Most ask slides look the same: “Raising $2M” next to a pie chart split into product 40%, sales and marketing 30%, hiring 20% and operations 10%. It shows how you will spend the money. It does not show what investors are buying.
Investors care less about where the money goes than about what it gets you.
How the ask slide gets read: four questions
- How much? The pie chart covers this.
- How long does it last? Usually missing.
- What will be true when it runs out? Usually missing.
- Why is that worth more? Usually missing.
The pie chart answers only the first. Here is how to answer all four.
Question 1: How much? State one number, not a range
“$1.5M to $3M” reads as “we haven’t decided yet.” “$2M” reads as “we know what the plan costs.” Pick the amount your plan actually needs, and say it once.
Question 2: How long? Show the runway in months
For example, 18 months of runway from a $2M raise. It tells investors how long this round lasts, and roughly when you will be raising again.
Question 3: What will be true? Put milestones on the runway
Milestones are what investors are really buying. Two or three is enough. In the illustrative example:
- Month 6: v2 live, with 20 pilot customers
- Month 12: 100 paying customers, up from 20 pilots
- Month 18: $1M ARR (annual recurring revenue)
Question 4: Why is it worth more? End on the milestone that unlocks the next round
Pick the result that makes the next raise easier, and show that this round gets you there. In the example, $1M ARR is the proof the next investor will ask for, so the slide ends on “ready for the next round”.
Same $2M, a different slide
The rebuilt slide reads “Raising $2M for 18 months to reach $1M ARR”. Underneath is a timeline from today to the three milestones, with spend grouped by milestone rather than by department: $600K to get v2 live, $800K to reach 100 paying customers, and $600K to reach $1M ARR.
The one-sentence test
Can your ask slide be read as one sentence?
“We’re raising [amount] for [months] of runway to reach [milestone], which gets us ready for [next step].”
For example: “We’re raising $2M for 18 months of runway to reach $1M ARR, which gets us ready for our next round.” If one of the four blanks is not on your slide, that is the next thing to add.
All amounts and milestones are illustrative. For a one-page version of this idea, see Investors Don’t Fund a Pie Chart.
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