Earlier than a single slide seems, earlier than your neatly rehearsed opening line, a choice is already forming within the investor’s thoughts.
Over the previous few years, I’ve labored intently with a number of early-stage startups as they ready for investor conversations, together with one which efficiently closed a €50 million Collection B spherical. I’ve additionally helped different groups get via their first correct due diligence course of, the sort the place the questions transcend the pitch and deep into what’s not within the deck.
What I realized: Most buyers make their preliminary judgment lengthy earlier than you get to the graphs and roadmap. They’re not simply scanning your numbers. They’re assessing your grip. Listed below are 5 issues skilled buyers clock nearly immediately, usually earlier than you even realise you’re being evaluated:
1. Are you grounded or simply shiny?
It’s apparent when a founder’s confidence stems from real engagement with their product, crew, and timeline, versus somebody presenting the very best model of the story.
Polish is okay. But when your tone feels too pre-packaged, too rehearsed, or too defensive when challenged, that may increase refined alarms. And while you make it to Collection B, you’re not promoting a dream. You’re proving you understand what it takes to outlive actuality.
2. Do you perceive your operational fragilities?
In a single MedTech firm I supported, we had stable development and genuinely compelling tech. However through the funding course of, a pointy investor homed in on one element we’d already been monitoring internally: our post-market compliance timelines. They weren’t essentially flawed, however they had been tight. That single query sparked a wider dialog about crew bandwidth, operational realism, and whether or not our regulatory roadmap had sufficient respiratory room.
In sectors like FoodTech and MedTech, the place market entry is intently tied to compliance, these sorts of assumptions can quietly undermine your credibility. investor doesn’t thoughts danger, however they hate surprises. Present them you’ve already mapped your stress factors and that you just’ve began constructing round them early.
3. Have you learnt who your product is basically for and the way they purchase?
At early phases, founders usually pitch to customers who need their product. By Collection B, the query is whether or not you perceive the client, the procurement pathway, and the timeline to income.
In regulated industries, this implies understanding not simply your finish consumer but additionally your gatekeepers: well being insurers, medical champions, retail chains, and regulators. If you happen to can’t clarify your go-to-market mechanics, you’re signalling a shallow understanding of your personal discipline.
4. Is your deck aligned along with your decision-making?
It’s frequent to current a deck that paints a easy arc from MVP to scale. But when, beneath questioning, your solutions betray hesitation or reveal selections that contradict the roadmap, buyers will discover.
One founder I labored with bought caught out once they couldn’t clarify why their timeline had shifted internally. It wasn’t the delay that killed confidence. It was the disconnect between the pitch and the fact of their course of.
Keep in mind: Consistency builds credibility.
5. Are you able to admit what you don’t know?
It’s counterintuitive, however true: assured founders can say “I don’t know” when obligatory. They don’t flinch when requested a tough query. They present they’re nonetheless studying, they usually’ve constructed a crew that enhances their gaps.
Traders aren’t in search of perfection. They’re in search of individuals who can deal with stress, adapt quick, and keep trustworthy. If you happen to’re overly sure about every part, it suggests you haven’t gone far sufficient to uncover the unknowns.
Last thought: The invisible pitch is the actual one.
Your slide deck issues. Your story issues. However lengthy earlier than that, you’re already being evaluated on the way you suppose, the way you deal with ambiguity, and the way nicely you’ve pressure-tested your personal assumptions.
For founders in high-stakes sectors like FoodTech and MedTech, the place the regulatory burden is actual and timelines are unforgiving, this consciousness isn’t simply useful. It’s elementary.
So earlier than you good the pitch, ask your self: What would I clock in me if I had been on the opposite facet of the desk?
