What I learned about startups from: Hailing a cab
Does your pitch deck suck?
Do this. Next time you’re out and the night is winding down take a look at people trying to hail a cab. It can be a pathetic sight.
People get some of the basics right. They stand in the street where taxis can easily see them but not run them over. Standing on the sidewalk might be safer but the rider doesn’t look as serious to a driver.
Everyone seems to know the universal arm raise. Most will even point the index finger indicating for the driver to pull-over.
But for so many, the person is either slightly embarrassment or frustrated when the cab just drives on by.
cab is available
That’s because few understand the most basic rule:
If the taxi sign isn’t lit, the cab is already carrying passengers.
You’ll never hail a cab when the light isn’t on. Which leads me to the pitch deck. Pitching with a shitty deck is a waste of time; yours and the investors.
Last week I went to the “Dutch Pitch Night” in San Francisco. The event had great free food and drinks and was held at Parisoma, a cool co-working space.
The event was put on by some big Dutch bank whose name I can’t remember even though it’s a top 30 financial institution. Seven startups had 5 minutes to pitch. The companies were both Dutch and American.
I had no idea what two of the companies were talking about. Not because of accents or cause I couldn’t comprehend, but the decks were that bad.
They might be the “next big thing” but no one would know it.
Lessons learned about startups:
- Understand the basics: Light on, cab available. A good pitch deck should include ONE SLIDE each:
a. The big problem you are solving
b. Your amazing solution
c. Your wonderful team
d. Your market strategy (revenue/business model, competitors, differentiators)
e. Your traction if you have some - Everything else is extras. I keep additional slides at the end of my deck to answer questions:
a. Additional “magic” of my solution (additional screenshots, features)
b. Financial projections
c. Current timelines
d. Additional information on the market and competitors
e. The amount we’re raising.
