11 perspectives · Updated · 4 min read
First decks tend to grow into twenty slides of screenshots and charts. The investors here read hundreds of decks, and most say the story matters more than the slides.
Delian Asparouhov writes every slide title as a full sentence so the titles tell the story on their own. Michael Mignano raised Anchor's seed on a launch and a manifesto, then its Series A on a growth curve. Katia Ameri raised $2.2 million for Mirra.
Make a pitch deck by writing the story first. Write each slide title as a full sentence so the titles read as one paragraph. Make investors feel the problem before you show the solution, explain why your team can solve it, and say what the capital will buy. Keep it short and use the words your earliest users use.
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Eleven investors: partners at Founders Fund, Kleiner Perkins, Union Square Ventures, and Andreessen Horowitz, seed fund founders, two angels who built products, and two Harvard Business School faculty.
Delian Asparouhov · Partner at Founders Fund, co-founded Varda Space Industries
Listen for: The one step he does first on every deck.
Justin Kan · Co-founder of Twitch and Goat Capital
Listen for: How to practice and pitch in your own voice.
Paul Gompers · Eugene Holman Professor at Harvard Business School
Listen for: What gets a deck a second meeting.
Leigh Marie Braswell · Partner at Kleiner Perkins
Listen for: How she tests each slide.
Ryan Hoover · Founder and investor at Weekend Fund
Listen for: Why he prefers a demo.
Michael Mignano · General partner at Union Square Ventures, sold Anchor to Spotify
Listen for: How Anchor's seed deck differed from its Series A deck.
Soleio · Designer and angel investor, backed Figma
Listen for: What he makes in place of a deck.
Christina Wallace · Senior lecturer at Harvard Business School, ran its Startup Bootcamp
Listen for: What a deck can cover after eight days of work.
Katia Ameri · Partner at Andreessen Horowitz, raised $2.2M for Mirra
Listen for: Why product screenshots alone don't work.
Rex Woodbury · Founder and managing partner of Daybreak Ventures
Listen for: What clarity of thought looks like in a deck.
Roelof Botha · Investor and board member, at PayPal for its IPO
Listen for: The three things he looks for in a founder.
Partner at Founders Fund, co-founded Varda Space Industries
Why themBacked Ramp at seed and co-founded Varda Space Industries.
Delian’s advice: Write every slide title as a complete sentence so the titles tell the whole story.
I start every deck by writing the slide titles as complete sentences, so when you read them in order they tell the whole story in one paragraph.
Co-founder of Twitch and Goat Capital
Why themCo-founded Twitch, which sold to Amazon for $970 million, and the $50 million seed fund Goat Capital.
Justin’s advice: Use a simple spine: the world is a certain way, something changes, the world is better.
I keep it dead simple: the world is a certain way, something changes, the world is better. That problem-solution-impact story is the spine, and everything else is just proof. Practice the hell out of it, know your metrics cold, and pitch in your own voice because investors are buying you, not a template.
Eugene Holman Professor at Harvard Business School
Why themHolds the Eugene Holman professorship at Harvard Business School and reads pitch decks.
Paul’s advice: Answer what problem you own, why your team can solve it, and what the capital will buy.
I don't build pitch decks, I read them, and the ones that get a second meeting are rarely the prettiest. They answer three questions fast: what problem you own, why your team can solve it, and what the capital will buy that changes the outcome. Everything else is decoration.
Partner at Kleiner Perkins
Why themBacked Codeium before its $1.25 billion valuation and led Avoca's Series A.
Leigh’s advice: Make the reader feel the problem before you explain the solution.
I see hundreds of decks, and the ones that stand out make me feel the problem before they explain the solution. The best founders treat each slide as a test of whether the reader still cares enough to turn the page.
Founder and investor at Weekend Fund
Why themProduct Hunt raised a $1 million seed, and Weekend Fund has invested $37 million in startups.
Ryan’s advice: Keep it short and say what you do in your earliest users' words.
I still prefer a demo over a deck, but if you need one, keep it short and human: say what you do in the same words your earliest users use, then show why you’re the one to build it.
General partner at Union Square Ventures, sold Anchor to Spotify
Why themBuilt Anchor and sold it to Spotify, then led deals in xAI and Suno at Lightspeed.
Michael’s advice: A deck works when it tells a story you can defend.
I never made a pitch deck that won by looking pretty; ours worked when it told a story we could defend. At Anchor, Silicon Valley was anti-podcast, so we raised the seed on a splashy launch and a manifesto more than metrics, then the Series A only after we forced 10% weekly creator growth and could prove the curve.
Designer and angel investor, backed Figma
Why themSecond design hire at Facebook and backed Figma and Perplexity.
Soleio’s advice: Show a working prototype, a short video, and a one-page story about why now.
I don't make pitch decks, I make things you can believe in: a working prototype, a short video that shows the thing breathing, and a one-page story about why this has to exist now.
