer just a small business owner. I now had investors, and I needed to make them happy. Communication became a significant factor; it was no longer possible to work in isolation without engaging with others.

A crucial aspect was having regular check-ins with investors, communicating the mission, and explaining how things were changing. Keeping them up to date with the reasons behind certain changes and the supporting data was essential. We initiated board meetings, but in hindsight, I would encourage founders to begin these meetings earlier in their journey. It provides a sense of pressure and awareness, as investors are the ones sponsoring the business, ideas, and vision. They understand the capital market and can provide valuable feedback on potential obstacles in raising funds.

While investors won’t help define a product roadmap, it’s still important to know their perspectives. Since that first check, my role has evolved to include more management responsibilities. Although I’m still heavily involved in product development, I now manage a team of around 12 or 13 people. My focus is on finding accountable individuals to oversee each aspect that contributes to our success, such as lead generation, sales, and technology. My role has shifted to more of an oversight position, ensuring that essential tasks are completed as needed.

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What keeps you motivated through some of the challenging times?

We are at our core, product people. We absolutely love product launches. Every time there’s a feature or significant product milestone, the whole company becomes extremely motivated and excited. For instance, we recently launched our credit card, and seeing the first transaction, repayment, and check deposit put in were all thrilling experiences. Witnessing customers use Vergo on a daily basis and retaining them without much need for customer support is truly satisfying.

Of course, there have been countless challenging times, especially with the economy not performing well and increased pressure on fundraising. However, what keeps us going is our phenomenal team of product builders.

At the end of the day, what matters most is solving a problem and having customers willing to try our solution. We understand that there are other features our customers need, and those are on the roadmap. The demand for our product is there, but it takes time to deliver exactly what our customers need. This is what keeps us motivated and excited.

We constantly envision a day when we walk into a store like Home Depot and see someone using a Vergo card. The idea of revolutionizing this industry is incredibly exciting for us.

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What advice would you give to fellow early stage founders?

Ultimately, success in raising money for your startup comes down to a few key factors. While product-market fit and customer traction are crucial, understanding how to present and pitch your business effectively is just as important. This is particularly true when it comes to developing a solid business model.

As someone with a financial background, I found it easier to communicate with investors and present information in a way that resonates with them. For those without this experience, it’s essential to either learn these skills or bring on a co-founder or advisor with the necessary expertise.

It’s important to recognize that the startup world is all about pursuing big ideas and delivering significant returns. Investors aren’t looking for small businesses that become profitable after a seed round; they want to see enormous potential for growth.

With this in mind, it’s essential to develop a strong business model and become skilled at presenting it to potential investors. This process can also reveal potential weaknesses in your plan, prompting you to consider alternative approaches. Remember that your business model will likely evolve over time, as external factors such as interest rates or market conditions change.

In summary, early-stage founders should be highly aware of the game they’re in and focus on developing and presenting a compelling business model. This will not only make fundraising easier but also provide valuable insights into the viability and potential of your startup.

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Watch the full interview here

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Revolutionizing Fintech in the Construction Industry with Rich Kane, CEO Vergo was originally published in Forum Ventures on Medium, where people are continuing the conversation by highlighting and responding to this story.

Pavilion is a search-based marketplace for state and local purchasing, a $2T a year industry that is (mostly) offline. Thousands of public sector buyers use Pavilion each month to find and buy from suppliers that have been qualified by other public entities, shortening procurement cycles and reducing the costs of selling to the public sector for businesses.

We sat down with Co-founder and CEO, Mariel Reed to talk about how her founder experience has changed from the early days as a founder, to now managing a team of over 30 people, and any tips she has for fellow founders. Watch the full interview here.

‍Can you Introduce yourself and what Pavilion is doing?

Pavilion is constructing a marketplace for state and local public purchasing, a $2 trillion-a-year industry that is heavily reliant on technology from the 1990s. I believe there is a great opportunity to improve the experience of those in the public sector who are wanting to make purchases on behalf of our communities but are still dependent on rather old-school tech emails, phone calls, and one-time visits to websites. And the inspiration for Pavilion came from my own personal experience. I had come from a background in philanthropy and technology, and then I made a hard shift into government because I wanted to do something that had a bigger social impact. And, while working for the city and county of San Francisco, I recognized an opportunity to transform not only how the city and county of San Francisco make decisions. The city and county governments make purchases, but all state and municipal governments in the United States do as well. And I felt like if I could just help improve the procurement and purchasing processes, that would be a really awesome way to spend my time on the planet in terms of positive upside, both in terms of building a really large company and the financial upside, but also, more importantly for me personally, the opportunity to actually impact human lives at scale.

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What was the time in your life that you decided, that this is the time to build and launch this? What was that defining moment for you?

I left government with a strong desire to work in public procurement. As I have stated, people like me who work in the public sector deploy $2 trillion in public dollars across the country each year. And yet, how we spend our money is far removed from our experience as private consumers, right? We can use our phones to order groceries, hire a babysitter, or hail a cab. However, public workers sit in government offices, attempting to deploy millions, tens of millions, or more in public cash. They’re calling and emailing each other to figure out how to accomplish it. So I had this experience where I thought, “Man, there’s a vision of how that behavior should work.” This feeling of public sector work is crucial. It definitely deserves better tools. And I got sucked into it, and I enjoy this vision of how the world would look, especially how government services would look and feel for individuals who rely on them. And it was kind of this confusing time where I thought, “how do I actually be a part of bringing that future into being?” So I’d say I spent maybe over a year learning more about the landscape and figuring out who was already working on different aspects of the problem.

