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NextView’s series of tactical resources for entrepreneurs, built specifically for seed-stage startups – part of NextView’s platform of startup support.!For more, visit ViewFromSeed.com
The leading seed-stage VC firm investing in internet and mobile startups on the East Coast. We focus exclusively on seed, all in support of our mission: Help founders give their companies the best possible start.!NextView was founded in 2010 by Lee Hower (PayPal, LinkedIn, Point Judith Capital), David Beisel (About.com, Venrock) & Rob Go (eBay, Spark Capital).!
Important Note
We created TWO templates for
startups raising seed capital.!
We created TWO templates for
startups raising seed capital.!
You’re about to explore just one.!
We created TWO templates for
startups raising seed capital.!
You’re about to explore just one.!
You can download
BOTH versions at the end.!
You’ll get both versions, plus VC tips for your pitch:
DOWNLOAD TEMPLATES
Created by !
Short Explainer + “Kitchen Sink” FAQs!
Short Explainer + “Kitchen Sink” FAQs!A quick best-practice pitch plus exhaustive appendix, for
use during a free-flowing conversation.!
1 Use as a guideline to make deck creation easier. (Avoid copying/pasting the entire resource however.)!
2
3
4
This was built for entrepreneurs raising seed capital. Not intended for later stages, when your content changes.!
Look for commentary and opinions from the NextView partners via these sticky notes à !
Be sure to rewrite any copy written in [blue and brackets]. This is placeholder or illustrative and should be updated.!
David Beisel
E x a m p l e C o m p a n y
Confidential Investor Presentation!January 2014!
Executive SummaryWhat We Do:!• ExampleCo is a [zero-jargon description of product]
used by [broad but addressable market] to [benefits]. !• We are focused on the [$X billion target niche] market.!
!
Current Status:!We are [company stage, e.g. pre-revenue, pre-launch, etc.].!
!Traction to date includes:!
• (Month or Quarter 1): X key metric, Y key metric!• (Month or Quarter 2): X key metric, Y key metric!!
Currently Raising:!• [$X-Y million] seed round.!
• Previously raised [$X million] from [investors].!!
Team Experience
Pilot Customers/Partners
Logos of Past Companies & Top Schools!
Logos or Other Proof of Early Traction!
2!
Problem
[The succinct problem statement you aim to address goes here. Use plain language – no jargon.]!
[Customer Tries!Something]!
[Here’s Their!Terrible Pain]!
[Existing Solutions!Are Broken/Nonexistent]!
3!
Problem
[The succinct problem statement you aim to address goes here. Use plain language – no jargon.]!
[Customer Tries!Something]!
[Here’s Their!Terrible Pain]!
[Existing Solutions!Are Broken/Nonexistent]!
David Beisel Co-Founder & Partner NextView Ventures
To better illustrate your problem, as well as convey the emotional arc to someone who’s less immersed in it than you, consider adding some visual components such as these.
3!
Solution
Explanation of!Actions Taken!
Explanation of!Actions Taken!
Explanation of!Outcomes!
1-2 Product Screens!
[The succinct summary of the solution goes here. This often sounds like your company mission.]!
• [List a few key benefits and features here.]!
!
4!
Solution
Explanation of!Actions Taken!
Explanation of!Actions Taken!
Explanation of!Outcomes!
1-2 Product Screens!
[The succinct summary of the solution goes here. This often sounds like your company mission.]!
• [List a few key benefits and features here.]!
!
Rob Go Co-Founder & Partner NextView Ventures
There’s nothing worse for founders than getting deep into a pitch and realizing the investor has no clue what the product does. Now is the time for a short explanation or demo.
4!
Go-To-Market
In ONE slide, convey one or more of the following:!
1. Your unfair distribution advantage!– What’s the one thing that sets you apart when it comes to distribution? !
2. Your initial customer/user acquisition strategy!– What channels are you thinking about? What data can you share based
on past tests? What tech integrations are you building?!
