Let’s play out this state of affairs. Your deck is prepared and also you’re nearly to start out reaching out. What does typical knowledge say that it is best to ship? A 3-paragraph overview, 4 bullet factors outlining the issue, and three bullet factors on the way you resolve it and why you’re the most effective. You went by way of all that work … however who’s going to learn it? A junior particular person. Not even a senior VC.
Even when you do find yourself with a gathering, odds are that your deck didn’t even get learn. The most important lie in enterprise capital is: “Sure, I learn by way of your deck.” As a result of these phrases are instantly adopted by, “ … however why don’t you run us by way of it from the start?”
At that time, it’s protected to imagine that nobody has really taken the time to learn by way of what you despatched, the junior man thought it might be an attention-grabbing assembly contemplating the fund’s present themes of curiosity, and nobody objected to taking the assembly. However nobody has actually taken the time to learn by way of your deck.
Even when the one profit was that different funding committee members heard the story direct from the founder, that alone would make your video pitch price it.
In line with DocSend, the typical pitch deck overview time over the past 20 weeks is less than three minutes. Let’s break down how a lot time you’ll be given for a 12-page deck (a really concise deck):
- Cowl — 5 seconds.
- Again cowl — 5 seconds.
- All the remaining — 2:50.
That additionally contains time for that critical-to-understand diagram that illustrates and distills your distinctive system or view of the world. Do you assume 25 seconds is lengthy sufficient to completely comprehend that diagram and join the dots along with your worth prop? Not going.
What do you have to do about it?
Don’t ship chilly decks, ever. As a substitute, you have to be video pitching — this can be a video walkthrough of your deck, along with your face in a digital camera bubble speaking by way of it and giving added colour in a video not than six-and-a-half minutes. Your goal for this video: Get in, present a foundation of understanding, and get out with a punchy CTA. Nothing flashy, nothing fancy.
Extra traders are embracing video pitches (prime instance: Ashton Kutcher’s Sound Ventures), and within the age of the Zoom-based pitch assembly, it’s shortly turning into the usual.
The speedy however notable shift is as a result of in video pitching, founders get to showcase the preparedness, dedication and keenness VCs are on the lookout for, all whereas telling their story. None of that’s successfully transmitted in a chilly pitch deck. Additional, it means that you can create a deeper connection even earlier than a gathering ever takes place. In a way, it permits you and the investor to skip a step within the relationship-building course of.
Why it’s important to do video pitches
Chilly decks get blown out of the water in comparison with the advantages of the video pitch:
- You may join the dots in an easy-to-digest method. As a substitute of merely studying the slides, you’re including context as you undergo them. Principally, you’re doing traders a favor by doing the psychological heavy lifting for them.
- You control the interaction. It’s a recorded video, so that you get to pitch with the additional benefit of not getting interrupted.
- Folks may not give three minutes to skim a PDF, however they may watch a six-and-a-half minute high-relevance video!