And once I saw there was a gap in the industry, I realized, wow, there’s a lot of technology going into helping people create new contracts onboard, new vendors, but there was this massive gap around what do we do with the work that’s already been done. For example, how can we assist public servants in sharing? And, rather than starting from scratch, how can we assist governments in leveraging the work that has already been done and is available by other public entities? So, when I found out about it, it was incredibly exciting.

I still wasn’t sure what the best mechanism for impact would be. So I looked at where to actually build this within government. I had come from working in the public sector and I’ve experienced the kind of power of scale that that government can have. But I was pretty convinced that in order to build a technology solution and recruit very quickly the kinds of people — technical talent in particular — that I needed to work with, I needed to start a company.

I also saw this opportunity where public sector entities really benefit when folks are able to collaborate. But no one entity is really incentivized to create the technical infrastructure to be able to work with other governments. And my experience coming from within the city and county, of San Francisco had been that it’s awesome to get other governments to work together. But for long-term sustainability of those kinds of programs, most often they need to spin out and take on a life of their own.

So after surveying the landscape and identifying this gap, seeing that no one was filling that need, I had the conviction that this is a technical solution. In order to achieve the kind of scale at the kind of speed that I was hoping, we needed to do it outside of government and in a venture-backed way.

The third piece was that the market is so huge. In my own experience and working across philanthropic endeavors and in government, there are plenty of really interesting social impact opportunities that just don’t have a market opportunity. At a high level, it’s really hard to make money from people who don’t have a lot of money. But in this case, this is a unique intersection in public procurement of a massive amount of commercial activity that happens every year, and social impact upside. I got really excited about how we go after that opportunity really quickly in a tech-enabled and tech-first way so that it achieves the kind of scale that is possible looking at the market size. That set me on a course.

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I understand that you started your company during the COVID pandemic. In a time when a lot of people were slowing down or maybe stopping their operations, you were actually doubling down. What was that experience like and how might have that affected what you thought a founder’s experience might have been like?

I still remember the day our first two engineers were going to start. We had planned to work in the office but had to switch to working remotely. I remember the weekend before we made the call to start working from home, thinking, ‘Oh, it’ll just be temporary, maybe a couple of weeks and then we’ll be back’. I had to pile monitors into my car and a couple of bags of homemade cookies to welcome the engineers and be like, ‘Sorry, this is a little chaotic, but welcome and so excited that you’re here’. Fast forward a year and two years later, we had continued to grow throughout the pandemic and I had also become a parent during that time. It was a time of incredible learning and resilience. We stayed grounded in the impact we were able to deliver and felt our work was connected to COVID response. We helped State and a lot of local governments respond and navigate the wild West of buying PPE and serve their communities in a new and unprecedented way. It was mentally helpful to have a way of feeling like we were participating and helping.

As the business grew, other aspects of life felt chaotic, but we had a connection to something bigger than ourselves. We kept a pulse on whether or not folks wanted to come back into the office. My Co-founder and I really enjoy being able to meet in person and our team is really collaborative, so we enjoyed getting to spend time in person. Towards the end of the pandemic, the team was excited to have a physical office space and a hybrid work environment. We now have over 30 members on the team and typically are in the office downtown two or three days a week. It’s been a really nice balance of getting to see people and work super collaboratively, brainstorm, exchange ideas, and get to know each other better, but also having dedicated work time and space, flexibility, and schedule. I certainly appreciate that now as a parent.

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That flexibility of the hybrid workforce really resonated with a lot of people in those early days. When you were having to navigate the COVID situation, how might have that affected how you were proving your product to the market at a time when maybe some people might not have been listening?

​​Yeah, so I think in many ways, COVID was incredibly beneficial to the public procurement industry. It brought the importance of procurement into the spotlight, as it became increasingly clear how vital it was in getting the equipment needed to keep people safe. It also helped to elevate procurement’s role from just a back office compliance function to something more strategic. It highlighted the need to consider what was being bought, from whom, and the quality of the goods purchased, as well as the reputations of suppliers.

COVID also provided a unique opportunity for our team, as public servants suddenly had to become accustomed to using technology and participating in remote work, when this group of people was typically harder to reach online. This made it much easier to connect with them and get quick feedback on the challenges they were facing and how our products could help. Furthermore, the influx of federal funding helped to provide more resources and support for public procurement. COVID definitely had its challenges, but it also provided plenty of tailwinds for the industry, which our business was able to take advantage of.

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You raised your Series A about a year ago. Now, if you can reflect back to those early days, how has your role as a founder evolved from you and your co-founder to now with a larger team?

Yeah, it’s funny, actually. I remember when I was going through the program, Bob Tinker came and was talking to us about the journey of being a founder and a CEO, and I remember him sharing this mental model: in the very beginning, you’re kind of wandering in the woods. Then you have this ‘Braveheart’ sense where you as a leader are in the front, your troops are behind you, but you’re all fighting the battles together. Then eventually when you get big, it’s more the CEO in the war room. You’re there with your generals, but you’re far from the battle.

