Nail the Most Important Slide of the Pitch Deck

Written by Peter Blacklow and Andrew Zingone

At Boston Seed Capital, we review dozens of pitch decks every week. In each deck, there are two critical slides:

  1. The Solution slide: This slide describes what is uniquely valuable about the company and how the team will solve the “problem” the founder just described on the previous slide (aka the Problem slide).  There will be another post on the Solution slide.  But let’s move to the Most Important Slide.
  2. The most important slide, the Capital Strategy slide – unfortunately, it’s commonly described as The Ask: In other words, how much capital the company is raising and why.

Most founders clearly express their vision and the solution, but to be blunt: 99% of them get the capital strategy slide wrong.  Here are 3 rules to consider.

#1. Don’t Call It “The Ask.” You’re Not Asking.
Title this slide like a proper CEO, “Capital Strategy.”  Remember, you are not asking about the capital strategy or asking for money.  You are telling the prospective investor how much capital you are raising.  How you frame the capital strategy (i.e., why you are raising this amount of capital) is even more important.

#2. Move Beyond the Pie Chart: Show the Impact.
Most founders erroneously believe they need to show a nice pie chart, demonstrating a basic grasp of budgeting, along with how they intend to deploy the capital. But that’s not what gets investors to commit capital to the bold vision the founder just presented.  Instead, put yourself in the investor’s shoes.  What is going to get him or her to yes? A capital strategy slide that shows how you’ll deploy the capital misses the mark, because it doesn’t address the biggest unknown on every investor’s mind:

#3. What’s The Bet: “Tell Me What Success Looks Like.”
To be clear: The bet a venture investor is making (now, you’ve put yourself in the investor’s shoes) is not whether their capital will be deployed efficiently. It’s whether their capital will unlock key milestones and the next stage of growth of the business. When it comes to the capital strategy slide, I’m always asking myself two questions:

  1. Does this capital strategy solve for the growth of the business from Point A to Point B (if Point B is what success looks like)?  Demonstrate success in 3 key milestones or KPIs.  The bet I’m making is, “do I believe this $1.5M in capital, plus 18 months of runway, plus a whizbang team — grows the company from Point A to Point B?”  If I believe the answer could be yes, then… 
  2. Is Point B ambitious enough to unlock the next round of financing?  It’s hard to think about when you’re trying to raise your current financing, but if you’re successful, I’m already hypothesizing about what the next round looks like.

Remember, savvy investors want to know:

  • Does this round of capital take the business to a key inflection point?
  • In 18 months, will this round of capital unlock the milestones to get to Point B or will we be stuck looking for answers and ultimately, a “bridge round,” which occurs when the capital runs out before the milestones are achieved.

How to Reframe Your Capital Strategy Slide
The final page of your investor pitch should answer one key question: How will this investment move my company closer to unlocking the next round of funding (or maybe even selling the company)?

Here’s how to fix your capital strategy slide:

    • Paint the path to the next round: What might your next funding event look like?  What milestones must you hit to get there?
    • Show what success looks like: Lay out 2-5 clear KPIs tied to the current financing. These KPIs could be related to customer growth, user engagement (DAU, MAU) and retention, revenue (ACV, MRR), or perhaps a key commercial partnership.
    • Connect the funds to the outcome: Don’t just say, “We’ll spend 20% on marketing.” Instead, demonstrate how $300k in customer success spending will increase Day 30 customer engagement to 85%. Make it easy to believe this investment is what unlocks your Series A.
    • Show what success looks like: Use metrics to prove that with 18 months of runway, you’re positioned to deliver real, measurable results.

Conclusion – Make It Easy for Investors to Understand Their Bet
The Capital Strategy slide is your Money slide.  It’s the last slide in your deck (there’s no need to cap it off with a Thank You slide).  The most compelling capital strategy slide isn’t a budget, but rather, a business and capital roadmap. Investors need to know:

“What exact impact will my capital have on your KPIs, and how will those improved metrics position your company for its next big step?”

If you nail the Capital Strategy slide, you’re not just asking for money. You’re taking control — showing investors why your company is a great investment and demonstrating unwavering confidence in your solution by committing to milestones. That’s what inspires commitment and conviction.

Visual Appendix

The “Before” – Typical Ask Slide

The “After” – Capital Strategy Slide