The one thing founders don’t do is the only thing that matters

Alex Dunsdon
2 min readMar 8, 2018


99% of pitches to VCs don’t do the ONLY thing that matters


Not the one now. Not where you’ll be next year. But what your company will have done in a decade.

Why the first three slides are the only ones that matter

I see thousands of decks a year. Most are wrong.

I mean they look great — full of facts about the business today —but the truth is that unless you have ‘framed the massive story’ you are doomed.

No matter what feedback you get from your pitch I can 100% promise you that your VC has — from slide 1 — filtered you through a frame of “can this be a worth a billion dollars”.

It’s a simple function of VC fund economics. And remember VC’s don’t value companies, they price stories.

Painting the picture

So, what to do?

I maybe see 10 decks a year that start with this:

1/What the world looks like when we are done
2/ Why it matters
3/ Where we are today and how we get there

They are the most seductive especially when sprinkled with choice phrases like:

“I see no reason why we can’t be a billion dollar company” OR
“ This competitor is already worth ‘y’ and we have this insight they have missed” OR
“We are taking on Apple / Google / Oracle / Disney and here is why we will win”

And if you can help visualise the future like this, then even better.

Trust me, telling the biggest story is the single biggest thing that will get your round done….

If you liked this and want more then this is 😊 Me , 💵What I invest in,⚡A belief in corporate innovation and 😱A movement I helped start by accident . Also check out and



Alex Dunsdon

VC Partner@SAATCHiNVEST. Seed investor in Citymapper, Farewill, Ometria + more. Chief of Staff@Redbrain. NED@Picassolabs. Founder