Pitch Deck Series Part 1: Design your deck as a story, not a form that you fill out

Over the last 7 years, I have reviewed well over 10,000 pitch decks. I figured if the 10,000-hour rule applies to reviewing decks, then I might have some insight to share regarding what makes a compelling presentation. There is so much that goes into a pitch deck and my goal is to try to provide some practical advice that founders can use. Therefore, this is intended to be the first of a series of posts, each tackling common mistakes I see. Hopefully this series is helpful for anyone building their next pitch deck.

I wanted to start this series by focusing on storytelling because the single biggest problem I see in almost every PowerPoint I review is that the deck feels very formulaic. Nearly every deck follows the same collection of predetermined slides in a similar order.

To be fair, I do not blame entrepreneurs for this phenomenon. Do a simple google search and nearly every piece of advice includes a list of slides you need to have. And frankly, almost all these articles are the exact same. Overview slide, Problem Slide, Solution Slide, Market Slide, Competition Slide, Product Slide, Team Slide, Financials Slide. Sound familiar? Yes, some may include a “why now” slide, “the ask” slide or suggest moving the team slide earlier but they all are basically the same formula. Even Sequoia released a template for the “perfect pitch deck” that follows this same basic framework.

Let me be clear, your deck absolutely needs to have these elements in it. The problem is most entrepreneurs start with this template and fill in their information as if they are filling out a form. In an industry that is all about building unique, disruptive products, why does every company have essentially the same deck?

Instead of adopting this formulaic approach, I believe a compelling story that includes the necessary aspects woven into it (team, problem, market, etc.) is more likely to generate interest from the reader. This is important because the goal of your deck is not to convince someone to invest, it is to entice the reader to further the conversation. No VC is going to invest based solely on reviewing 10 slides. While a deck may not convince an investor to write a check on the spot, it can entice an investor to take a meeting. A deck can also help during an initial meeting to provide enough context and create enough interest to warrant a second meeting and more diligence from the VC.

Think about it this way. If I review upwards of 2,000 decks per year, I can only meet with a portion of those companies given time constraints. If you follow the same formula as everyone else, how do you expect to stand out?

Another reason to take this approach is that even the best entrepreneurs will not be able to create a deck that resonates with every investor. Again, trying to convince everyone is not your goal. Your goal is to find the 3- 5 investors that your vision of the future aligns with. By telling your story in authentic manner, you are more likely to resonate with those investors who are a better fit for your company in the first place. Using the lowest common denominator (ie: the formulaic approach to slide building) might actually cause some of those very same investors to pass because they see thousands of other decks that look very similar to yours and you never gave them a chance to care about what you are building.

Thus, if your objective in creating a deck is to find a small number of investors that could be a good fit and simply generate enough interest to further the conversation, why build a deck that has the exact same 10-slide template format as everyone else? Why not start with mapping out the story you want to tell and then incorporating those key elements into that story arc?

If you were going to tell your friends a story about breaking down on the side of the road, how would you tell that story?* Would you say the car had a problem with the valve in the engine so you built a makeshift solution that allowed you to continue driving and that it turns out that 32 million cars break down per year and I used to work at x company? Or would you say that you were driving down the road when you heard a large bang and smoke starting emerging from your hood. You pulled over and saw the valve had cracked in half. You then remembered a trick you learned from interning with a car dealership that year in college and used a water bottle and some duct tape you had in the trunk to fix it well enough to make it to the repair shop where you learned that 32 million people per year order this same part and the repair shop wanted to charge you an arm and a leg for a part that you knew you could make for a fraction of the cost and lasted twice as long.

See what I did there? Instead of telling you about the new product in a formulaic and un-captivating way, I explained the problem, the solution, the market, my product and why my background suits me to compete in this market but did so in a way that engages with the reader.

So, if you are going to ditch the formulaic approach, what are some useful frameworks for telling a good story? Well, we can steal from common story arcs we see in the movies. Hopefully one of these is applicable to your company.

The world is great but then something comes along that creates a challenge for our protagonist.

This is great framing for companies taking advantage of new technologies, change in trends, or building new markets. Explain the world as is today, why and how it will be different in the future, and therefore it’s inevitable that your product will be developed, you are just the first or best person to take advantage of the opportunity.

The world is a dark and dreary place, but our protagonist is the chosen one who can save everyone.

This is great for companies taking on incumbents. The real key here is to articulate how you are different and what structural advantage you have that makes it difficult or impossible for the incumbent to crush you. Understanding Clay Christensen’s Disruption Theory is very helpful here.

There is a personal problem the protagonist must overcome.

Much like my car example previously, this might be a problem you experienced in a previous job or were working on something on the side and it turns out many others have this same problem. This one is great in that it shows you understand your customer and have the experience necessary to succeed.

I’m sure there are plenty of other story arcs that could be used. Find one that suits your company’s story and use similar elements to help you communicate the value of what you are building in a more compelling way.

The next time you build a pitch deck, I highly recommend that you do not start with the same 10 preconceived slides and simply fill in your company info. Start by outlining your company’s story in the most compelling way possible and then weave in all those necessary components. I assure you that your deck will have a much stronger message.

*Maybe not the best example because I am not into cars or very knowledgeable about how they work but I think it gets the point across.