I’ve covered venture capital since the mid-1990s — before Netscape went public — and one thing hasn’t changed: investors back people.
Sure, markets shift. Technologies evolve. Buzzwords come and go. RIP “Web 2.0.” But when it comes to raising early-stage financing, the single biggest factor, especially in today’s AI-everywhere landscape, is still the founding team.
But still too many pitch decks treat the team slide like a formality. A late insert. A quick nod to bios and headshots before getting to what they consider the “real stuff” that will win them financing.
That’s a miss.
Not long ago, I partnered with a communications agency to help a European healthtech company prepare for a U.S. expansion, which will include fundraising. They had solid traction in their home market, a promising tech platform and real ambition to break into the U.S. market.
We helped them polish their narrative. But their initial pitch buried the team slide near the back of the deck. Never mind that their technological solutions target key pain points in the industry, the deck didn’t highlight why this group and this group only was uniquely positioned to solve the problem.
That’s exactly what a seasoned advisor — a successful founder and investor — flagged during his review:
“Why should I believe this group can win? That needs to be upfront.”
The company had impressive credentials, including medical expertise, leadership and product depth. But none of it was clearly tied to their story. There was no connective tissue. No narrative that explained why this group had the insight, urgency and capability to deliver.
I recently came across a Substack post by Ruben Dominguez Ibar, author of The VC Corner, that echoed what I’ve seen for years: founders overlook the team slide at their own peril.
His post detailed what VCs want to hear in a first meeting, and guess what question consistently comes up?
“Tell me about your team.”
It’s not just about resumes. Investors want to understand who’s behind the product and why they’re the right ones to build it. As Ruben writes, VCs are scanning for skill mix, commitment, chemistry and founder–market fit. Especially for solo founders, there’s an expectation to explain how you’re closing any gaps, whether through advisors, hires or partnerships.
Too often, founders obsess over traction metrics, TAM estimates, competitive maps, and things like that. But the team section unfortunately gets phoned in. As I said, that’s a problem.
Last fall, I wrote about a report from Dropbox DocSend that showed investors are now spending more time reviewing the team slide than the business model.
Let me repeat that: investors spend more time on the team than on the model.
Sure, the product, competition and go-to-market are staples of a thorough deck and they still matter. But investor attention has shifted toward one key question: Who’s building this, and why are they the ones to do it?
As Justin Izzo, DocSend’s lead researcher, told me:
“Founders often do too much or too little with the team slide. It’s all about balance. Investors want to see not just credentials, but a clear narrative that explains why your team works together and how you’re uniquely positioned to tackle the problem.”
Anyone can use gen AI prompts and design tools to mock up a pitch. But even now in the era of agentic AI, in which startups can spin up overnight, outsource ops and automate tasks, the credibility of humans stands above all else. As a founder, you have to convince investors and other partners why you and your team are the right solution.
If anything, the rise of AI has raised the bar for teams. VCs are looking harder at who’s behind the startup. They want operators with conviction, depth and Clarity. Not just a slick deck.
If your CTO built enterprise platforms at scale, then highlight how that connects to your current stack. If your co-founder ran research at a top biotech, then say that. Make it easy for investors to see the fit. Don’t assume they’ll read between the lines.
To help founders build and revise their decks, consider these quick pointers:
🔶 Be brief – no one’s reading a full-page bio.
🔶 Don’t just list – tie experience to the problem you’re solving.
🔶 Show wins – even small ones build momentum.
🔶 Clarify roles – make it clear key functions are covered.
🔶 Tell the story – connect backgrounds to the mission.
In the 1990s, when I was reporting on startups and Investing, venture capital felt more like a cottage community. Tight knit and familial, and investors trusted the entrepreneurs. Founders and investors often knew each other or were one introduction away. Investors often made funding decisions based on personal Relationships.
Today, venture is more global, more competitive, more distributed. But trust is still important. And the quickest path to trust in a pitch deck is a simple and compelling story about your team.
If you’re raising Money, don’t bury your people in the back.
Let them lead.
Illustration generated with the help of ChatGPT.
