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HomeLatest NewsTechnologyPitch Deck Teardown: NOQX's $200K pre-seed deck | Prime Time News24

Pitch Deck Teardown: NOQX's $200K pre-seed deck | Prime Time News24

NOQX is a Stockholm-based startup on a mission to assist firms enhance their goal-setting, collaboration mechanisms and experiences. It has simply raised a $200,000 pre-seed spherical to assist accomplish its goals and, by extension, assist out firms with worker counts starting from 50 to 500 or so. The corporate hasn’t been round for very lengthy — the staff behind NOQX felt pissed off by an absence of efficient aim administration instruments for firms and based the corporate in 2023.

With “readability of goals” as its rallying cry, NOQX addresses a crucial operate of any enterprise — and certainly, of pitch decks — so I used to be intrigued to see how nicely NOQX communicates this for itself.

We’re searching for extra distinctive pitch decks to tear down, so if you wish to submit your individual, right here’s how you are able to do that. Learn all of the Pitch Deck Teardowns right here.

Slides on this deck

NOQX’s deck has 18 slides, none of which has any redactions, though the corporate omitted its competitors slide. An 18-slide deck ought to cowl every thing (most startups just do advantageous with 16), however there are some omissions that depart it incomplete.

  1. Cowl slide
  2. Downside slide 1
  3. Downside slide 2
  4. Downside slide 3
  5. Answer slide 1
  6. Answer slide 2
  7. Answer slide 3
  8. Onboarding (“the way it works” slide)
  9. Panorama slide
  10.   This Makes Us Distinctive slide
  11.   Roadmap slide
  12.   Traction slide
  13.   Go-to-market
  14.   Pricing
  15.   Goal buyer
  16.   Why Now? slide
  17.   Group slide
  18.   Closing slide

“Virtually there however not fairly”

Up to now 90-odd installments of this Pitch Deck Teardown collection, I’ve typically caught with a “three issues which are good” and “three issues that may be improved” format. I attempted ever so laborious to do this for NOQX as nicely however finally gave up.

The daring design of NOQX’s deck made me wish to find it irresistible, however in reality, reviewing this deck was a deeply irritating expertise. Other than the essential omission of an Ask and Use of Funds slide (it’s not unusual to get it incorrect, but it surely ought to a minimum of be included!), nearly each slide within the deck felt virtually superb — however then stumbled by not together with a crucial issue or overlooking an necessary element. The deck is basically so imprecise that it appears the founders don’t have a agency grip on why they’re doing what they’re doing.

You by no means want three downside slides

[Slides 2, 3, 4] That’s a whole lot of downside slides. Picture Credit: NOQX

I used to be stunned to see NOQX get away three completely different downside slides. It’s virtually defensive, as if the corporate is determined to persuade buyers that “Sure! I promise! There’s an actual downside price fixing right here!”

Buyers are sharp. It’s far more practical to streamline this right into a single, punchy slide. This method spares everybody the boredom of repetition and sharpens the main target, guaranteeing the core subject shines with out pointless fluff.

The issue slide ought to hit buyers with a stark headline for a extra compelling punch: “70% of firms are failing to attain their objectives” instantly units the stage, signaling a big and widespread subject. Under this headline, NOQX might have added three to 5 bullet factors, every a mini-revelation on why this huge failure fee issues. These bullets must pack a punch, highlighting the dire penalties for companies and the financial system, and the looming catastrophe if left unchecked. The thought is to make buyers sit up and understand, “We are able to’t afford to disregard this.”

These bullet factors ought to do extra than simply state the plain; they should align with what retains buyers up at evening instantly: alternative and scalability. Every level ought to scream potential and revenue, convincingly arguing why NOQX holds the golden ticket to a urgent, profitable downside. By distilling the issue right down to a single, impactful slide, NOQX would have minimize by means of the noise, commanded consideration, and made their case with the form of readability that calls for a checkbook, not only a nod.