And while the transition has not been that extreme, I definitely have been grateful. One of the most fun things about founding a company and being a first-time founder is that the learning curve is so steep and the needs of the business and the demands really on you as CEO. Being able to respond, learn really quickly, and also acknowledge when you’ve made a mistake has been so valuable.

I think one of the big transitions has been spending my time hiring people who are better than me in a range of disciplines. It has been so great to build a team of incredibly knowledgeable and competent people and then setting them loose on the problem. An important effort I make is to think through the strategy, communication, and the ‘why’ of the business, and how all the different workstreams fit together to create a structure that everyone can comprehend and focus on the problems they are solving, while also understanding how the work they do fits into the bigger picture of achieving our vision of enabling positive impact for millions of Americans by making government procurement better. This has required me to be better at communicating the ‘why’, the strategy, and making sure the strategic direction makes sense, and I have enjoyed the feedback from my team.

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Is there something that sticks out in your mind as the most rewarding part of your entire journey?

Oh man, I feel like I talked to someone the other day, and they were like, “You seem like you’re doing a lot. Aren’t you just really tired?” And I was like, “Actually, no, because I’m so energized by the work we’re doing.” It’s like this transition of early days, where it feels so impossible and you feel so crazy. You’re sort of begging people to believe you and you find a few people that are like, ‘Okay, this sounds crazy, but I’m interested.’ And that feels great. Now, it’s the fun phase, where there’s traction and it’s starting to happen. You’re really positioned to succeed, of course, there’s still a ton to figure out, but it just feels way more existentially secure. It’s like, ‘Hey, there’s a place for this, there’s a need for this in the world.’ We’ve made it to the first milestone and there’s still a long way to go, but the vision that felt kind of insane at the beginning is becoming more and more inevitable, and others can see that too. That’s incredibly energizing. Also, it’s been my dream to combine large-scale opportunities in social impact with getting to build at the speed of technology and the startup environment. Combining the best of both worlds in this venture has been incredibly rewarding and exciting.

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What piece of advice would you give to first-time founders or prospective founders in their early days?

1. Being a founder is hard. Falling in love with a vision of how you want the world to be, anbd becoming obsessed with that problem was really helpful for me. This is an important step in order to get through the rejection and naysaying that often comes with business building.

2. Trusting your own expertise: Believe in the knowledge and expertise that you have developed and don’t be intimidated by what other people say. One of the things I’ve loved in partnering with our series A Investors at Foreigner is that they love to invest in folks that are experts in a particular consumer segment. They see the value in the experience that I bring to the table, which has made it a great partnership. Trust what you’ve learned, and your domain knowledge as someone who has lived and breathed this problem. Own that.

3. People matter: Be intentional about who you work with and the culture that you build. Be choosy about who you work with. Even if it feels like a waste of time, it will have an outsized effect on the team and organization. Every person you hire will have an impact on what its like to show up to work every day, the future people you hire, and the overall values of the organization. It’s a great use of time. And I would say I spend probably half of my time these days on people-related stuff. And it’s not a bad use of time.

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Falling in love with a vision of how you want the world to be: From day 1 to Series A | Mariel… was originally published in Forum Ventures on Medium, where people are continuing the conversation by highlighting and responding to this story.

Starting a business is never an easy feat, but the pre-seed and seed stages of launching a business-to-business (B2B) Software as a Service (Saas) company can be especially challenging. With so much noise out there for entrepreneurs and first-time founders at this stage, it can be hard to know where to start or what steps to take in order to help ensure success. Here are 10 tips from our own founders who have raised Seed and Series A rounds on what they would tell founders today:

1. Fall in love with the problem: Be passionate about the problem you want to solve and stay obsessed with it. This will help you get through rejections and build a thicker skin from your pre-seed round to beyond your Series A.
2. Trust yourself and your expertise: Believe in the knowledge and expertise you have developed in your market domain. While investor feedback can be helpful, trust your own understanding of the problem and your target audience.
3. The people matter: Be intentional about who you hire and the kind of culture you want to build within your company. Every person you bring on board will have an outsized effect on the team and the organization’s values, so be thoughtful in your hiring decisions.
4. Invest time in culture: Spend a significant amount of time on people-related issues, as it is a valuable use of your time as a founder. This includes focusing on building a strong team and cultivating a positive work culture.
5. Understand the investor’s perspective: Recognize that Pre-seed and Seed investors for B2B SaaS companies are looking for high-growth potential and significant returns on their investment. They’re not necessarily looking for immediate profitability, but rather businesses that can scale rapidly and achieve significant market share.
6. Develop a solid business model: A strong business model is essential for attracting investors and ensuring your startup’s success. Be prepared to showcase how your product or service addresses a real market need, the value proposition for your customers, and a clear strategy for acquiring and retaining customers.
7. Master the art of presentation: To secure funding and support from investors, it’s crucial to effectively communicate your vision, strategy, and business model. Learn how to present your ideas in a clear, concise, and compelling manner. This includes preparing well-structured pitch decks, financial models, and other materials that investors expect to see.
8. Consider a co-founder with different skill sets than you: If you lack the necessary financial background or skills, consider bringing on a co-founder who can help you develop and present your business model effectively. This person can also help you navigate the complexities of fundraising and financial planning.
9. Seek help and learn from the community: Don’t hesitate to reach out to fellow founders, mentors, or industry experts for guidance and advice on product market fit, fundraising or other topics. By learning from those who have been in similar situations, you can avoid common pitfalls and improve your chances of success.
10. Be prepared to adapt and evolve: Market conditions and circumstances can change rapidly, requiring you to reevaluate your business model and strategy. Regularly review your business model and be prepared to make adjustments to ensure your startup remains viable and competitive in the long run. This might include exploring new revenue streams, such as subscription models or alternative financing options.‍

