Bryce Roberts, the cofounder of O’Reilly AlphaTech Ventures, says startup pitches have never been worse than they are right now.”In all of my 11 years as a VC, I’d argue we’re at the low watermark for startup pitches,” he writes in a post titled “The Sad State of the Startup Pitch.”
Roberts says that most founders are coming without any sort of presentation in hand—no slides, no executive summary, no planned product demo. Demos usually consist of pulling up the website and poking around with no plan or direction.
When asked what they need from investors, founders have told Roberts they need “speed” — speedy decisions that will let the founders get back to work on the products.
“Here’s an idea, if raising money is such a bother than build products that don’t require you to do it,” Roberts writes.
“If you’re going to take the time to track down investors, create a slot on your busy calendar to meet and drive all the way across town to do so: bring it. Bring it every single time.”
What’s worse than bad pitches? Bad pitches from boring startups. And there are a lot of boring startups right now.