3. Your initial marquee partners or customers, if applicable!– Who are your earliest “true believers” that will help you gain traction and/
or generate word-of-mouth? Who’s already in your camp that has a recognizable brand, history of success, or enough confidence in your company and product to partner or buy early on?!
5!
What to Know to Create Yours!
Go-To-Market
In ONE slide, convey one or more of the following:!
1. Your unfair distribution advantage!– What’s the one thing that sets you apart when it comes to distribution? !
2. Your initial customer/user acquisition strategy!– What channels are you thinking about? What data can you share based
on past tests? What tech integrations are you building?!
3. Your initial marquee partners or customers, if applicable!– Who are your earliest “true believers” that will help you gain traction and/
or generate word-of-mouth? Who’s already in your camp that has a recognizable brand, history of success, or enough confidence in your company and product to partner or buy early on?!
David Beisel Co-Founder & Partner NextView Ventures
This slide varies but the goal is the same: Show you’re thinking about (or have data or an unfair advantage in) distribution. This is too often overlooked in favor of tech alone.
5!
What to Know to Create Yours!
Go-To-MarketTotal Addressable Market: [$XB industry]!Distribution Strategy: [Your unique advantage + channels you plan to test!
Launch![Dates]!
Traction![Dates]!
Growth![Dates]!
Main Focus:!
Priority Tasks:!
Target Results:!
[X]
[X]
[X]
[X]
[X]
[X]
[Launch web & iOS app]
• [Improve signup flow!• Finalize user referral process!• Accepted to App Store!• Drive initial signups!• Measure DAU totals]!
• [X initial users!• Convert X% of existing email list!• Understand DAU & optimize] 5!
Traction to Date
• [Key Metric #1]!
• [Key Metric #2]!
• [Key Metric #3]!
6!
Traction to Date
• [Key Metric #1]!
• [Key Metric #2]!
• [Key Metric #3]!Lee Hower Co-Founder & Partner NextView Ventures
Seed-stage investors understand there won’t be tons of traction just yet, but it’s important to convey a few data points and whatever loose proof you have that hints at success.
6!
Looking Forward
• We are seeking [$X].!• We aim to [major goals] in the next [timeframe].!
Team
Bu
ildin
g!C
ompa
ny
Prog
ress!
May! June! July! Aug! Sept! Oct!
Hire A, B, C]! Hire X, Y, Z!
Launch! Goal! Goal! Goal!
7!
FAQs!
FAQs!
Rob Go Co-Founder & Partner NextView Ventures
This “kitchen sink” FAQ section is great for your first meeting. As the conversation unfolds, you can pull up a given slide. Due to that intended use, there’s no “right order.”
Team
Headshot! Headshot!
Name, Current Title! Name, Current Title!
Past Company Logo!
• Title or Relevant Function!• Impressive Achievement!
Past Company Logo!
• Title or Relevant Function!• Impressive Achievement!
Past Company Logo!
• Title or Relevant Function!• Impressive Achievement!
Past Company Logo!
• Title or Relevant Function!• Impressive Achievement!
9!
Team
Headshot! Headshot!
Name, Current Title! Name, Current Title!
Past Company Logo!
• Title or Relevant Function!• Impressive Achievement!
Past Company Logo!
• Title or Relevant Function!• Impressive Achievement!
Past Company Logo!
• Title or Relevant Function!• Impressive Achievement!
Past Company Logo!
• Title or Relevant Function!• Impressive Achievement!
9!
Lee Hower Co-Founder & Partner NextView Ventures
Don’t use tons of copy here. Investors just want to get a general sense of the team: Are they seasoned vets? Scrappers with a fresh POV? This is important, but keep it brief.
Competition
[Low Thing]! [High Thing]!
[High Thing]!
[Low Thing]!
Logo!
Logo!
Logo!
Logo!
Logo!
We are stronger than the competition in [key differentiators].!
