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 group behind NOQX felt annoyed by an absence of efficient objective administration instruments for firms and based the corporate in 2023.
With “clarity of objectives” as its rallying cry, NOQX addresses a essential operate of any enterprise — and certainly, of pitch decks — so I used to be intrigued to see how nicely NOQX communicates this for itself.
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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 little thing (most startups do exactly high quality with 16), however there are some omissions that depart it incomplete.
- Cowl slide
- Downside slide 1
- Downside slide 2
- Downside slide 3
- Resolution slide 1
- Resolution slide 2
- Resolution slide 3
- Onboarding (“how it works” slide)
- Panorama slide
- This Makes Us Distinctive slide
- Roadmap slide
- Traction slide
- Go-to-market
- Pricing
- Goal buyer
- Why Now? slide
- Staff slide
- Closing slide
“Almost there but not quite”
Up to now 90-odd installments of this Pitch Deck Teardown sequence, I’ve typically caught with a “three things that are good” and “three things that can be improved” format. I attempted ever so arduous to do this for NOQX as nicely however ultimately gave up.
The daring design of NOQX’s deck made me need to adore it, however in fact, reviewing this deck was a deeply irritating expertise. Apart from the essential omission of an Ask and Use of Funds slide (it’s not unusual to get it mistaken, nevertheless it ought to at the very least be included!), nearly each slide within the deck felt nearly excellent — however then stumbled by not together with a essential issue or overlooking an vital element. The deck is actually so obscure 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 quite a lot of downside slides. Picture Credit: NOQX
I used to be shocked to see NOQX get away three completely different downside slides. It’s nearly defensive, as if the corporate is determined to persuade buyers that “Yes! I promise! There’s a real problem worth solving here!”
Traders are sharp. It’s far simpler to streamline this right into a single, punchy slide. This strategy spares everybody the boredom of repetition and sharpens the main target, guaranteeing the core situation shines with out pointless fluff.
The issue slide ought to hit buyers with a stark headline for a extra compelling punch: “70% of companies are failing to achieve their goals” instantly units the stage, signaling a big and widespread situation. Under this headline, NOQX may have added three to 5 bullet factors, every a mini-revelation on why this large failure charge issues. These bullets have to pack a punch, highlighting the dire penalties for companies and the economic system, and the looming catastrophe if left unchecked. The concept is to make buyers sit up and notice, “We can’t afford to ignore this.”
These bullet factors ought to do extra than simply state the plain; they should align with what retains buyers up at night time immediately: 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 way of the noise, commanded consideration, and made their case with the type of readability that calls for a checkbook, not only a nod.
You additionally don’t want three answer slides
Noticed this one coming, proper?
[Slides 5, 6, 7] When you have too many options, you don’t have an answer. Picture Credit: NOQX
From a storytelling standpoint, it’s usually value divorcing the “solution” slide from the “product” slide. On this development of slides, Slide 5 is kinda-mostly an answer slide, Slide 6 is kinda-sorta a worth proposition slide, and Slide 7 performs the position of a product slide — however not one of the slides are convincing.
Figuring out the slides correctly implies that it turns into a lot simpler to know what to incorporate.
For a answer 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 answer is superior to present alternate options. It’s value protecting 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 available in the market. This slide ought to succinctly talk what makes the startup’s providing precious to potential clients and what differentiates it from rivals. It wants to focus on the distinct benefits it supplies, reminiscent of cost-efficiency, superior expertise, enhanced options or higher person expertise. On this case, NOQX’s worth props are a little bit of a nothingburger — high quality at first look, however not differentiated sufficient to actually stand out from the competitors.
For a product slide, you get to dive in and present the precise options and performance that may assist your clients get worth out of your product and resolve their downside. Other than the truth that “our awesome platform” is a bit cringe, it doesn’t truly say something. Each startup on the earth may say “our awesome platform,” which implies 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 great timeline slide that reveals what firms try 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 try to elucidate its worth to clients, however for an investor deck, this appears somewhat superfluous.
Total, this slide falls between “how it works” and “value prop.” It’s not doing a fantastic job at both, and it fails to satisfy the general standards for what to incorporate in a pitch deck: Will this show you how to increase 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, nevertheless, is a traction slide.