By keeping these tips in mind and maintaining a clear focus on your goals, you can increase your chances of securing Seed funding and building a successful B2B SaaS business.‍

If you’re looking for a Venture Capital Fund to provide pre-seed funding or Seed funding, look no further. Forum Ventures is on a mission to make the B2B SaaS founder journey more accessible. Join our “Taking the Leap” Newsletter for founder-focused content and events invites delivered right to your inbox!‍

We are deploying capital to over 90 companies this year through our accelerator and seed funds. Pitch us today!

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10 Tips for Success for B2B Saas Pre-seed and Seed Founders was originally published in Forum Ventures on Medium, where people are continuing the conversation by highlighting and responding to this story.

Customer discovery calls are crucial for B2B SaaS companies to understand their prospects’ needs and determine if there is a genuine fit between their pain points and the offered solution. To conduct successful customer discovery calls, founders need to take a total mindset shift away from pitching their product and focus on understanding the customer’s needs. Here are some key points to keep in mind when conducting customer discovery calls:

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1. Discovery is not pitching: Focus on surfacing the prospect’s pain points instead of talking about your product or vision. Your goal is to earn the right to sell by understanding their current situation and their desired future state.
2. Discovery is not customer interrogation: Instead of firing a series of questions at your prospect, engage in a dialogue that feels like a conversation. This will help you understand their experience and build a connection with them. Try to encourage conversation that allows them to tell you about their pain points so you can provide tailored solutions for their problems
3. Prepare for the call: Do your research on the prospect, and their company before the call to avoid asking basic questions. This will help you come to the call with empathy and a better understanding of their needs.
4. Create a clear agenda: Establish a structured agenda for the call that outlines what will be discussed and why it matters. This helps both you and the prospect know what to expect from the conversation and ensures you cover all necessary topics.
5. Use open-ended questions: Start your questions with phrases like “tell me about” or “what is the experience of” to encourage the prospect to share more about their situation and make the conversation more dimensional.
6. Focus on relationship-oriented selling: Aim to create a natural, empathetic conversation centered around the prospect’s needs. This will help you build a genuine connection and better understand their pain points.
7. Establish the current state and desired future state: During the call, focus on understanding the prospect’s current situation and the challenges they are facing. Then, explore their desired future state, what improvements they would like to see, and how achieving those improvements would impact their lives or work. This process creates a “bridge” between their current state and their desired future state, allowing you to identify how your product or service can help them get from one side to the other.
8. Earn the right to sell: Until you have established the prospect’s current state and desired future state, you have not earned the right to sell. The purpose of customer discovery calls is to understand the prospect’s needs and problems, not to push your solution onto them. Listen empathetically and confirm that the prospect wants to fix their issues before presenting your solution.
9. Personalize your pitch: Once you have a clear understanding of the prospect’s needs, you can tailor your pitch to address their specific concerns. This personalization demonstrates that you have listened to the prospect and that your product can genuinely help them overcome their challenges. For example, if the prospect is concerned about saving time, you might emphasize how your product can streamline processes and reduce time spent on manual tasks. If they are more concerned about creating an archive of training materials, you might focus on how your product can help them achieve that goal.
10. Practice empathetic listening: Throughout the call, practice empathetic listening by genuinely trying to understand the prospect’s challenges and expressing a desire to help them overcome those issues. This approach will help you build rapport and trust with the prospect, increasing the likelihood that they will see your solution as a valuable investment. Why is integrating with a certain software essential for their business? What else have you tried to do to solve this pain that you have and why hasn’t that worked?
11. Teach your customer how to buy: Help your customers understand the buying process and set clear expectations. Stick to your agenda and ensure you’re using their time effectively. It’s important for you to understand how your customer buys so it’s not all about you If they have a clear process, clear guidelines, and things that you need to meet, you want to uncover that.
12. Communicate value: People don’t buy products, they buy what they can do with the product. Ensure you convey how your product or service can help alleviate their pain points. If you don’t communicate this value, you risk getting ghosted by potential clients.
13. Provide clear next steps: Map out your buyer process and make sure your customers know what to expect after the call. This could include a product demo, a follow-up call, or sending them additional information.
14. Schedule the next event: Before ending the call, make sure to schedule the next event in your buyer’s journey. This will help keep the momentum going and ensure a smooth sales process.
15. Detach yourself from the outcome: If that person is not a good fit for your product, they’re not a good fit for your product. There will be hopefully tons of people who are. And so your job is uncovering whether or not they are a good fit, it’s not closing the sale. That’s what makes you and the way you interact with people very different.

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In summary, customer discovery calls are essential for understanding your prospects’ needs and pain points, allowing you to personalize your pitch and present the right solution. By creating an agenda, establishing the current and desired states, earning the right to sell, personalizing your pitch, and practicing empathetic listening, you can conduct effective customer discovery calls and increase your chances of success in the B2B SaaS sales process.