We are threatened by the competition in [honest worries you have].!
10!
Competition
[Low Thing]! [High Thing]!
[High Thing]!
[Low Thing]!
Logo!
Logo!
Logo!
Logo!
Logo!
We are stronger than the competition in [key differentiators].!
We are threatened by the competition in [honest worries you have].!
10!
David Beisel Co-Founder & Partner NextView Ventures
Don’t kill yourself trying to force a slide that winds up meaningless in being overly positive. Instead, speak to how you’ll win against the most relevant two or three competitors.
Use of Proceeds
Q1! Q2! Q3! Q4! YEAR! Q1! Q2! Q3! Q4! YEAR!
Projected Headcount!
Projected Customers!
Revenue!
Salaries + Overhead!
Other (Professional Fees,
Rent, Utilities, Travel, etc.)!
Cash Burn!
Total Cash Burn!
• Build team of [X]!• [Biggest product milestone – e.g. launch beta in X months]!• Product/market fit and [X customers/users] in [X] months!
11!
Use of Proceeds
Q1! Q2! Q3! Q4! YEAR! Q1! Q2! Q3! Q4! YEAR!
Projected Headcount!
Projected Customers!
Revenue!
Salaries + Overhead!
Other (Professional Fees,
Rent, Utilities, Travel, etc.)!
Cash Burn!
Total Cash Burn!
• Build team of [X]!• [Biggest product milestone – e.g. launch beta in X months]!• Product/market fit and [X customers/users] in [X] months!
Rob Go Co-Founder & Partner NextView Ventures
Be thoughtful about projecting burn rate, since that’s how VCs think about finances. And definitely don’t try to project anything beyond two years. It’s just not reasonable.
11!
Marketing Deep Dive
In ONE slide, convey how you’ll drive growth through one of the following :!
1. Your actual marketing funnel and results to date!
2. Your product’s built-in growth drivers (referrals, network effects, etc.)!
3. Proposed tactics you plan to deploy over time !
The Next 3 Slides Show Examples!
12!
What to Know to Create Yours!
Marketing Deep Dive
In ONE slide, convey how you’ll drive growth through one of the following :!
1. Your actual marketing funnel and results to date!
2. Your product’s built-in growth drivers (referrals, network effects, etc.)!
3. Proposed tactics you plan to deploy over time !
The Next 3 Slides Show Examples!
12!
What to Know to Create Yours!
Rob Go Co-Founder & Partner NextView Ventures
If this isn’t based on actual data, then propose how you’re thinking about it. We live in a demand-constrained world. The question to answer is how you’ll address that issue.
Marketing Deep Dive Example 1 of 3!
[Description of Total Target Market]!
[Channel 1]! [Channel 2]! [Channel 3]!
[Conversion Action 1]!(e.g. Lead, Free User, Trial, Demo, etc.)!
[Conversion 2 or Retention]!
(e.g. MQL, 1-7-30-Day Active Users, Critical/Sticky Feature Usage, etc.)!
Revenue!
LTV!
User Acquisition!
Conversion!and/or Retention!
Monetization!
In Progress/Succeeding (Continue to
Optimize)!
Launch or Improve (Starting
Soon)!
Test/Validate
Hypotheses!(Starting
Later)!
12!
Marketing Deep Dive Example 2 of 3!
User Network Effects/Product Virality!
Context!
Context!
Context! Context!
Product Feature!
Product Feature!
12!
Tactic!
Tactic!
Tactic!
Marketing Deep Dive Example 3 of 3!#
Cus
tom
ers!
Time!
Tactic!Tactic!
Tactic!
Tactic!
[X]!Customers!
Tactic!
Tactic!
Path to [X] Customers!
12!
Traction Deep Dive
• Data Point!• Data Point!• Data Point!
13!
Traction Deep Dive
• Data Point!• Data Point!• Data Point!