For those who don’t have income but, your traction slide ought to define what you’ve carried out to de-risk the corporate. This slide not solely fails to do this, nevertheless it additionally goes to December 2024. Your traction, per definition, is simply concerning the previous: accomplishments and milestones achieved thus far. Ideally it’s introduced as charts and graphs that present that development is strong and accelerating. This seems like there isn’t any traction within the enterprise. That is smart; it’s a younger firm. However don’t attempt to trick your buyers; they’ll see proper by way of this, so simply be upfront.
However all is just not misplaced. This slide is type of a “use of funds” slide, exhibiting what the corporate is planning on doing within the close to future. That might be useful, nevertheless it ought to have clear time objectives round when it’s planning to hit these milestones and what it must do to get there. “Smart investors” and “repeatable sales process” are vital steps alongside the best way, however they’re apparent. Traders need 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 fantastic “Why now?” slide will help create FOMO and a way of urgency. This slide simply doesn’t do this. It’s a fantastic begin, don’t get me mistaken, however well-informed buyers will know all of this; it doesn’t add something to the dialog. I’d have beloved to see some insights or some thought management right here. Why was there a shift in organizational buildings? What’s the influence of conferences evolving? What’s the influence of a management fashion shift? What does “a flow” objective 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 toes. And which may imply that you might want multiple pitch deck: one for voice-overs and one for sending forward.
Inform me why you’re superior!
Your group slide is essential and is doing quite a lot of heavy lifting within the context of an early-stage pitch. Let’s check out this one:
[Slide 17] A strong group, however I need extra context. Picture Credit: NOQX
There’s an excessive amount of and too little happening on this slide. The slide has quite a lot of very small textual content on it, which I don’t love. It’s fairly conversational, which might work, however on this case, I feel it comes up brief.
“With a decade of experience in hyper-growth B2B-SaaS companies.” Sure, however which of them, and why is that related? The remainder of the assertion is quite a lot of phrases, nevertheless it’s not serving to me, as an investor, confirm whether or not the CEO is a superb match to construct this firm. Now I want to move to LinkedIn, however there’s no hyperlink, so I’m going to have to start out Googling, and I’m discovering myself annoyed; this may very well be a lot simpler and higher.
The CTO’s bio is equally irritating: Senior developer at Klarna is spectacular, nevertheless it isn’t clear whether or not the expertise is immediately 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, in fact you’re a visionary chief who strives to interrupt new floor and ship distinctive experiences, however the identical might 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 smart. And if she’s not, what’s she doing in your group slide? As an investor on the earliest levels, I’m investing within the founding group and its means to construct a strong group. I don’t have to know the group itself fairly but.
Why so obscure?
[Slide 13] This might have been copied out of a enterprise textbook. That’s not a great factor, as a result of all of the specifics are lacking. Picture Credit: NOQX
Total, the entire pitch deck appears actually obscure and nonspecific, which makes me (and buyers) suspicious. Is it obscure by chance, and if that’s the case, will this startup be capable of clarify what it’s doing as it’s rising and evolving? Worse, is it obscure on objective, as a result of the founders know they’re not a fantastic match with the business 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 e mail advertising: Sure, however the place will it discover its clients? What’s the top-of-funnel? What are the conversion charges?
Traders need to know who you might be, what you’re doing, why you’re doing it, and the way you’re fascinated about the market and constructing a (doubtlessly) multi-billion-dollar firm on this house. They need to know who your clients are, what their present choices are and the way you’re completely different. They need to understand how you discover and attain out to your clients, and so they need 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 implies that if I had been to take a gathering with this startup, I’d have a lot of very pesky questions for them, reminiscent of:
- Why are you the most effective folks on the earth to start out this firm?
- What’s your moat / how is that this defendable?
- Who’re your clients, and the way are you going to achieve them?
- What’s the aggressive panorama, and the way are you completely different?
- What’s what you are promoting mannequin? How will you entice, convert and retain your clients?
All in all, the deck seems so good, nevertheless it lacks substance. Hopefully the corporate can determine that out forward of elevating its subsequent spherical, or it could be in for a very nasty shock.
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