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How to Run Founder Led Customer Discovery for B2B SaaS companies was originally published in Forum Ventures on Medium, where people are continuing the conversation by highlighting and responding to this story.

Fundraising is hard. We know that first-hand and want to support early-stage founders with crafting a pitch deck that impresses potential investors to increase their chances of getting funded. Every quarter, General partner Jonah Midanik hosts a Pitch Deck Tear Down, where he provides live feedback on 3 pre-seed and Seed B2B SaaS investor decks. Below are the 20 of the most common questions we address and the answers to them.

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What are the most common mistakes in pitch decks and how can they be avoided?

Common mistakes in pre-seed pitch decks that can risk your chances of getting funded include too much text, overcomplicating the problem and/or solution, lack of clarity, poor design, spelling mistakes, and using too much jargon. To avoid these, keep slides concise, visually appealing, and focus on the most compelling aspects of your business.

What’s the best way to simplify a complex or niche problem?

To simplify a complex or niche problem, break it down into smaller, more manageable components. Use clear, concise language and avoid jargon when possible. Use relatable analogies or examples to help investors understand the problem and why it’s important. Focus on the core aspects of the problem and how your solution addresses them.

To be clear and concise, use visuals and bullet points, focus on key messages, and limit each slide to one main idea. Avoid industry jargon and use simple language.

What’s the best process for determining market size?

Determine market size using a combination of top-down and bottom-up approaches. Top-down analysis involves estimating the total market size based on industry reports, research, and trends. Bottom-up analysis involves estimating potential sales by multiplying the number of potential customers by the average revenue per customer. Use multiple data sources including industry reports and analyzing competitors, and be realistic and conservative in your estimates.

How do current market conditions affect the success of B2B SaaS startups?

Current market conditions may affect the success of B2B SaaS pre — seed startups by impacting customer budgets and willingness to invest in new solutions. Additionally, investors might be slower or more risk-averse when deploying capital. However, focusing on solving critical problems and demonstrating early proof points can help attract investors. Focus on communicating:

1. The market opportunity
2. The vision
3. Why you’re the right person or team to execute this vision
4. Then use data and metrics to prove it.

How have investor mindset shifted in 2023, and what should startups consider when approaching funding rounds?

Investor mindset in 2023 may vary, but it’s essential for startups to focus on resilience, adaptability, and addressing market needs. Consider these factors when approaching funding rounds.

In unfavorable fundraising conditions, create a successful pitch deck by emphasizing traction, strong unit economics, and a clear growth strategy. Demonstrate resilience and adaptability in your business model.

How should the opportunity be clearly communicated in the pitch deck?

To clearly communicate the opportunity, identify the problem, showcase your unique solution, and highlight the market size and potential growth. Focus on your target customers and the value you provide them.

How can early-stage or pre-revenue founders excite investors without strong MoM growth?

Early-stage and pre — seed startups can excite investors without strong MoM growth by emphasizing a strong team, unique technology, and a clear path to scale once the sales funnel is optimized. Engage pre-seed investors by showcasing your vision, initial traction, and a strong team with relevant expertise.

To excite investors, all founders should create an engaging narrative that outlines the problem their business is trying to solve and how it adds value to potential customers. This narrative should also explain why their approach is better or more efficient than existing solutions.

Is a GTM strategy necessary if the company already has customers?

A GTM strategy is necessary even with existing customers to showcase how you plan to scale the business, acquire new customers, and expand your market share.

How does building a global company with bootstrapped/angel funds compare to one with VC funds?

Building a global company with bootstrapped/angel funds may lead to slower growth and limited resources, but can provide more control and flexibility. With VC funds, growth may be faster, but there could be higher expectations and potential dilution of ownership.

What strategies can help a startup founder stand out from the competition in a pitch deck?

To stand out from the competition, startup founders should showcase their unique value proposition, provide customer testimonials, and demonstrate traction and growth potential.

How much information should be provided about pricing, product, business model, and financial forecasts in the pitch deck?

At the pre-seed stage for an initial deck, there is no need to include financial projections until your second meeting with potential investors or later. Remember, this is only a deck to get them interested to learn more, it’s not a deck to close the deal or receive funding immediately. The pitch deck can provide some information on pricing, business model, and financial forecasts to give investors an understanding of your revenue streams and potential growth.

Should company valuation be included in the pitch deck slides?

Company valuation can be included, but it should be based on a realistic and defensible methodology. It might be better to focus on traction, market opportunity, and growth potential than funding dollars at the beginning.

Do you send the deck ahead of time or wait for the meeting to share it?

It depends on your preference, the founder’s skillset, and the potential investor’s request. If your deck can stand on its own, you can send it beforehand. If you as a founder are super engaging and charismatic in a meeting, it might be best to show the deck for the first time in person. Some founders prefer sending the deck ahead of time to allow investors to review it before the meeting, while others wait for the meeting to share it to maintain control over the presentation and address questions in real time.

Where in the deck should the team slide fall?

The team slide should generally be placed early in the presentation, after the problem and solution slides. This positioning helps establish credibility early on, showcasing the expertise and experience of the team members and their ability to execute the solution. Make sure to always link to your Linkedin profile on the team slide so potential investors can quickly validate your credibility and experience.

What do investors care about for the team slide?

