Devang Mehta

This really comes down to adhering to numerous first principles, a lot of which have been elucidated by the likes of Y Combinator: -- 12 Slides -- 10 minute pitch -- Simple text. -- Mild Rhetoric not hyperbole -- Should be understandable to your grandparents -- Less is more, imagery is powerful -- DONT put valuation numbers on the funding slide -- Goal is to get a first meeting, not a term sheet -- Team page should have Linkedin profile references -- No Competition is NOT good. Educating and evangelizing a market is prohibitively more capital-intensive -- Master art of storytelling and back it up by numbers. Good Luck!

In two simple words "Elevator Pitch". A typical elevator pitch is of the order of seconds - enough time for a succinct pitch, to get someone interested. Once they have genuine interest, follow up in timely manner, with a customized message that genuinely explains how an investment in your company is aligned with their investment thesis. Also, clearly articulate, with researched data of how you can avail of their value-added expertise in your scaling journey. Use inspiration from Unicorns that used a 10-slide deck and drawings on napkins to raise millions of dollars. Often the power in a plan is its simplicity - "Search less, find more" (Kosmix), "Where work happens" (Slack) are a couple of tag lines that come to mind instantly.

The How is pretty obvious - be fully transparent, timely, and honest. Clearly explain the logic for the pivot - backed by data, scientific reasoning and clear articulation of why your startup is not aligned with changing market dynamics and why the most sensible course of action is a pivot. Pivots on the lines of technology, go-to-market, or even founding team are common, if not inevitable. How you deal with the transition is important - and that includes savvy communication with ALL stakeholders - investors, technology partners, employees, interns and even service providers (and not in necessarily in that order). Doing this adroitly will dramatically improve your chances of coming away unscathed from major pivots.

Team morale should be strong from the onset - enough to withstand, and reject, failure of any kind. To dust oneself, pivot and emerge stronger. I love the idea of taking an offsite to stake stock of the situation, to rejuvenate and regroup. It helps tide over significant failures a bit easier. Founders should solicit feedback and engage in honest dialogue - ideally by listening as much as talking. Remind your team that you are likely on the wrong path if things are smooth from Day 1. Notable customer losses, regulatory headwinds, larger competitors entering the market etc are part of a startups existence. So, take these things in stride, emerge stronger and head to your True North with renewed gusto!

Building solid and enduring relationships with LPs is the hallmark of a good VC. Savvy VC Partners cultivate these relationships right from the inception - by clearly articulating the thesis offering co-investment opportunities wherever possible, regular (at least every quarter) investor updates, soliciting advice in areas where an LPs expertise can prove handy and connections facilitate business expansion. Further, never shy away from disclosing bad news like a portfolio company in imminent distress - again, use such headwinds to get timely and meaningful advice to remediate the situation. Finally, be well networked in the industry - to try and execute secondary offerings by which LPs can sell their units to other incoming investors.

There are different value propositions for these 2 groups of stakeholders. 1. For LPs: Here what matters most is IRR and/or perpetuation and execution of investment goals (for example X million tons of CO2 saved for an Impact-focussed LP). Showcase your ability to attract the best deals, your innate skills in negotiating the best deals and your street cred in scaling these companies to dizzying heights and exit. 2. For Entrepreneurs: Quite a bit of overlap with the above-mentioned skills with one key addition: EMPATHY. Possibly the biggest value-addition post-investment is to empathize with the founders, especially in trying times, and to shepherd them through tricky waters. Showcasing track record and vision is critical for both groups.