Why it’s time to flip the script on flashy and aesthetic pitches
The evolution of the pitch deck in the startup world exemplifies a shift from substance to style, a trend that’s become increasingly concerning, writes Frances Goh.
Within the global startup ecosystem, a glaring gender gap persists, starkly highlighted by the sharp decline in venture capital funding for women-led businesses. Since 2020, the proportion of funding allocated to these enterprises has plummeted to just 3%. Despite women founding 22% of startups, a meagre 0.7% of the total funding in FY22 was channelled to companies solely established by women. This imbalance not only reflects an ingrained bias but also signifies a missed economic opportunity. Achieving gender equality in business could add a staggering $2.88 trillion to the global economy. Investing in women is not about charity; it’s about smart business.
The exclusion of women from the startup world extends beyond the opaque deal-making in rooms they are seldom invited to. It is also baked into the way they are expected to present their businesses when raising capital. There are some gains being made, such as a growing number of VCs waking up to investing in women. Other steps toward progress include the recent bill signed into US law, which requires VC firms to disclose the gender and race of the founders they back and include disability status and sexual orientation; an initiative driven by women-focused fund, F5 Collective. However, there are other scripts that need to be flipped in order to bridge the gender gap in entrepreneurship.
Traditional pitching needs to change
The evolution of the pitch deck in the startup world exemplifies a shift from substance to style, a trend that’s become increasingly concerning. Historically, pitch decks were straightforward presentations, highlighting key business points. However, they’ve transformed into overly designed, complex slide shows where aesthetics often eclipse the essence. As the head of community at One Roof, a platform supporting over 1,500 founders, I’ve observed this shift firsthand. Founders are spending too much time crafting visually appealing decks when they should be redirecting that energy into validating propositions, testing prototypes, and speaking with customers. It’s much easier to hide behind a screen refining a slide than it is to get outside the building.
This trend towards style over substance is more than just a distraction; it’s a fundamental misdirection. Founders are now pressured to compress their entire business model into a limited slide count, presented within a strict timeframe. The emphasis on brevity and visual appeal in these presentations often overshadows the actual business potential. This format not only prioritises those with graphic design skills and public speaking prowess but also inadvertently excludes a diverse range of entrepreneurs, especially those who may not fit the conventional mould due to their appearance, accent, or presentation style.
Furthermore, the reality of pitch competitions starkly contrasts with their televised counterparts like Shark Tank. In reality, securing funding in such settings is rare, with the format leaning more towards entertainment than actual investment. This approach hasn’t seen a significant change in over a decade, signalling a dire need for a revamp. The current system, in its rigidness and superficiality, excludes more than it includes, failing to capture the full spectrum of entrepreneurial talent and innovation.
A move towards the anti-pitch
Having hosted Australia’s largest women-focused pitch events for the last five years, we are rethinking traditional pitch events, in order to foster a more inclusive and impactful startup ecosystem. We’re no less passionate about elevating women and showcasing women-led startups and rather than boycotting pitches entirely, we’re proposing a new, ‘anti-pitch’ format, prioritising the core of what startups are about — addressing and solving significant global challenges.
The anti-pitch format eschews the conventional approach of timed presentations, rushed speeches, and superficial pitch decks. Instead, it involves fireside chats and sit-down conversations between founders and judges, creating a space for genuine dialogue. These discussions will delve into topics like the founder’s personal connection to the problem, their proposed solutions, learnings, wins, and visions for the future.
We’re also reimagining the judging process. Moving away from private deliberations, judges will share their thought processes on stage, providing transparency and insight into the decision-making process. This shift aims to demystify the evaluation process and foster a more open and educational experience for both participants and the audience.
This new format is designed to create a less intimidating and more inclusive environment for diverse founders. It’s about moving away from a focus on entertainment and towards a genuine reflection of the real-world challenges and solutions that startups offer. For those interested in experiencing Australia’s first anti-pitch, One Roof is excited to host the inaugural Startup Women of the Year Competition next week, affectionately known as The Ultimate Anti-Pitch.
Two hundred applications have been received so far, indicating the new format is resonating deeply with women. The competition is supported by VC funds focusing on women, impact and diversity including F5 Collective, who are contributing $10,000 cash to the main prized valued at over $50,000, as well as Giant Leap, Scale Investors, Artesian, which has launched its $100 million Female Leaders VC Fund among others.
Frances Goh is head of community and growth at One Roof.