Investors care about the experience, expertise, and complementary skill sets of the founder and/or team members. They want to see that the team has the necessary background, industry knowledge, and technical skills to execute the proposed solution. Highlighting relevant previous successes, domain expertise, and unique strengths of each team member can be helpful.

Should my presentation be animated?

Your presentation should be visually appealing and engaging, but animations should be used sparingly and purposefully. Overusing animations can be distracting and may detract from the core message. Focus on clear, concise, and visually appealing slides that effectively communicate your key points. Plus, if you are sending your deck beforehand, it’s usually in a PDF format, which doesn’t enable animations

How often do you update your pitch deck?

Update your pitch deck as needed to reflect new product developments, progress, and learnings. This may include updates to your product, market data, team, financials, or traction. It’s essential to keep the pitch deck current and relevant to your audience.

Do I need a professional designer to design my deck?

YES! A professional designer can enhance the visual appeal of your pitch deck, make it look clean, and check for spelling mistakes. When asking investors for money, it’s important to put your best foot forward and make a great first impression. Startup founders often lack the design expertise required to make their deck and products look amazing, so outsource the help you need. That being said, there is no need to pay thousands of dollars for one. It’s recommended to budget $100-$300 for a freelancer on Fiverr or Upwork to make it look nice.

How detailed should the Market Analysis section be in a pitch deck?

The Market Analysis section should be detailed enough to show the market size, growth potential, target customer segments, product-market fit and key industry trends. Avoid excessive data and focus on insights relevant to your business. Try to avoid focusing on the Total Addressable Market (TAM), and focus instead on the Serviceable Addressable Market (SAM): The subset of your TAM who are likely to use a product like your current product.

What are the best and worst elements to include in a pitch deck?

The best elements to include in a pitch deck are a clear problem and product solution, market opportunity, traction, and a strong team. The worst elements include excessive text, irrelevant information, and a lack of focus on your unique value proposition.

If startup founders implement the following tactics into their pre-seed investor decks, they will be well-positioned to increase their chances of getting funded and closing their pre-seed rounds. Do you think your deck is ready? Pitch us today!

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FAQ: Creating a successful Investor Pre-seed Pitch Deck was originally published in Forum Ventures on Medium, where people are continuing the conversation by highlighting and responding to this story.

Raising capital is hard, especially in the competitive B2B SaaS space, and ever-changing market conditions only add to the challenge. However, at Forum, we’re here to help you increase your chances of securing pre-seed or seed investment. A well-crafted pitch deck can make all the difference in attracting potential investors and raising capital. In this blog post, we’ll guide you through the key components of a compelling pitch deck, how to build a pitch deck that attracts investors and share five great examples to inspire you.‍

What is the purpose of a pitch deck?

The goal of a pitch deck isn’t to raise money, contrary to what you may think. Rather, its purpose is to encourage potential investors to ask for more information and grant you a second meeting. Remember, your presentation and deck are often the first way investors learn about your company, so it must spark their interest and make them want to dive deeper. A well-crafted deck is essential for raising funding, but its main goal should be to get you to the next step in the process.

Let’s start customizing your investor pitch deck template by following the tips below:

Clearly state your mission and vision:

Your pitch deck should start with a clear and concise statement of your company’s mission and vision. This sets the tone and helps investors understand the core purpose of your business.

Your mission should define your company’s purpose, while your vision should highlight your long-term aspirations. By clearly articulating your mission and vision, investors will immediately understand what drives your business and why it’s worth their attention.

Example: Airbnb’s pitch deck led with their mission to “revolutionize the way people travel” and their vision of “creating a world where you can belong anywhere.”

Lead with your strengths:

Whether it’s impressive customer traction, unique founder skillsets, or groundbreaking technology, lead with your strengths to capture investors’ attention and demonstrate your competitive edge. Highlight what sets your business apart from the competition and why investors should bet on you.

Example: Buffer’s pitch deck showcased its impressive traction, highlighting its user base and revenue growth in the early days.

Keep it simple:

Your pitch deck’s primary purpose is to secure that first meeting with potential investors, not close the deal. Use simple language and straightforward visuals to communicate your ideas effectively. Investors are busy, and a concise, well-organized deck will leave a lasting impression.

Example: Intercom’s pitch deck used clean, minimalist design and straightforward language to convey its message effectively.

Traction and proof points:

Showcase your successes so far, such as user growth, revenue, partnerships, or product milestones. This demonstrates your ability to execute and helps build credibility with investors.

Tell a cohesive story:

Ensure your pitch deck flows logically, guiding investors through the problem you’re solving, your solution, the market opportunity, and why your team is best positioned to succeed.

Use a professional designer:

A polished and visually appealing deck can significantly affect how your message is received. Consider hiring a professional designer to help you create a consistent and visually engaging presentation. You are asking investors for millions of dollars sometimes. Make sure you put your best face forward.

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Slides to include:

While every business is different, I’ve found that the following format works for most businesses and is most likely to generate interest from potential investors. To get started, download our free investor pitch deck template, and read on for insight into the importance of these slides as you develop your own deck.

Keep the first deck for prospective investors to 10 slides or less. This is all you need to effectively convey “the big idea” and capture the essence of what you’re building and why. There are 3 main components that must be included in your pre-seed deck:

1. What is the market opportunity

2. What is the vision

3. Why you’re the right person or team to execute this vision

Then use data and metrics to prove it.‍

What you DON’T necessarily need at the first meeting for a pre-seed investment:

1. Competition

2. Financial projections

Market size and market opportunity

Use this slide to expand on who your ideal customer is and how many of them there are. What is the total market size and how do you position your company in the market? How much are people or businesses currently spending in the market? This showcases the scope of the problem you are solving and can create a compelling narrative.