You additionally don’t want three resolution slides

Noticed this one coming, proper?

[Slides 5, 6, 7] In case you have too many options, you don’t have an answer. Picture Credit: NOQX

From a storytelling standpoint, it’s usually price divorcing the “resolution” slide from the “product” slide. On this development of slides, Slide 5 is kinda-mostly an answer slide, Slide 6 is kinda-sorta a price proposition slide, and Slide 7 performs the function of a product slide — however not one of the slides are convincing.

Figuring out the slides correctly signifies that it turns into a lot simpler to know what to incorporate.

For a resolution slide, it’s essential to obviously articulate how your services or products solves the issue you’ve recognized. This slide ought to succinctly clarify why your resolution is superior to present alternate options. It’s price conserving this half strategic and excessive stage: You’re about to dive into the nitty-gritty on the product slide.

For the worth proposition a part of the story, founders should clearly outline the distinctive advantages the services or products provides and why it stands out out there. This slide ought to succinctly talk what makes the startup’s providing useful to potential prospects and what differentiates it from rivals. It wants to spotlight the distinct benefits it supplies, equivalent to cost-efficiency, superior know-how, enhanced options or higher consumer expertise. On this case, NOQX’s worth props are a little bit of a nothingburger — advantageous at first look, however not differentiated sufficient to essentially stand out from the competitors.

For a product slide, you get to dive in and present the precise options and performance that can assist your prospects get worth out of your product and clear up their downside. Aside from the truth that “our superior platform” is a bit cringe, it doesn’t truly say something. Each startup on the earth might say “our superior platform,” which suggests you’re losing that slide actual property for nothing. What’s superior about it? Why ought to buyers care? How is it completely different or distinctive?

What is that this slide making an attempt to convey?

[Slide 8] A timeline to confusion. Picture Credit: NOQX

I really like a superb timeline slide that exhibits what firms are attempting to perform. As an alternative, this slide fails to know who it’s speaking to. Maybe this slide works in a gross sales deck when the founders are attempting to clarify its worth to prospects, however for an investor deck, this appears a bit of superfluous.

General, this slide falls between “the way it works” and “worth prop.” It’s not doing a terrific job at both, and it fails to satisfy the general standards for what to incorporate in a pitch deck: Will this make it easier to elevate cash? My intestine sense is “no.”

This isn’t traction

[Slide 12] Traction is the previous. Picture Credit: NOQX

I really like how colourful and visually interesting this slide is. What it isn’t, nonetheless, is a traction slide.

When you don’t have income but, your traction slide ought to define what you’ve accomplished to de-risk the corporate. This slide not solely fails to do this, but it surely additionally goes to December 2024. Your traction, per definition, is simply in regards to the previous: accomplishments and milestones achieved to this point. Ideally it’s offered as charts and graphs that present that development is stable and accelerating. This appears like there isn’t any traction within the enterprise. That is sensible; it’s a younger firm. However don’t attempt to trick your buyers; they’ll see proper by means of this, so simply be upfront.

However all is just not misplaced. This slide is form of a “use of funds” slide, displaying what the corporate is planning on doing within the close to future. That might be useful, but it surely ought to have clear time objectives round when it’s planning to hit these milestones and what it must do to get there. “Sensible buyers” and “repeatable gross sales course of” are necessary steps alongside the best way, however they’re apparent. Buyers wish to know what you’re going to do to get these buyers and gross sales processes.

Why now, certainly

[Slide 16] Why, oh, why? Picture Credit: NOQX

Having a terrific “Why now?” slide may also help create FOMO and a way of urgency. This slide simply doesn’t try this. It’s a terrific begin, don’t get me incorrect, however well-informed buyers will know all of this; it doesn’t add something to the dialog. I’d have cherished to see some insights or some thought management right here. Why was there a shift in organizational buildings? What’s the impression of conferences evolving? What’s the impression of a management type shift? What does “a stream” aim setting and cadence even imply on this context?