David Beisel Co-Founder & Partner NextView Ventures
My personal favorite approach to this slide is to show 3-4 graphs that convey that you have a pulse on your business and that you’re tracking a few different important metrics.
13!
[ExampleCo makes X easier and cheaper.]!!
[Save Time: ExampleCo does X for you]!.!
[Save Money: X% more cost-effective on average.]!
How Customers Use [ExampleCo]:!1. [X]!2. [Y]!3. [Z]!
How It Works
14!
[ExampleCo makes X easier and cheaper.]!!
[Save Time: ExampleCo does X for you]!.!
[Save Money: X% more cost-effective on average.]!
How Customers Use [ExampleCo]:!1. [X]!2. [Y]!3. [Z]!
How It Works
14!
Rob Go Co-Founder & Partner NextView Ventures
You’d be amazed at how often these slides fail to convey exactly how the product works. Keep things simple and jargon-free. Don’t dress it up too much, especially at the seed stage.
Product Screens
1!
2!
3!
4!
15!
Product RoadmapBu
cket
1!
Buck
et 2!
Buck
et 3!
May! June! July! Aug! Sept! Oct!
Milestone! Milestone!
Milestone!
Milestone!
Milestone!
Milestone!
Milestone!
Milestone!
Milestone!
Milestone!
Milestone!
Milestone!
16!
Customer Validation
Headshot!
Headshot!
Logo!
Logo!
“Quote.”!
“Quote.”!
Test Customer Logos!
• Proof of concept data point!• Proof of concept data point!• Proof of concept data point!• Proof of concept data point!
17!
Financials/BudgetRevenue Q1 Q2 Q3 Q4 Year1 Q1 Q2 Q3 Q4 Year2
Item $X $X $X $X $X $X $X $X $X $XItem $X $X $X $X $X $X $X $X $X $X
Total Revenue $X $X $X $X $X $X $X $X $X $X!!Cost of goods sold!
Item $X $X $X $X $X $X $X $X $X $X!Item $X $X $X $X $X $X $X $X $X $X!
Total COGs $X $X $X $X $X $X $X $X $X $X!!Gross Profit $X $X $X $X $X $X $X $X $X $X !Gross Margin X% X% X% X% X% X% X% X% X% X%!Expenses!
Item $X $X $X $X $X $X $X $X $X $X !Item $X $X $X $X $X $X $X $X $X $X !
Total Expenses $X $X $X $X $X $X $X $X $X $X !!EBITDA ($X) ($X) ($X) ($X) ($X) ($X) ($X) ($X) ($X) ($X)!Other Income (Loss) ($X) ($X) ($X) ($X) ($X) ($X) ($X) ($X) ($X) ($X)!Net Income (Loss) ($X) ($X) ($X) ($X) ($X) ($X) ($X) ($X) ($X) ($X)!
18!
Financials/BudgetRevenue Q1 Q2 Q3 Q4 Year1 Q1 Q2 Q3 Q4 Year2
Item $X $X $X $X $X $X $X $X $X $XItem $X $X $X $X $X $X $X $X $X $X
Total Revenue $X $X $X $X $X $X $X $X $X $X!!Cost of goods sold!
Item $X $X $X $X $X $X $X $X $X $X!Item $X $X $X $X $X $X $X $X $X $X!
Total COGs $X $X $X $X $X $X $X $X $X $X!!Gross Profit $X $X $X $X $X $X $X $X $X $X !Gross Margin X% X% X% X% X% X% X% X% X% X%!Expenses!
Item $X $X $X $X $X $X $X $X $X $X !Item $X $X $X $X $X $X $X $X $X $X !
Total Expenses $X $X $X $X $X $X $X $X $X $X !!EBITDA ($X) ($X) ($X) ($X) ($X) ($X) ($X) ($X) ($X) ($X)!Other Income (Loss) ($X) ($X) ($X) ($X) ($X) ($X) ($X) ($X) ($X) ($X)!Net Income (Loss) ($X) ($X) ($X) ($X) ($X) ($X) ($X) ($X) ($X) ($X)!