Be careful with this slide. Don’t define the market as big as possible. Instead, focus on your targeted, reachable market. The more specific you are, the more realistic your pitch will be.

Mission and vision

In simple terms, think of your vision and value proposition as a one-sentence summary that presents what your business does and why it’s worth considering over all other options available. This should be front and center in your deck. Ultimately, having a strong vision and value proposition makes it easier for potential customers to connect with your brand.

Traction and proof points

At this point, investors are looking for validation of your solution. The truth is, most investors primarily care about whether your company is a good investment opportunity or not. You might want to answer:

• How many paying customers or users do you have?
• How much revenue are you generating (monthly/annually)?
• How much are you growing on a monthly basis?
• Are you profitable?

These questions will help to build investor confidence in your business model.

Problem statement

The key to success in any venture is identifying an issue that needs attention and finding a viable way to provide solutions. Show them how your company has identified a gap in the market and aims to solve it with an innovative product or service.

Team slide

Include key management and expand on their history, educational background, skills, and their specific role in the company. Explain the unique value each person brings to the project, their passion for the project and why they want to help solve this problem

Don’t forget to include the link to each of your team’s professional LinkedIn profiles!

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Here are five examples of great B2B SaaS pitch decks along with the links to access them:‍

Intercom:

• Intercom’s pitch deck is an excellent example of simplicity, clarity, and a strong value proposition. They focus on the problem they solve and their unique approach to customer communication.
• Link: https://www.slideshare.net/intercom/intercom-early-stage-pitch-deck

Mixpanel:

• Mixpanel’s pitch deck showcases their powerful analytics platform and emphasizes their traction, customer base, and market opportunity. The deck is visually appealing and easy to understand.
• Link: https://www.slideshare.net/mixpanel/mixpanel-series-a-deck

Zenefits:

• Zenefits’ pitch deck effectively presents their HR software solution and highlights their fast growth, market opportunity, and competitive advantages. The deck is well-structured and visually engaging.
• Link: https://www.slideshare.net/seriouslycasual/zenefits-seed-round-pitch-deck

Buffer:

• Buffer’s pitch deck illustrates their social media management platform and features impressive early traction, user base, and revenue growth. The deck is simple, clean, and communicates their message effectively.
• Link: https://www.slideshare.net/Bufferapp/buffer-seed-deck

Close.io:

• Close.io’s pitch deck presents their sales CRM solution, emphasizing the pain points they address for sales teams and their unique features. The deck is visually appealing, well-organized, and easy to follow.
• Link: https://www.slideshare.net/SteliEfti/closeio-pitch-deck-series-b-2014

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These pitch decks serve as great examples for B2B SaaS founders looking to create a compelling pitch deck to attract investors and raise capital. Each deck demonstrates a unique approach to presenting their value proposition, traction, and market opportunity while maintaining a clear and engaging visual design.

In conclusion, creating an effective and successful pitch deck is crucial for any B2B SaaS pre-seed or seed-stage founder looking to secure investment. Keep your message clear, concise, and focused on your strengths. Remember, your pitch deck aims to pique investor interest and land that first meeting. By following these guidelines, you’ll be well on your way to crafting a successful venture capital pitch deck.

Pitch Forum Ventures today

The Essential Guide to Creating a Compelling B2B SaaS Pitch Deck for Pre-Seed and Seed Stage… was originally published in Forum Ventures on Medium, where people are continuing the conversation by highlighting and responding to this story.

What is a Venture Studio?

The venture studio model has become increasingly popular among aspiring founders. They can provide a more holistic approach to helping entrepreneurs build and launch their businesses by providing entrepreneurs with a range of services, from idea validation to product design and development. They can also provide invaluable mentorship, guidance, and resources to help entrepreneurs take their ideas and turn them into successful businesses.

Forum launched our venture studio in 2022 to support founders even earlier in their journey while having fractional ownership in the latest technology transforming how we live, work, and interact. We’re dedicated to helping entrepreneurs transform their ideas into successful businesses. We act as fractional co-founders, providing entrepreneurs with the resources needed to launch and scale their businesses.

Studio vs Accelerator vs. Building on your own

While a studio and an accelerator are both designed to help early-stage founders, there are still a number of differences between the two.

Our accelerator program is designed to help startups grow quickly, often over a short period of time, by providing access to resources such as mentorship, funding, and workspace. Forum’s accelerator is an 8-week program to help founders with product fit, GTM, and fundraising.

A venture studio, on the other hand, gets involved a step earlier to help entrepreneurs ideate, validate, launch, and scale multiple startups in a co-creative process. While accelerators focus on growing existing startups, venture studios focus on creating successful new ventures from the ground up.

