Fundraising & Investors

How do I pitch when I have almost no traction yet? What replaces revenue on the deck?

A starting point

At pre-traction you sell three things: the depth of the problem, why you specifically will win, and evidence of pull. Replace revenue with proof of demand you actually gathered: a waitlist with real signups, letters of intent, pilot conversations, or a sharp customer quote that shows pain. Founder-market fit does real work here, so state plainly why you and your team are unfairly suited to this problem. Do not fake a hockey stick, an honest 'here is what we learned from 40 customer interviews' beats a fictional chart.

Go deeper

Hand-picked from around the web, each with a note on why it earns your time.

3 resources 3 link-checked

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📄 Article
✓ Link checked Free Beginner

Why we picked it This is the canonical slide-by-slide template from the person who has read more pre-traction decks than almost anyone. Seibel's rule directly answers your question: put your single strongest thing right after the 'what you do' slide, so if you have no revenue but a great team or a sharp insight, that leads. He also insists you present any traction with real timeframes instead of a vague chart, which is exactly the honest signal a pre-traction founder should lean on.

How to Build Your Seed Round Pitch Deck

From Y Combinator by Michael Seibel 12 min read

  • A seed deck is 10 to 12 boring, legible slides: title, problem, solution, market, traction, team, ask. Lead with whatever is strongest.
  • With no revenue, your team slide and your non-obvious insight ('what do you know that everyone else doesn't') carry the deck, so move them early.
  • Show traction with dated timeframes and specific numbers, not a smoothed hockey stick, because investors are grading your thinking at this stage, not your metrics.
Open ycombinator.com →
📄 Article
✓ Link checked Free Intermediate

Why we picked it This is the how-to for the exact 'proof of demand you actually gathered' your answer calls for. It gives you the five things a real pilot or LOI agreement must contain (measurable objective, timeline, success metric, each party's duties, exit clause) so the paper you put in your data room signals genuine pull, not a friendly forward. Its best rule for a pre-traction founder: make the customer commit time or money, because an LOI where a senior buyer agrees to weekly check-ins is worth ten polite 'looks interesting' emails.

Using Pilots, POCs, and LOIs to Build Trust and Scale

From Alchemist Accelerator by Alchemist Accelerator 10 min read

  • An LOI is non-binding, so treat it as a signal of intent you walk the buyer through, not a contract you email and hope gets signed.
  • A credible pilot forces customer commitment: senior staff on weekly reviews or actual budget, which is what makes it evidence on a deck.
  • Walk away from pilots with no committed sponsor, misaligned goals, or an innovation team that cannot actually buy, so your 'demand' is real.
Open alchemistaccelerator.com →
📄 Article
✓ Link checked India Free Intermediate

Why we picked it This is a working Indian seed VC (Blume backed Unacademy, Purplle, Slice) writing down what it actually looks for, slide by slide, from the people who read hundreds of Indian founder decks a year. It is blunt about the mistakes that kill decks here: a vague problem statement, a team slide buried too deep, and no customer validation when Blume wants to see the product already live with signups. Use it as the reviewer sitting across the table before you send.

High Pitched Assessments: the exhaustive list of what makes a good pitch deck

From Blume Ventures by Blume Ventures 20 min read

  • Nail the specific customer problem and who has it; a fuzzy problem line sinks the deck no matter how good the product
  • At seed the team slide is the bet, so lead with founder background and your reason for doing this, do not bury it
  • Indian seed investors want customer validation now: product launched, signups coming in, not just a plan
Open blume.vc →

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