Take These 3 Things Out of Your Pitch Right Now

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Here are 3 things I hate seeing in startup pitches…

Letters of Intent

Also known as Letters of Nothing! Whenever I hear a founder talking about letters of intent, it’s hard not to roll my eyes.

These letters are not enforceable. Odds are you’ll never see the millions they promise.

If you don’t have revenue, LOIs are not a valid substitute.

I would rather just hear you say “we don’t have any revenue”. At least you don’t sound delusional.

Advisors

The most useless slide in a deck is the advisor slide. It’s always a bunch of guys in suits I’ve never heard of.

The people who will make your company a success work full time at the company. Popping in for a couple hours a month isn’t going to do much for you.

If you want to have a few advisors help you on the margins, that’s fine. But leave it out of your pitch.

Awards

“We won best startup at the Eastern Idaho Regional Startup Fair!”

Good for you. But leave it out of your pitch.

Investors want to back unicorns, not “award-winning startups.” Unless that award came with a check, you can stick it in a drawer and forget it.

The real wins are in the marketplace: customers giving you money.

Wrap-Up

Whenever you mention LOIs, advisors, or awards in your pitch, you waste time.

You tell me you don’t have anything better to sell. And worst of all, you tell me you don’t know what’s important.

Stick to what matters: team, product, and customers. If you’re focused on what counts, you have the chance to build an incredible business.