It provides:

• Capital, plus additional services such as product design, engineering, marketing, operations, and more. We write the code, design the landing pages and get our hands dirty just like a co-founder would (because that’s what we are).
• Lower-risk environment for founding a SaaS Startup — The risk profile for a startup is lowered by access to more professional resources, network, and expertise.
• Assistance executing a winning GTM strategy to get you to 50–100 ARR, and the right MVP to ensure early traction.
• Higher rates of success than traditional methods of funding — Since these concepts are validated by a team of individuals with experience founding and funding multiple companies, and who understand what it takes to scale a venture-backed startup, venture studio business models also tend to have higher rates of success than traditional methods of fundraising.
• Access to key resources such as software, office space, technology, and even legal services. This ensures that founders have all the tools they need to succeed.
• Salary! What we love about our venture studio model is that the time you are without a salary is incredibly low. Most founders go 18 months with no salary verse with the venture studio model, it can be as little as zero days since they have cash on the balance sheet on day one.

The above resources enable founders to scale their businesses more quickly and efficiently than if they were working alone. Startups must fail fast and iterate quickly, and Forum’s studio team enables you to pivot quickly to create a successful venture-scalable product.

According to venture capital firm High Alpha, “startups established by studios have an average IRR of 53%, compared to 21% for non-studio startups.”

Process + Timeline

When you come to us with an idea, we use a rigorous assumption-testing process to systematically convert your idea into a revenue-generating business.​

Ideate & Validate (approx. 4 weeks)

Our team works with founders to rapidly validate ideas and build pilots. We talk to customers, test potential solutions, and collect feedback. We seek enough validation until we get to a pilot.​

Build & Sell (3 months)

After a successful pilot, we put in $250K and build. We build the MVP, expand the team, and develop a sales, marketing, and GTM strategy to hit a target ARR. With the full package, we enter Investor Week to raise your next round.

Advise (ongoing)

As you grow, we stay on as board members and observers. You have unlimited access to our communities and enjoy the strength of customer intros, GTM expertise, and funding network to drive growth.

“The 100k is nice… but the real value comes from having the MDs on your team. Their perspective, energy, and introductions as you grow are worth the investment. Especially for first-time founders who need someone to walk the journey with.” — Kory Kelly, CEO at Legal Karma

A Co-Creative Building Process

Joining our studio means having a powerful operating team from day one. As former SaaS founders and operators, we will build and validate your company quickly, by your side.

• An experienced team who will validate, build and help you launch an MVP and provide support as you scale.
• Your first designer — to uncover your customers’ journeys, embed the product with the value proposition and delight your early users
• Your first sales team — to design a winning GTM strategy and execute early to achieve initial traction
• Your first build team — to quickly develop the first product we’ll sell together, establish the product roadmap, and help build the team to execute
• Your supporting “village” in the journey of starting and growing a business — your team, the space to share wins & losses, ups & downs, and the team that will help you build your team
• A $250K USD investment, and an end-to-end fundraising playbook and network to raise your seed and Series A
• $100K worth of business perks

How Forum is Different

Go from concept to launch in record time with the support of Forum’s Studio. Forum’s Venture Studio provides capital, resources, and the necessary expertise for B2B SaaS founders to help launch and develop an idea into a successful business. Since 2014, we’ve worked with SaaS founders everywhere, launching more than 50 SaaS companies in Canada and the US with over 300 companies in our portfolio.

Forum’s Venture Studio provides a supportive environment for entrepreneurs to brainstorm and collaborate with other entrepreneurs and experienced VCs. For those who don’t identify as a founder or who have traditionally been overlooked by VCs (i.e. BIPOC founders, founders without a prestigious school background), Forum’s Venture Studio provides the perfect launching pad for their business ideas. It offers funding, mentorship, and guidance so that they can start and grow their businesses on an even playing field.

“At Forum, we believe that anyone can become a successful entrepreneur with the right resources and guidance. Our Venture Studio is designed to provide aspiring founders with the resources and knowledge necessary to make the leap from idea to success.” — Alice Krenitski, Director of New Ventures at Forum Ventures

Support from Day 1

From day one, you’ll have full access to business services and resources to build your company.

• Unlimited access to our shared services for Finance, HR, Operations, and other important company functions.
• Customer introductions to key executives in our 100+ close-knit enterprise community.
• 25+ top-tier VC Fund introductions when you go out to raise your next round as part of our Investor Week.
• $100k worth of business perks in your first year alone from companies like Brex, Hubspot, Stripe, and more.
• Access to a huge community of other B2B SaaS founders who have been in your shoes and are actively helping other founders in our program.
• Access to the Forum Network, including mentors, founders community and InnoForum peer community
• In addition to the creation process, Forum has an end-to-end fundraising support process to help you raise your seed and series A rounds.

“Forum Ventures was amazing to work with hands-on operators, mentors and ex-operators. In a short while, we took our product that customers were excited about to messaging that customers loved. We formalized go-to-market plans, and improved our targeted pitch. My MD and I were like cofounders brainstorming about GTM approaches, texting each other and figuring out our Product Market fit and GTM strategy.” Vijay Viswanathan, Cofounder and CEO

At Forum’s Venture Studio, we believe in creating an environment where passionate entrepreneurs can thrive and succeed. Our network can provide invaluable insight and advice regarding the business, as well as potential industry contacts. We are dedicated to helping our members develop their skills and navigate the challenges of entrepreneurship. With our support, you can make your dream a reality!

Let’s build the next SaaS Startup together!

Build the Next B2B SaaS Solution with Forum’s Venture Studio was originally published in Forum Ventures on Medium, where people are continuing the conversation by highlighting and responding to this story.