You are currently preparing your financing round and want to get an overview of a VC's Investment criteria. This checklist contains the main questions we want to touch base on in Seed- and Series A pitch meetings.

1. The Pitch Deck
Cheat Sheet

2. Startups – Made in Berlin ● 2
What questions should be addressed?
Market / Problem Solution
1 2 3 4
5 6 7 8
Business Model Status / Development
Value Creation Traction Team Roadmap / Outlook

3. Market & Problem
3
Key Question
Whom are you targeting and what is their pain point?
What we actually want to hear
▪ Which problems are you solving and are there indicators that your target group is aware
of that pain point as well as willing to pay to get rid of it?
▪ Who and how large is the target group?
▪ Is the tackled market large enough to justify a venture capital investment (with regards
to the typically required returns/hockeystick, see e.g. here)?
Kamila Maciejewska / Unsplash

4. Solution
4
Key Question
What solutions are currently available and to what extent is your
solution best or superior?
What we actually want to hear
▪ What is the current market structure (is it a green field or are incumbents
dominating the market)?
▪ How intense is the competition?
▪ Are there market entry barriers?
▪ Is there a clear differentiation / defendable and perceived USPs?
Neil Thomas / Unsplash

5. Business Model
5
Key Question
What is your business model?
What we actually want to hear
▪ Who is selling what to whom? (B2B, B2C, D2C, etc., Buyer = User?)
▪ How are you earning money?
▪ Is your pricing model reflecting the value creation for your customers?
▪ Do you have an indication that your target group is willing to pay for your
product/services?
Scott Webb / Unsplash

6. Status & Development
6
Key Question
What is the state of your product (development)?
What we actually want to hear
▪ How big are the product development risks?
▪ Sufficient protective/IP rights existing and brought into the
company?
▪ Is your product scalable (from a technological and operational
perspective)?
▪ Any required certification pending?
▪ Can you hire the right talent?
Steve Halama / Unsplash

7. Value Creation
7
Key Question
How is your product / service being produced / delivered?
What we actually want to hear
▪ How asset heavy?
▪ Vertical integration?
▪ Core competencies in-house or outsourced?
▪ Dependency with regards to mission critical input factors?
▪ Lock-in effects (= low churn?)
Evan Dvorkin / Unsplash

8. Traction
8
Key Question
What has been achieved so far (traction)?
What we actually want to hear
▪ Existing customer relationships and revenues, preferably in your target
pricing scheme (e.g. MRR in SaaS)?
▪ Are there signs that your (planned) acquisition channels are scalable?
▪ Is there prospect of profitable unit economics at scale?
Annie Spratt / Unsplash

9. Team
9
Key Question
Who are you? / What is your background?
What we actually want to hear
▪ What motivates you? What is your vision?
▪ Convince us that due to your (industry) experience and your
complementary skill set as a team will enable you to realise your mission!
Charlie Hammond / Unsplash

10. Roadmap & Outlook
10
Key Question
Do you have a clear mission?
What we actually want to hear
▪ How much money are you raising? (Consider that there is always an implied
valuation)
▪ What do you spend the money for?
▪ Plausible roadmap on both product/tech and business side?
▪ Realistic goals both in short- (e.g. achieving relevant KPIs for a follow-up round)
and long-term?
▪ Are there believable exit channels? What are the value drivers?
Katie Moum / Unsplash

11. IBB Beteiligungsgesellschaft GmbH
Bundesallee 210
10719 Berlin
+49 (0)30 2125 3201
www.ibbventures.de
info@ibbventures.de
Die IBB und das Land Berlin beteiligen sich je
zur Hälfte an den Fonds, letzterer mit
Unterstützung durch Mittel aus dem
Europäischen Fonds für regionale Entwicklung
der Europäischen Union.
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Further Questions?
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