"Current round funding should reflect milestones required to raise next round funding at a higher valuation which reflects progress and de-risking."

Three factors influencing pricing

• Market conditions
• Investor sentiment on forward credit
• Competition

Early stage VC pitch:

a. Market sizing exercise

If in existing market -

• Highlight where you fit in
• How macro trends create the opportunity for you
• Focus on market research expansion as a result

E.G. Okta did SSL for any SaaS app and Microsoft did this for IT, similarly for Backstop and Lloyd's

b. Why us?

• Don't need PhD in the subject area

c. Product

• Focus on Founder - Idea maze

d. Go to Market

• Need not be refined

e. Next round milestones