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 crew behind NOQX felt pissed off by a scarcity of efficient aim administration instruments for firms and based the corporate in 2023.

With “readability of aims” as its rallying cry, NOQX addresses a essential perform of any enterprise — and certainly, of pitch decks — so I used to be intrigued to see how properly 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 thing (most startups do exactly high-quality with 16), however there are some omissions that go away 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”

Previously 90-odd installments of this Pitch Deck Teardown sequence, I’ve usually caught with a “three issues which can be good” and “three issues that may be improved” format. I attempted ever so arduous to try this for NOQX as properly 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. 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 not less than be included!), nearly each slide within the deck felt nearly superb — 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 loads of downside slides. Picture Credit: NOQX

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

Buyers 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 focus, making certain the core problem shines with out pointless fluff.

The issue slide ought to hit traders 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 problem. Beneath this headline, NOQX might have added three to 5 bullet factors, every a mini-revelation on why this huge failure charge issues. These bullets must pack a punch, highlighting the dire penalties for companies and the economic system, and the looming catastrophe if left unchecked. The thought is to make traders 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 traders up at night time 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 all the way down to a single, impactful slide, NOQX would have reduce by way of the noise, commanded consideration, and made their case with the sort 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] You probably have too many options, you don’t have an answer. Picture Credit: NOQX

From a storytelling viewpoint, 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 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 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 options. It’s price holding 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 presents 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 opponents. It wants to focus on the distinct benefits it supplies, reminiscent of cost-efficiency, superior know-how, 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 prospects get worth out of your product and resolve their downside. Other than the truth that “our superior platform” is a bit cringe, it doesn’t really say something. Each startup on the earth might say “our superior platform,” which implies you’re losing that slide actual property for nothing. What’s superior about it? Why ought to traders care? How is it completely different or distinctive?

What is that this slide attempting to convey?

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

I really like 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 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 fantastic job at both, and it fails to fulfill the general standards for what to incorporate in a pitch deck: Will this allow you 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, nevertheless, is a traction slide.

If you happen to 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 try 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 offered as charts and graphs that present that progress is strong and accelerating. This seems to be like there isn’t any traction within the enterprise. That is smart; it’s a younger firm. However don’t attempt to trick your traders; they’ll see proper by way of this, so simply be upfront.

However all shouldn’t be misplaced. This slide is kind of a “use of funds” slide, displaying 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. “Sensible traders” and “repeatable gross sales course of” are vital steps alongside the way in which, however they’re apparent. Buyers wish to know what you’re going to do to get these traders and gross sales processes.

Why now, certainly

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

Having a fantastic “Why now?” slide can assist create FOMO and a way of urgency. This slide simply doesn’t try this. It’s a fantastic begin, don’t get me mistaken, however well-informed traders will know all of this; it doesn’t add something to the dialog. I’d have liked to see some insights or some thought management right here. Why was there a shift in organizational constructions? What’s the affect of conferences evolving? What’s the affect of a management type shift? What does “a move” 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 toes. And that may imply that it’s possible you’ll want a couple of pitch deck: one for voice-overs and one for sending forward.

Inform me why you’re superior!

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

[Slide 17] A strong crew, however I need extra context. Picture Credit: NOQX

There’s an excessive amount of and too little occurring on this slide. The slide has loads 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 brief.

“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 loads of phrases, nevertheless it’s not serving to me, as an investor, verify whether or not the CEO is a superb match to construct this firm. Now I would like to move to LinkedIn, however there’s no hyperlink, so I’m going to have to start out Googling, and I’m discovering myself pissed off; 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 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 could 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 abilities that lead me to imagine I’d be loopy to not deploy cash into this startup.

And at last, 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 crew slide? As an investor on the earliest phases, I’m investing within the founding crew and its means to construct a strong crew. I don’t must know the crew itself fairly but.

Why so obscure?

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

General, the entire pitch deck appears actually obscure and nonspecific, which makes me (and traders) suspicious. Is it obscure by chance, and in that case, will this startup be capable to clarify what it’s doing as it’s rising and evolving? Worse, is it obscure on function, as a result of the founders know they’re not a fantastic match with the trade they’re attempting 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 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 (doubtlessly) multi-billion-dollar firm on this house. They wish to know who your prospects are, what their present choices are and the way you’re completely different. They wish to know the way you discover and attain out to your prospects, and so they wish to know the way 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 have 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 individuals on the earth to start out 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 what you are promoting mannequin? How will you appeal to, convert and retain your prospects?

All in all, the deck seems to be so good, nevertheless it 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.

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