Why the Pitch isn't Perfect

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Studying successful companies can provide valuable insights.

After reading 𝘞𝘰𝘳𝘬𝘪𝘯𝘨 𝘉𝘢𝘤𝘬𝘸𝘢𝘳𝘥𝘴, a book on Amazon's philosophy, I uncovered practical ideas that could greatly enhance startup fundraising.

Amazon started as a simple online bookstore.

Today, it’s the 𝘌𝘷𝘦𝘳𝘺𝘵𝘩𝘪𝘯𝘨 𝘚𝘵𝘰𝘳𝘦 and a leader in cloud computing through AWS.

This transformation didn’t happen by chance.

Amazon’s success is built on four guiding principles: customer obsession, passion for invention, long-term thinking, and operational excellence.

In this discussion, we’ll focus on operational excellence and how its principles can be applied to improve the fundraising process.

𝗥𝗲𝘁𝗵𝗶𝗻𝗸𝗶𝗻𝗴 𝗠𝗲𝗲𝘁𝗶𝗻𝗴𝘀: 𝗧𝗵𝗲 𝗔𝗺𝗮𝘇𝗼𝗻 𝗠𝗲𝗺𝗼

One of Jeff Bezos’ most transformative decisions was eliminating PowerPoint presentations for internal proposals on new products or features.

Why?

Bezos saw PowerPoints as a crutch, enabling poorly developed ideas to hide behind flashy slides. Bullet points lacked depth and often left critical gaps.

He introduced the 𝘕𝘢𝘳𝘳𝘢𝘵𝘪𝘷𝘦 𝘔𝘦𝘮𝘰—a six-page written document to address this. No graphs, no images—just clear, logical storytelling.

These memos follow a narrative format, compelling writers to explain their ideas in detail, connect causes and effects, and address potential challenges. Data, included in an annex back all arguments.

Amazon meetings begin with 20–30 minutes of silent reading to ensure everyone thoroughly reviews the memo. Notes are taken, and discussions follow—starting with the most junior person to avoid authority bias.

The result? Clearer decisions and sharper ideas. This approach played a crucial role in developing groundbreaking products like the Kindle, Echo, AWS, and Prime, redefining markets along the way.

𝗖𝗼𝘂𝗹𝗱 𝗦𝘁𝗮𝗿𝘁𝘂𝗽𝘀 𝗟𝗲𝗮𝗿𝗻 𝗳𝗿𝗼𝗺 𝗔𝗺𝗮𝘇𝗼𝗻?

Most startups use slide decks for their pitches, which work well for stage presentations or time-limited settings with a general audience.

However, for professional investors, slide decks often fall short. They’re frequently cluttered with buzzwords, lack clarity, and leave investors asking, 𝘞𝘩𝘢𝘵 𝘥𝘰𝘦𝘴 𝘵𝘩𝘪𝘴 𝘴𝘵𝘢𝘳𝘵𝘶𝘱 𝘢𝘤𝘵𝘶𝘢𝘭𝘭𝘺 𝘥𝘰?

Venture Capital firms don’t use slide decks to make decisions. Instead, they rely on 𝘐𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘔𝘦𝘮𝘰𝘴—detailed documents that lay out key points, data, and strategies.

What if startups flipped the script and adopted memos? This approach could bridge the investment gap—offering more depth than a pitch deck but less complexity than a full business plan.

By creating Investment Memos, founders could clearly articulate their business model, provide meaningful data and insights, highlight risks, and propose actionable next steps. It would align their communication with how investors evaluate opportunities.

But the value of writing goes beyond communication—it’s also a process for refining and improving ideas.

An Investment Memo doesn’t just increase your chances of raising funds—it can transform how you understand and position your business.

As E. M. Forster famously said, “𝘏𝘰𝘸 𝘥𝘰 𝘐 𝘬𝘯𝘰𝘸 𝘸𝘩𝘢𝘵 𝘐 𝘵𝘩𝘪𝘯𝘬 𝘶𝘯𝘵𝘪𝘭 𝘐 𝘴𝘦𝘦 𝘸𝘩𝘢𝘵 𝘐 𝘸𝘳𝘪𝘵𝘦?”

𝗪𝗵𝘆 𝘁𝗵𝗲 𝗜𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁 𝗠𝗲𝗺𝗼 𝗖𝗼𝘂𝗹𝗱 𝗪𝗼𝗿𝗸 𝗳𝗼𝗿 𝗙𝘂𝗻𝗱𝗿𝗮𝗶𝘀𝗶𝗻𝗴?

An Investment Memo could compel founders to think more deeply about their business model. It’s not just about pitching an idea—it’s about clearly demonstrating how it works and why it will succeed.

This format also shows discipline and preparation, giving investors confidence in the team’s ability to execute. As Bill Reichert and Angelika Malin explain in their book 𝘎𝘦𝘵𝘵𝘪𝘯𝘨 𝘵𝘰 𝘞𝘰𝘸, convincing an investor requires appealing to their brain (logic and reasoning), heart (emotion and passion), and gut (trust and credibility).

Too often, a pitch deck falls short, missing one—or all—of these critical elements, leaving both founders and investors frustrated.

Raising a pre-seed round from angel investors is often easier than securing VC funding. Angels, especially those new to investing, often rely on their emotions—investing in ideas and founders they connect with. Many early deals stem from casual conversations and even handshakes.

VCs, however, are far more process-driven. Reviewing hundreds or even thousands of pitches annually requires a strong appeal to logic, trust, and credibility. Winning their backing is no small feat and demands breaking through their professional skepticism and delivering a message that resonates on all fronts.

𝗥𝗲𝗮𝗱𝘆 𝘁𝗼 𝗧𝗿𝘆 𝗜𝘁?

Are you a Brazilian AgriFood or Climate Tech startup currently fundraising or preparing to raise funds?

I’ve developed a tailored Investment Memo framework for startups, inspired by Amazon’s memo format. Reach out if you are interested in transforming your Pitch Deck into an Investment Memo - it could improve your chances of securing funding and at the same time transform your entire business strategy.

Thanks for reading!

KFG

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Kieran Finbar Gartlan is an Irish native with over 30 years of experience living and working in Brazil, primarily in agricultural commodities. He is Managing Partner at The Yield Lab Latam, a leading venture capital firm investing in early-stage agrifood tech startups. All views, opinions, and commentary expressed are strictly his own.

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