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Game of Slides

Writer's picture: PhilPhil

Updated: Feb 4, 2021


In 2018, I had the privilege of giving a talk at the New West Summit, a cannabis industry conference positioned at the intersection of cannabis, technology, and finance. I chose the subject of investor decks, a hot topic in the wake of adult-use legalization. I’ve created a lot of pitch decks as a consultant, and perused scores more (most of which needed help) while working as the Marketing Partner at investment firm Big Rock Partners. Hence, I felt I had some unique perspective to share.


My presentation was titled “Game of Slides”, a tongue-in-cheek nod to the HBO hit. It felt appropriate for a chaotic, crowded industry where funds are tough to raise. Here’s a streamlined version for your enjoyment:


For many, the nascent legal cannabis industry represents a once-in-a-lifetime adventure.


Hey, cannabis startups: you’re adventurers. You’re charging into a foggy realm where the rules are being written as you go. The risks and challenges you face are greater, and it’s exceptionally competitive.


Cannabis investors are adventurers, too.


You need help. Specifically, you need funds to hire teams, build infrastructure, secure licenses, create a brand, etc. You need to convince the right investors to join you (for the right reasons) on your journey.


“This is the way.”


You need a knockout document. You need an investor deck that transcends skepticism. You need to appear professional, brilliant and brave. You need a story that gets potential investors to step out of their comfort zones, and follow you into an uncertain--but opportune-- world.


Here are some tips and tricks for creating that document:


Once upon a time there were some farmers looking to grow...


Start with “Once Upon a Time.” Before you even consider making the first slide of your investor deck, invest some time writing your startup’s simple story. Think of it like a children’s book draft of your deck. This story needs to have a clear beginning (“Once upon a time…”), middle (actions that have happened or will happen), and end (the goals & ambitions leading to your company’s “happily ever after”). Similar to an elevator pitch, it should be concise. Use this simple story as the narrative spine to stay on track as you craft your investor deck.


“There’s a new ruler in town, and this is how it’s gonna be.”


Open with a Declaration. Your deck needs a strong opening if it’s going to capture the imagination of potential investors. State something bold at the outset. Channel the spirit of the Declaration of Independence or the chutzpah of Daenerys Targaryen. Prose is OK, but no more than three paragraphs. What should you write? In my ad agency days, we’d often open pitches with a brand manifesto. I’ve also had success opening with a letter from the CEO.


Visual threads can be things like shapes, illustrations, or photos.


Use a Visual Thread. Visual consistency from slide to slide is critical if you want your startup’s story to be credible. One of the easiest ways to achieve this is to commit to a visual element that appears on every page. Leveraging a shape is the easiest way to achieve this (e.g. making every photo, graphic and chart a square). Simple line art is another trick I’ve used (e.g. hand tracing photos and charts). If you’ve got a deep library, weaving photos into every slide is the best way to make your deck punch above its weight class. With Sonoma Hills Farm, I was able to leverage gorgeous shots of the property to let photos tell the bulk of the brand’s story.


“I see a promising future, but only if you mention it in your deck…”


Have Some Crystal Balls. The biggest mistake I see startups make in their investor decks is not adequately talking about the future. They include obligatory projections, but spend little to no time talking about where-- or what-- they want to be in ten years. Don’t be so focused on present challenges (like fundraising) that you neglect to paint a meaningful picture of the future you’re endeavoring to create. Stick your neck out. Not every potential investor will agree with your vision, but the earlier you weed those types out, the better.


“Aging baby boomers seeking to relieve ailments” is an underappreciated trend in cannabis.


Tap Into a Cultural Trend. Trends are simply “a bunch of people moving towards something.” Aligning your brand’s story with a consumer trend is a surefire way to pique the interest of potential investors. You don’t have to be an expert to articulate a trend. Just be smart & honest. Gather some statistics. Pull supporting quotes from articles. Explore historical examples from analogous industries. Synthesize everything you’ve gathered into a story supported with evidence, brought to life on 1-2 slides.


Cannabis conjures up some interesting scientific claims.


Share Some Science. Science is a blessing and a curse for cannabis startups. It’s a blessing since the plant is rife with scientific potential, as the ability to deeply research it was severely compromised over the past century. It’s a curse because the industry is rife with pseudo-science and unproven claims. Err on the side of science with your investor deck. Cite credible sources. Caveat anything theoretical. Strike anything phony.


Every startup has weak flanks.


Don’t Hide Weak Flanks. There will be sections of your deck that make you sweat. You may need to make some critical hires. You may be waiting on a patent. You may be inches away from finalizing an important deal. If details like this are guaranteed to raise questions if absent, get in front of the problem. If you address it in your deck, you have the luxury of framing it through an optimistic lens.


There are plenty of startups competing for an investor’s attention.


Share Your Values and Culture. Investors are a lot like you. They likely embarked on a grand adventure of their own at some point in time. Just like you’re putting together a team to seize an opportunity, they’re putting together a party of portfolio companies to realize their vision. Spend two slides bringing your values and culture to life, and make sure they’re reflected throughout your deck. It gets investors excited about what you can bring to their party.


The back half of my talk involved taking me through some investor decks I worked on, as well as slides from investor decks that had impressed the team at Big Rock. (The latter have been omitted for confidentiality purposes.)



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