Senior lecturer at Harvard Business School, ran its Startup Bootcamp
Why themRan the Startup Bootcamp at Harvard Business School and founded BridgeUp: STEM.
Christina’s advice: An early deck outlines the theory of the venture and shows where you still need data.
I used to run the Startup Bootcamp at HBS, and in eight days the best we could get to was a deck that outlined the theory of the venture, mostly showing where the team still needed real data.
Partner at Andreessen Horowitz, raised $2.2M for Mirra
Why themLaunched a16z's Speedrun Alpha, which drew more than 11,000 applications.
Katia’s advice: Tell a story about a broken thing people already feel.
I raised $2.2M for Mirra, and the decks that worked best told a story about a broken thing people already felt, not just product screenshots. Andrew Chen put it well at one of our panels: if you're only explaining your product, no one listens.
Founder and managing partner of Daybreak Ventures
Why themRaised $100 million for Daybreak and was a partner at Index Ventures.
Rex’s advice: Show the next six months and the five-year plan if everything goes right.
I look for a deck that tells me the founder has clarity of thought: what are you building in the next six months, and what does the five-year master plan look like if every green light flips.
Investor and board member, at PayPal for its IPO
Why themHis record includes Sequoia's YouTube investment, which returned 57 times its cost.
Roelof’s advice: He spends little time grading decks and more on the founder behind them.
I don't spend much time grading pitch decks. I spend it trying to understand whether the founder has a clear problem, a contrarian insight, and the relentless execution to make it real. The deck is just the map; I want to meet the person holding the compass.
| Who | Their advice |
|---|---|
| Delian AsparouhovPartner at Founders Fund, co-founded Varda Space Industries | Write every slide title as a complete sentence so the titles tell the whole story. |
| Justin KanCo-founder of Twitch and Goat Capital | Use a simple spine: the world is a certain way, something changes, the world is better. |
| Paul GompersEugene Holman Professor at Harvard Business School | Answer what problem you own, why your team can solve it, and what the capital will buy. |
| Leigh Marie BraswellPartner at Kleiner Perkins | Make the reader feel the problem before you explain the solution. |
| Ryan HooverFounder and investor at Weekend Fund | Keep it short and say what you do in your earliest users' words. |
| Michael MignanoGeneral partner at Union Square Ventures, sold Anchor to Spotify | A deck works when it tells a story you can defend. |
| SoleioDesigner and angel investor, backed Figma | Show a working prototype, a short video, and a one-page story about why now. |
| Christina WallaceSenior lecturer at Harvard Business School, ran its Startup Bootcamp | An early deck outlines the theory of the venture and shows where you still need data. |
| Katia AmeriPartner at Andreessen Horowitz, raised $2.2M for Mirra | Tell a story about a broken thing people already feel. |
| Rex WoodburyFounder and managing partner of Daybreak Ventures | Show the next six months and the five-year plan if everything goes right. |
| Roelof BothaInvestor and board member, at PayPal for its IPO | He spends little time grading decks and more on the founder behind them. |
Write the slide titles first. Delian Asparouhov writes each title as a complete sentence, so the titles read in order tell the story in one paragraph.
Build it on one story. Justin Kan uses problem, solution, impact. Leigh Marie Braswell wants to feel the problem before the solution.
Answer the core questions. Paul Gompers says the deck should show what problem you own, why your team can solve it, and what the capital buys. Rex Woodbury adds the next six months and the five-year plan.
Use your users' words. Ryan Hoover says to describe what you do the way your earliest users do, and keep the deck short.
Show where you need data. Christina Wallace says an early deck outlines the theory of the venture and shows where the team still needs evidence.
Show the product. Soleio brings a working prototype and a short video. Ryan Hoover prefers a demo too.
Soleio and Ryan Hoover would rather show a demo than a deck. Roelof Botha spends little time grading decks and focuses on the founder. Michael Mignano says the deck depends on the stage: Anchor's seed ran on a manifesto, and its Series A ran on growth numbers.
Paul Gompers says three things: the problem you own, why your team can solve it, and what the capital will buy. Rex Woodbury looks for the next six months and a five-year plan.
Ryan Hoover says to keep it short. Delian Asparouhov writes the slide titles so they tell the whole story in one paragraph.
Paul Gompers says the decks that get a second meeting are rarely the prettiest. Michael Mignano says his decks worked when they told a story he could defend.
Michael Mignano raised Anchor's seed on a splashy launch and a manifesto. For the Series A he waited until he could show 10% weekly creator growth.
Before you open slide software, write your slide titles as full sentences and check that they read as one clear paragraph.
We asked this question to venture capitalists and angel investors on Delphi. Each quote is that person's Delphi answering in their own words, built from their own writing, talks, and interviews, and shown as given. Delphi wrote the introduction, the summary, and the steps from their answers. Last checked .