How to pitch Silicon Valley investors

Raising money is a sales process with an unusual customer. Venture investors see thousands of companies a year and back a handful. Nothing on this page can promise a meeting or a check. What it can do is help you avoid the common mistakes and use the local geography to your advantage. Most of the firms you will meet are within a 20 minute drive of downtown Palo Alto.

If you are new to the system, read our venture capital guide first. For the legal side of a deal, see our term sheet basics.

Before you pitch: do your homework

Investors are people with specific interests, not interchangeable sources of cash. A partner who spent a decade building chip companies will hear a semiconductor pitch differently from one who backs consumer apps. Before you ask for any meeting:

• Check stage. Look at the firm's recent investments. A growth fund will not lead your pre-seed round. Our guides to angels and seed funds cover the earliest stages.
• Pick the partner, not just the firm. Read their posts and portfolio. Pitch the person whose interests match yours.
• Check for conflicts. If the firm already backs a direct competitor, it will usually pass.
• Know your numbers. Revenue, users, growth, burn rate and months of runway should be at your fingertips.

Getting a warm introduction

A warm introduction is a note from someone the investor knows and respects, saying your company is worth a look. It works because it borrows that person's credibility. The strongest introductions come from founders the investor has backed. Startup lawyers, angels, accelerator staff and former colleagues also make good connectors.

Make it easy for the person introducing you. Send a short, forwardable email that includes:

1. One sentence on what you build and for whom.
2. Two or three facts that show progress, such as revenue, growth or notable customers.
3. How much you are raising and roughly what for.
4. A short deck or a link to one.

Ask the introducer to check with the investor first. A "double opt-in" introduction, where the investor agrees before your email arrives, gets a better response than a surprise. Cold email works sometimes, especially at seed funds that say they read it, but it works less often than founders hope.

Deck basics

There is no official format, but most strong decks answer the same questions in a clear order. Many founders aim for 10 to 15 slides.

Keep text short and charts readable. Send a version that stands on its own for email and use a lighter version when you present live. Label projections clearly as projections. Investors forgive small numbers; they do not forgive numbers that turn out to be wrong.

Meeting etiquette on Sand Hill Road

Most of the best known firms keep offices on the Menlo Park stretch of Sand Hill Road, a 10 to 15 minute drive from downtown Palo Alto. The offices are private, low-rise buildings with their own parking. A few practical points:

• Arrive early, not too early. Aim for five to ten minutes ahead. Traffic near Interstate 280 and El Camino Real builds at commute times, so allow a buffer.
• Bring a backup. Have your deck on a laptop and as a PDF on your phone. Ask beforehand whether there is a screen.
• Dress like yourself. The area is informal. Suits are rare. Clean and comfortable is right.
• Keep to time. First meetings are often 30 to 60 minutes. Leave room for questions; the conversation matters more than the slides.
• Bring the right people. Usually one or two founders. A large team in the room can crowd out the discussion.
• Skip the NDA. Most investors will not sign one for a first pitch. Hold back only what is truly sensitive.

Many meetings also happen over coffee in downtown Palo Alto or over breakfast at the Rosewood Sand Hill. Let the investor choose the spot if they prefer. Our coffee guide helps if you are asked to suggest one.

Clustering your meetings

Group meetings by area. Sand Hill Road in the morning, downtown Palo Alto at lunch and San Francisco late in the day is a common pattern. Rideshares work, but a rental car gives more control on a day with several stops. Our getting around guide covers parking and transit.

What happens after the first meeting

At most firms a first meeting with one partner leads to more meetings with other team members, deeper questions and reference checks. If interest grows, the firm may invite you to a partner meeting, where the full partnership hears the pitch. Some firms hold these on a regular weekday. A term sheet, if one comes, follows that step. Timelines vary from days to months.

Run a tight process. Founders who schedule first meetings close together let interest build at the same time and can compare offers. Founders who space meetings out over months often find early interest has cooled by the time later firms catch up.

Follow-up that works

1. Send a thank-you within a day. Include any data or answers you promised.
2. Answer questions precisely. If you did not know something in the meeting, say so and follow up with the real number.
3. Ask about next steps. It is fine to ask what the firm's process looks like and when to expect a decision.
4. Take a no gracefully. Ask what would change their mind and add them to your update list.
5. Send regular updates. A short monthly email with progress and challenges keeps investors informed and builds trust for the next round.

Red flags

• Anyone asking for a fee to hear your pitch or to make an introduction.
• An investor who will not let you speak with founders they have backed.
• Pressure to sign a term sheet on the spot or within hours.
• Terms that seem very different from standard models such as the NVCA documents.
• Requests for your source code or customer lists before any commitment.

If you are flying in

Founders who come for a week of pitches usually stay in downtown Palo Alto or Menlo Park to keep drive times short. Compare hotels near Sand Hill Road early, because rates rise during Stanford events. A prebooked airport transfer from SFO or San Jose helps on arrival day. Our where to stay guide covers neighborhoods and our where founders meet page lists places to work between meetings.

Frequently asked questions