18!
David Beisel Co-Founder & Partner NextView Ventures
This is definitely a slide you need, but the purpose is NOT to have a crystal ball. Instead, show that you’ve given critical thought to the financial structure of your business.
Financials/BudgetRevenue Q1 Q2 Q3 Q4 Year1 Q1 Q2 Q3 Q4 Year2
Item $X $X $X $X $X $X $X $X $X $XItem $X $X $X $X $X $X $X $X $X $X
Total Revenue $X $X $X $X $X $X $X $X $X $X!!Cost of goods sold!
Item $X $X $X $X $X $X $X $X $X $X!Item $X $X $X $X $X $X $X $X $X $X!
Total COGs $X $X $X $X $X $X $X $X $X $X!!Gross Profit $X $X $X $X $X $X $X $X $X $X !Gross Margin X% X% X% X% X% X% X% X% X% X%!Expenses!
Item $X $X $X $X $X $X $X $X $X $X !Item $X $X $X $X $X $X $X $X $X $X !
Total Expenses $X $X $X $X $X $X $X $X $X $X !!EBITDA ($X) ($X) ($X) ($X) ($X) ($X) ($X) ($X) ($X) ($X)!Other Income (Loss) ($X) ($X) ($X) ($X) ($X) ($X) ($X) ($X) ($X) ($X)!Net Income (Loss) ($X) ($X) ($X) ($X) ($X) ($X) ($X) ($X) ($X) ($X)!
Lee Hower Co-Founder & Partner NextView Ventures
Be sure to sanity check your numbers and your margins. Don’t make the mistake of pitching a business that projects to have the best margins and growth EVER.
18!
David Beisel Co-Founder & Partner NextView Ventures
This is definitely a slide you need, but the purpose is NOT to have a crystal ball. Instead, show that you’ve given critical thought to the financial structure of your business.
Unit Economics(Showing [X] months trailing.)!!Averages!Meetings/Events Booked X!Rental Rate $X!Utilization X%!Revenue for Venue $X !Commission % X%!Gross Revenue $X!!Cost Channel/Partnerships Direct Acquisition!Cost-per-lead -- $X!Partner Commission $X --!Service Agent $X $X!Net Revenue $X $X!Margin % X% X%!
Example: A Venue Booking Service!
[Provide context for a given item as needed]!
19!
Unit Economics(Showing [X] months trailing.)!!Averages!Meetings/Events Booked X!Rental Rate $X!Utilization X%!Revenue for Venue $X !Commission % X%!Gross Revenue $X!!Cost Channel/Partnerships Direct Acquisition!Cost-per-lead -- $X!Partner Commission $X --!Service Agent $X $X!Net Revenue $X $X!Margin % X% X%!
Example: A Venue Booking Service!
[Provide context for a given item as needed]!
19!
David Beisel Co-Founder & Partner NextView Ventures
Seed-stage companies may not have the history to show granular unit economics. Instead, fill in the data you have and hypothesize or cite comparable companies for the rest.
Market Size/Trends[$XB ]!total market opportunity!
[$XB]!Go-to-Market!
Related Data Points!• Data point/statement (Source)!• Data point/statement (Source)!• Data point/statement (Source)!• Data point/statement (Source)!• Data point/statement (Source)!• Data point/statement (Source)!• Data point/statement (Source)!• Data point/statement (Source)!• Data point/statement (Source)!
20!
Market Size/Trends[$XB ]!total market opportunity!
[$XB]!Go-to-Market!
Related Data Points!• Data point/statement (Source)!• Data point/statement (Source)!• Data point/statement (Source)!• Data point/statement (Source)!• Data point/statement (Source)!• Data point/statement (Source)!• Data point/statement (Source)!• Data point/statement (Source)!• Data point/statement (Source)!
20!
