A Great Story Needs an Equally Great Capital Plan

As we have started to raise funds for our portfolio companies, one thing has become obvious: pitch decks dominate fundraising. The story always takes center stage.

What concerns me is how many of those decks pair a compelling narrative with no viable financial model. What do X,Y, and Z need (1M, 1.5M, or 2M) to go to market?  What’s your go to market plan? We’re going to hire reps and sell some stuff. That’s not a plan—that’s an aspiration. The timing almost always ends up off and it’s always in the wrong direction. Companies burn faster than expected or run short just as momentum builds.

What I want to see—and what I expect investors quietly look for—is a real capital plan. One that ties together headcount, burn, sales capacity, and above all pipeline math. Not just “we need more customers,” but: how many opportunities, from which sources, at what cost, with which sales team capacity and sales model to close them. Don’t even get me started on customer success and keeping them, that’s another post.

Yes, the story matters. I want vision, ambition, and a clear picture of the problem you are solving. But more than that I and all professional investors want legit math. Math that translates into early, trackable metrics. Math that gives confidence progress is real, not just narrative.

We’re building out Venture Navigator to support that. It lets you model your headcount, burn, and sales capacity—so your story is matched with a capital plan that actually works. If you’re interested in getting some early looks at it and providing feedback, let me know.