- Your background, experience, and credibility. Specifically, what experience do you have with startups. Have you run a startup? Have you been an employee or team member of a startup? And of course your education, degrees, schools, etc. And your work experience.
- Your team members' backgrounds and experience. If you don't have any team members, have you identified the key skills you need and candidates to hire? Are they likely to come on board? What are their backgrounds, skills, and experience? Who will do the administration, production, marketing, and sales?
- What problem do you solve, and what's your solution? I want to understand the needs and wants so I can decide for myself on product-market fit. What kinds of people or organizations have that problem, and how badly do they need or want what you are going to sell? For that you have to give me the whys and the background, the stories, not just the numbers; but numbers are good.
- And why you? Why are you more qualified than anybody else. Why and how did you get into this business. What sparked your interest? What qualifications do you (and your team) have. How can you keep others from jumping in on your business if it's successful? Patents are nice in some industries, but only good patents, that are well written and actually protect. Trade secrets are useful. Some sort of secret sauce is important.
- Competition. Who else is doing what you are, or solving what you solve? How do they do it? Don't say you have no competition, that sends a red flag alert that you are being naive. If you're so new or so good that you don't have competition now, you will after you launch.
- Traction and Key Metrics. How long have you been up and running, and how many customers or subscribers or sales or visits or downloads or conversions or leads and inquiries? What are your metrics so far? Where do you see them going.
- Milestones met, and milestones to come. I want to see both what you've done and what you plan to do. Your valuation today is about what you've accomplished already. What you plan to accomplish gives me an idea of possible future valuations.
- Strategy. Strategy is focus. What markets, what products, what specific attributes of your business make this focus realistic? What markets are you avoiding, and why? Do you have a staging plan, strategic markets first?
- Tactics. Tactics are essentials like pricing, channels, online, social, marketing, sales, financial plans. Do they match the strategy?
- Essential projections. Sales forecast built from bottoms-up assumptions, spending budget, projected P&L, balance, and cash flow. I don't expect you to be right in your forecasts, but I do expect you to have useful assumptions about drivers of sales, percentages of spending categories, major indicators like sales per employee, etc. I want you to understand the trade-off between growth and profits, and aim for growth. Your numbers don't go straight into my numbers because I don't believe yours; but I want yours to make sense.