I really feel like I’m lacking one thing important right here. Maybe this slide solely works when it has a voice-over, however pitch decks want to face on their very own two proverbial ft. And that may imply that you could be want a couple of pitch deck: one for voice-overs and one for sending forward.

Inform me why you’re superior!

Your staff slide is essential and is doing a whole lot of heavy lifting within the context of an early-stage pitch. Let’s check out this one:

[Slide 17] A stable staff, however I would like extra context. Picture Credit: NOQX

There’s an excessive amount of and too little occurring on this slide. The slide has a whole lot of very small textual content on it, which I don’t love. It’s fairly conversational, which may work, however on this case, I feel it comes up quick.

“With a decade of expertise in hyper-growth B2B-SaaS firms.” Sure, however which of them, and why is that related? The remainder of the assertion is a whole lot of phrases, but it surely’s not serving to me, as an investor, confirm whether or not the CEO is a good match to construct this firm. Now I want to go to LinkedIn, however there’s no hyperlink, so I’m going to have to begin Googling, and I’m discovering myself pissed off; this could possibly be a lot simpler and higher.

The CTO’s bio is equally irritating: Senior developer at Klarna is spectacular, but it surely isn’t clear whether or not the expertise is instantly related or overlaps with the mission, imaginative and prescient and merchandise NOQX is pursuing. The remainder of the bio doesn’t say a lot. Sure, after all you’re a visionary chief who strives to interrupt new floor and ship distinctive experiences, however the identical will be mentioned for each startup CTO ever. Be extra particular. Clarify why you’re the gold-plated unicorn on a pile of unfair benefits and skills that lead me to imagine I’d be loopy to not deploy cash into this startup.

And eventually, in case your head of UX is a co-founder, we have to have a dialog about whether or not that is sensible. And if she’s not, what’s she doing in your staff slide? As an investor on the earliest phases, I’m investing within the founding staff and its potential to construct a stable staff. I don’t must know the staff itself fairly but.

Why so imprecise?

[Slide 13] This might have been copied out of a enterprise textbook. That’s not a superb factor, as a result of all of the specifics are lacking. Picture Credit: NOQX

General, the entire pitch deck appears actually imprecise and nonspecific, which makes me (and buyers) suspicious. Is it imprecise accidentally, and in that case, will this startup be capable of clarify what it’s doing as it’s rising and evolving? Worse, is it imprecise on goal, as a result of the founders know they’re not a terrific match with the trade they’re making an attempt to enter?

Take this go-to-market slide, for instance. That is barely even a brainstorm; it simply outlines a generic gross sales course of. Chilly calling and electronic mail advertising and marketing: Sure, however the place will it discover its prospects? What’s the top-of-funnel? What are the conversion charges?

Buyers wish to know who you’re, what you’re doing, why you’re doing it, and the way you’re occupied with the market and constructing a (probably) multi-billion-dollar firm on this area. They wish to know who your prospects are, what their present choices are and the way you’re completely different. They wish to understand how you discover and attain out to your prospects, they usually wish to understand how a lot you’re anticipating to pay to accumulate a buyer, and the way lengthy you’re anticipating them to remain round, and at what worth.

None of these issues are clearly current on this deck. That signifies that if I have been to take a gathering with this startup, I’d have a lot of very pesky questions for them, equivalent to:

  • Why are you the perfect individuals on the earth to begin this firm?
  • What’s your moat / how is that this defendable?
  • Who’re your prospects, and the way are you going to succeed in them?
  • What’s the aggressive panorama, and the way are you completely different?
  • What’s your online business mannequin? How will you entice, convert and retain your prospects?

All in all, the deck appears so good, but it surely lacks substance. Hopefully the corporate can determine that out forward of elevating its subsequent spherical, or it might be in for a very nasty shock.

The complete pitch deck

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