Dan Siroker raised $12 million at a $350 million valuation for his startup, Rewind AI. The company is just 3 years old. Let’s dig into the pitch he used to do it.
Rewind AI records everything that happens on your computer. You can ask Rewind questions like “What did I do last week? or “When did I last speak to Jim?”
Dan’s pitch is the best I’ve ever seen. Here’s why:
- Huge problem + specifics. Dan frames a massive problem: memory.
Everyone could use some help remembering things. Almost any human is a potential customer, especially knowledge workers.
But Dan doesn’t just frame a big problem. He’s very specific about how he solves it, and provides proof that it’s working as a business.
- Personal connection to the problem.
I often ask founders, “What made you want to start this business?” I’m gauging how committed they are to the problem, and why.
Dan clearly explains why he cares about this problem.
He struggled with losing his hearing in his 20’s, but hearing aids changed his life. He wants to do the same for people struggling with memory.
- Great demo.
Many slide decks could describe a dozen companies.
“We’re helping teams connect.” I couldn’t tell you how many times I’ve seen that.
Great, but how?
By contrast, Dan takes us into his product and shows us exactly how it works. We can see its power and clean design.
Any investor would be impressed!
- Clear market size.
Dan doesn’t give us some BS number like “cloud software is a $200 billion market.” That’s meaningless for any particular product.
He tells us exactly what he charges and shows us how many potential customers exist. Multiply those together, and you have the market size.
I found his numbers convincing. He’d only need 2.8 million Pro users to reach $1 billion a year in revenue.
With tens of millions of knowledge workers in the US alone, this seems achievable.
Market sizing is critical to investors. If you aren’t addressing a big market, you’ll never be a multibillion dollar company.
- Solid financials. Dan gives us all the key info: revenue growth, customer acquisition cost, and burn.
We can see he’s very efficient with money. We can also see that this business has great margins.
- Great team. His team is packed with experienced builders, and Dan is a 2nd time founder.
No wonder they can ship 11 releases a day!
- It’s short.
Dan covers everything investors need to know, all in less than 8 minutes. A lot of founders can’t do that in 30!
I looked at 33 companies today. I can’t spend hours on each one.
If you present the key info clearly and concisely, your odds of getting funded skyrocket.
I hope this video helps you improve your pitch. Abstract advice is one thing, but seeing real success is quite another!
What do you think of Dan’s pitch? Leave a comment and let us know!
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