A pitch deck is a frequently used part of a founder’s toolkit. Most people consider it just a fund-raising tool, but this deceptively simple-looking set of slides can help you organize your thoughts, identify what’s missing, and clarify your message. This month, we’ll examine how to create a pitch deck, why it’s a valuable business tool, and where you might use it. We’ll also look at other tools that supplement the pitch deck in your toolkit. 

At some point in your founder’s journey, you will need your first pitch deck. This deck will be just one of many iterations you will create to build and grow your company. Keep in mind that many others have faced their first pitch deck and learned from the experience. Because it is such a valuable tool, you should create your first deck early in your business cycle. In this post, I’ll give you three principles for building a pitch deck and share some resources you may find helpful.

Principle 1: Know your audience

Understanding your audience is the key to success in any presentation, so it’s also true for your pitch deck. The audience for a tech or software startup differs from one for a biotech or medtech startup. Both will want to know the problem, your solution, the market, what you’ve achieved so far, your team, your competition, financials, and ask. What data you gather and how you present it will differ based on the audience. You will tell the story of your company so far, and that story is best when delivered in the language of your listener. It’s worth your time to do a little research to understand successful decks and pitches in your field. Templates are abundant, but you may be better off taking a successful deck as your model. 

Principle 2: Organize your ideas

Sort your data and ideas by topic in a draft document, then edit each section to provide 2-3 clear concepts. Think about how you can illustrate each concept visually so you don’t have to use words on every slide. Nevertheless, if words are more precise than an image or graph, use them. You don’t need an answer to every question for your first deck. However, you should be clear on what you do and do not know and what you need. Startups need more than funding, especially at early stages. Asking for advice, expertise, and referrals is more important to help you build the relationships that will enable later fundraising. Where you still need an answer, state your plan for obtaining the data. 

Principle 3: Make it simple and secure

There’s a lot of advice in the blogiverse about pitch decks, but most authors agree that keeping your deck legible and straightforward is the cardinal rule. Make fonts large, simple, bold, and consistent across the slides. Present one idea per slide. Make that idea evident to the viewer. Words are clear but can be dull. Graphs should have a short statement about what is essential. Diagrams should be minimal or absent. Photos should have short titles or captions. No one will want to sign an NDA to view your pitch at this stage, so please make sure you aren’t revealing any critical intellectual property. Your IP lawyer will be able to help you with this point. A trusted third party will also help you spot what isn’t clear about your deck. 

Using the three principles of knowing your audience, organizing your ideas, and making it simple and secure, you will be able to draft a basic first pitch deck. I recommend numbering and keeping each version as you continue to refine your ideas. You never know when you might want to re-use a clever turn of phrase from an earlier deck. Next week we’ll talk about using your deck as a critical business tool. Until then, keep pitching!

Reach out to me if you want to know more or discuss your medical product development or business challenges.

katrina@krogersconsulting.com

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Text Copyright © 2021 Katrina Rogers

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