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- ♞ Common Problems: The Ask
Today, we continue the 10-issue series in which I discuss the most common problems that I see on each slide in founders’ pitch decks. Today’s issue will look at the ask.
What is the most common problem with the ask?
The Ask is one of the most complex parts of a deck to nail. Even as someone who has written and read thousands of decks, I still find it challenging to nail the ask every time and continue to find new ways that people mess up or nail this slide.
The reality is that it is easiest to nail your ask when you write your entire deck as a narrative, have your demo, and then use social status building to ramp up to the ask. If you follow this entire strategy, then it makes the ask easier because the context surrounding it is more favourable.
For most founders, however, the ask often comes at the lowest point in their pitch. They tell a story, get to the end and right when everyone is satisfied and done with the narrative, the ask is thrown in at the end. This is hard because your social status is lowest after your narrative, investors often have questions/feel it’s their chance to jump in after the narrative. In short, the timing and context around the ask are difficult. This is not to mention that the ask itself is you asking for money, which is a low-value action. So, socially speaking, this is an incredibly difficult task. That being said, here are a few ways to make it a little easier and significantly more effective.
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Use an active tone - Don’t say “we need $X to accomplish Y”. Say “ Over the last year we have gone from X to Y, while we continue to grow, a capital injection of $Z will support us in accelerating our growth by 10x reaching reaching new markets and expanding offerings to our existing users. Within a year, we will have 10x the sales and be able to raise another $A and $B valuation.” This type of active tone makes it clear that you are already on a path, you don’t need investors’ money to continue on that path, but that with their funding together, you can accelerate the speed at which you travel down the path and realize significant gains.
Have a single raise and valuation - The biggest mistake I see founders make is saying “We are raising $X at $Y valuation or $A at $B valuation” when you do this is makes it clear to investors that (i) you don’t know the path forwards, (ii) they are the ones driving the ship (and they aren’t even investors yet), (iii) you don’t have the guts to ask for what you need and fight for it. No matter how they interpret it, no interpretation works in your favour.
Does your deck feature any of these common problems? |
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Onwards and Upwards,