David Beisel Co-Founder & Partner NextView Ventures
There’s a lot to say about this slide, so all three of us will weigh in. First, don’t just sell the big number. List the total addressable market, i.e. the portion you can reasonably serve.
Market Size/Trends[$XB ]!total market opportunity!
[$XB]!Go-to-Market!
Related Data Points!• Data point/statement (Source)!• Data point/statement (Source)!• Data point/statement (Source)!• Data point/statement (Source)!• Data point/statement (Source)!• Data point/statement (Source)!• Data point/statement (Source)!• Data point/statement (Source)!• Data point/statement (Source)!
20!
David Beisel Co-Founder & Partner NextView Ventures
There’s a lot to say about this slide, so all three of us will weigh in. First, don’t just sell the big number. List the total addressable market, i.e. the portion you can reasonably serve.
Rob Go Co-Founder & Partner NextView Ventures
Next, you’ll want to list both top-down and bottoms-up market data, along with a cogent story for each. Above all, make sure that both of these analyses generally align.
Market Size/Trends[$XB ]!total market opportunity!
[$XB]!Go-to-Market!
Related Data Points!• Data point/statement (Source)!• Data point/statement (Source)!• Data point/statement (Source)!• Data point/statement (Source)!• Data point/statement (Source)!• Data point/statement (Source)!• Data point/statement (Source)!• Data point/statement (Source)!• Data point/statement (Source)!
Lee Hower Co-Founder & Partner NextView Ventures
In the downloaded version, check the slide notes for links on each topic: the idea of total addressable market (versus just the total market), as well as top-down and bottom-up analyses.
20!
David Beisel Co-Founder & Partner NextView Ventures
There’s a lot to say about this slide, so all three of us will weigh in. First, don’t just sell the big number. List the total addressable market, i.e. the portion you can reasonably serve.
Rob Go Co-Founder & Partner NextView Ventures
Next, you’ll want to list both top-down and bottoms-up market data, along with a cogent story for each. Above all, make sure that both of these analyses generally align.
Exit Comparisons
Startup!
Buyer!
acq. by!
[$X]!
VC!
VC!
Startup!
Buyer!
acq. by!
[$X]!
VC!
VC!
Startup!
Buyer!
acq. by!
[$X]!
VC!
VC!
Public Co!
[market cap]!
Public Co!
[market cap]!
Public Co!
[market cap]!
• Startups in the [industry niche] space are acquisition targets for companies such as [Examples], at valuations around [N] times price/sale.!
21!
Partners/Biz Dev
Logos of Early Partners!
Logos of Future Potential Partners!
Current Partners:! Target Partners:!
22!
Monetization
[B2B SaaS Business Model]!
[Sales Strategy: Free trial and bottom-up selling]!
[Pricing: $X to $Y per user per month]!
[Operating Margins: Over X%]!
23!
Example: B2B SaaS !
Monetization
[B2B SaaS Business Model]!
[Sales Strategy: Free trial and bottom-up selling]!
[Pricing: $X to $Y per user per month]!
[Operating Margins: Over X%]!
23!
Example: B2B SaaS !
David Beisel Co-Founder & Partner NextView Ventures
If there are many moving pieces, a flowchart is most helpful to show exchange of values and dollars. In B2B, show or list where the money comes from. In B2C, list hypotheses.
Challenges/Risks
• [Challenge #1 – context]!
• [Challenge #2 – context]!
• [Challenge #3 – context]!
24!
Challenges/Risks
• [Challenge #1 – context]!
• [Challenge #2 – context]!
• [Challenge #3 – context]!
Rob Go Co-Founder & Partner NextView Ventures
What keeps you up at night? Though this may seem counterintuitive to state so overtly, every startup has challenges, and investors want to see how you’re thinking about them.
24!
Why Now?
Trend, Factor, or Data Point!
Trend, Factor, or Data Point!
Trend, Factor, or Data Point!
Trend, Factor, or Data Point!
icon!
icon!
icon!icon!
25!
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