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 round 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 pissed off by a scarcity of efficient aim administration instruments for firms and based the corporate in 2023.

With “clarity of objectives” as its rallying cry, NOQX addresses a crucial operate of any enterprise — and certainly, of pitch decks — so I used to be intrigued to see how effectively 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 just fine with 16), however there are some omissions that go away it incomplete.

Cowl slide
Downside slide 1
Downside slide 2
Downside slide 3
Answer slide 1
Answer slide 2
Answer 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”

Previously 90-odd installments of this Pitch Deck Teardown series, I’ve typically caught with a “three things that are good” and “three things that can be improved” format. I attempted ever so exhausting to try this for NOQX as effectively however finally 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. Other than the essential omission of an Ask and Use of Funds slide (it’s not uncommon to get it wrong, however it ought to not less than be included!), nearly each slide within the deck felt nearly excellent — however then stumbled by not together with a crucial issue or overlooking an essential element. The deck is actually so imprecise 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 a variety of downside slides. Picture Credit: NOQX

I used to be stunned to see NOQX escape three totally 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!”

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 target, guaranteeing the core challenge 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 challenge. Under this headline, NOQX might have added three to 5 bullet factors, every a mini-revelation on why this large failure fee 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 understand, “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 reduce via 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 resolution slides

Noticed this one coming, proper?

[Slides 5, 6, 7] In case you have too many options, you don’t have an answer. Picture Credit: NOQX

From a storytelling perspective, it’s often worth 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 price 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 signifies 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 alternate options. It’s value holding this half strategic and excessive degree: 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 available in the market. This slide ought to succinctly talk what makes the startup’s providing precious to potential prospects and what differentiates it from rivals. It wants to focus on the distinct benefits it offers, comparable to cost-efficiency, superior know-how, enhanced options or higher consumer 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 essentially stand out from the competitors.

For a product slide, you get to dive in and present the precise options and performance that can assist your prospects get worth out of your product and clear up their downside. Other than the truth that “our awesome platform” is a bit cringe, it doesn’t really say something. Each startup on the planet might 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 totally different or distinctive?

What is that this slide making an attempt to convey?

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

I like an excellent timeline slide that exhibits what firms try to perform. As a substitute, this slide fails to grasp who it’s speaking to. Maybe this slide works in a gross sales deck when the founders try to clarify its worth to prospects, however for an investor deck, this appears somewhat superfluous.

Total, this slide falls between “how it works” and “value prop.” It’s not doing an important job at both, and it fails to fulfill the general standards for what to incorporate in a pitch deck: Will this assist you increase cash? My intestine sense is “no.”

This isn’t traction

[Slide 12] Traction is the previous. Picture Credit: NOQX

I like how colourful and visually interesting this slide is. What it’s not, nevertheless, is a traction slide.

In case you don’t have income but, your traction slide ought to outline what you’ve done to de-risk the company. This slide not solely fails to try this, however it additionally goes to December 2024. Your traction, per definition, is simply in regards to the previous: accomplishments and milestones achieved to this point. Ideally it’s introduced as charts and graphs that present that development is stable and accelerating. This appears to be like like there isn’t any traction within the enterprise. That is sensible; it’s a younger firm. However don’t attempt to trick your buyers; they’ll see proper via this, so simply be upfront.

However all will not be 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 will be useful, however 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 essential steps alongside the best way, however they’re apparent. Buyers 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 great “Why now?” slide may help create FOMO and a way of urgency. This slide simply doesn’t do this. It’s an important 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 cherished 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” aim setting and cadence even imply on this context?

I really feel like I’m lacking one thing vital 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 ft. And which may imply that you may need more than one pitch deck: one for voice-overs and one for sending forward.

Inform me why you’re superior!

Your team slide is crucial and is doing a variety of heavy lifting within the context of an early-stage pitch. Let’s check out this one:

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

There’s an excessive amount of and too little occurring on this slide. The slide has a variety of very small textual content on it, which I don’t love. It’s fairly conversational, which may work, however on this case, I believe 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 a variety of phrases, however 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 go to LinkedIn, however there’s no hyperlink, so I’m going to have to begin Googling, and I’m discovering myself pissed off; this might be a lot simpler and higher.

The CTO’s bio is equally irritating: Senior developer at Klarna is spectacular, however 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, after all you’re a visionary chief who strives to interrupt new floor and ship distinctive experiences, however the identical will 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 consider 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 sensible. And if she’s not, what’s she doing in your group slide? As an investor on the earliest phases, I’m investing within the founding group and its skill to construct a stable group. I don’t have to know the group itself fairly but.

Why so imprecise?

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

Total, the entire pitch deck appears actually imprecise and nonspecific, which makes me (and buyers) suspicious. Is it imprecise by chance, and if that’s the case, will this startup have the ability to clarify what it’s doing as it’s rising and evolving? Worse, is it imprecise on function, as a result of the founders know they’re not an important 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 prospects? What’s the top-of-funnel? What are the conversion charges?

Buyers need to know who you might be, what you’re doing, why you’re doing it, and the way you’re enthusiastic about the market and constructing a (probably) multi-billion-dollar firm on this house. They need to know who your prospects are, what their present choices are and the way you’re totally different. They need to know the way you discover and attain out to your prospects, and so they need 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 signifies that if I have been to take a gathering with this startup, I’d have a lot of very pesky questions for them, comparable to:

Why are you one of the best folks on the planet to begin this firm?
What’s your moat / how is that this defendable?
Who’re your prospects, and the way are you going to achieve them?
What’s the aggressive panorama, and the way are you totally different?
What’s what you are promoting mannequin? How will you entice, convert and retain your prospects?

All in all, the deck appears to be like so good, however 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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