What is a Red Team review for a pitch deck?

A Red Team review is an adversarial, investor-style critique of your pitch deck. Instead of trying to make the story sound nicer, the Red Team looks for holes in your market size, financial assumptions, and competition claims so you can fix them before you present.

Which slides matter most to investors?

In most early-stage fundraising processes, the real go/no-go decision is heavily influenced by three slides: the market size slide (TAM, SAM, SOM), the financials or forecast slide, and the competition slide. If those three are weak, investors will usually pass regardless of the rest of the story.

How should I calculate a credible market size?

Start from the bottom up. Estimate how many target customers exist in your vertical, define your realistic price point or average deal size, and then calculate how many you can sign over the next 36 months. That gives you a serviceable obtainable market (SOM) that investors can believe, instead of a vague multi-billion TAM.

What do investors look for in financial projections?

Investors focus less on a perfect hockey-stick chart and more on the logic behind it: unit economics, customer acquisition cost, lifetime value, payback period, realistic sales cycle lengths, and whether the model has been built per customer rather than from a top-down market share guess.

How honest should I be about my competition?

You should be completely honest. Claiming you have no competition or that you are the only player in the space is usually a red flag. Serious investors want to see that you recognise real competitors, understand where they are strong, and can explain your defensible wedge and why it is sustainable.

A Guide for Founders Transitioning to Private Funding

Guy van der Walt
Oct 24
4 min read

Updated: Nov 10

You’ve spent years in research. You’ve perfected your research, created your product, refined your vision, and rehearsed your story. But when grant money runs low, and it’s time to switch to private funding, that story can turn against you.

I’ve been there. Before I became a founder, I led M&A deals that acquired over CHF 1.1 billion in assets under advisory. I’ve reviewed hundreds of decks and crafted many myself. Not all were funded, and I had to understand why.

Your pitch might last 30 minutes, but the decision, the real “go/no-go” moment, often hinges on just three slides. If those slides are weak, it's often game over.

That’s why every founder should “Red Team” their deck. Find someone with experience to pressure-test it the way an investor will before you ever walk into the room. Here are the three slides to start with.

1. The “Market Size” (TAM) Slide

If your deck claims you’re “attacking a CHF 100 billion market,” you’ve just lost the room. Investors don’t invest only in your market; they invest in traction potential. They want to know the specific slice of that market you can realistically capture.

Instead of inflating the number, rebuild this slide from the bottom up:

Identify how many target customers exist in your vertical.
Define your average deal size or price point.
Estimate how many you can sign in the next 36 months.

That’s your Serviceable, Obtainable Market (SOM). It’s not a vanity number; it’s a credibility number.

If you can’t draw a believable path to your first CHF 10 million, the CHF 100 billion figure means nothing.

I think of it as pegging the path to up your first mountain, not showing the entire range.

2. The “Financials” (Hockey Stick) Slide

You’ve seen it everywhere, the chart that rockets upward by year five. Every founder has one.

Every investor ignores it.

What matters isn’t the shape of the graph, but the logic underneath it.

When I look at a forecast, I ask:

Do they know their unit economics, CAC, LTV, and payback?
Do they understand their sales cycle and conversion timeline?
Did they build their model from the ground up (per customer), or from a “we’ll easily get 10% of the market”?

A good model tells investors you have done the real homework. A model built on unverified inputs shows them you’re wishing, not running, a business.

Show how revenue behaves, not how you wish it would.

3. The “Competition” Slide

If your deck includes a 2×2 matrix that places you neatly in the top-right corner, most investors will smile politely and stop believing you.

Claiming “no competition” or “we’re the only ones doing this” signals market naïveté, not confidence.

Instead, show:

Who your real competitors are.
Where they’re strong.
Where they’re weak.
And what makes you defensible and sustainable.

Being honest about your competition earns trust. If you don’t respect your market, investors won’t respect you either.

Don't try prove you’re untouchable, prove you understand the battlefield.

Your Red Team Action Plan

Before you send your deck again:

Take a fresh look and consider rebuilding your TAM slide from the bottom up.
Numbers still add up? If no, rework your financials using unit economics.
Research your competitors like a customer, and see what they do well.

You’ll come away with a sharper strategy, a more believable story, and numbers that hold up.

Why a “Red Team” Review Helps

Even brilliant founders miss what investors will question. You’re too close to the story; you’ve lived every line of it.

That’s why we offer a 1-hour Red Team Review, a practical teardown that pressure-tests your deck against real investor logic.

You’ll walk away with actionable insights that make your next investor meeting stronger, faster, and more confident.

It’s a chance to see your deck the way investors do.

Book your Red Team Review, and walk into your next pitch knowing exactly where investors will lean in or walk away. (Limited sessions this month.)

Book a Call

Want Insights on Your Pitch Deck?

Understanding Investor Psychology

Investors are looking for great ideas, but they want to see a solid plan. They want to know how you will execute your vision. This means understanding their mindset. They are risk-averse and will scrutinise every detail of your pitch.

The Importance of Clarity

Clarity is crucial in your pitch. Avoid jargon and complex language. Use simple, direct statements. This helps convey your message effectively. Remember, the goal is to make it easy for investors to understand your value proposition.

Tailoring Your Message

Every investor is different. Tailor your pitch to align with their interests. Research their previous investments and understand what they value. This will help you connect with them on a personal level.

The Role of Storytelling

While data is important, storytelling is equally vital. A compelling narrative can make your pitch memorable. Share your journey, the challenges you've faced, and how your solution addresses a real problem. This human element can resonate with investors.

Preparing for Questions

Anticipate the questions investors may ask. Prepare clear, concise answers. This shows you are knowledgeable and confident in your business. It also demonstrates that you have thought through potential challenges.

Taking Action

As you prepare your pitch, remember the importance of a strong deck. Focus on the three key slides: Market Size, Financials, and Competition. Use the Red Team Review to refine your presentation.

By taking these steps, you position yourself for success in securing private funding. Don’t leave your future to chance; take control of your narrative and make it compelling.

Best,

Guy

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