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From Concept to MVP: What Founders Need to Know Before Pitching Their First Round

  • Writer: James McGreggor
    James McGreggor
  • May 29
  • 9 min read

Updated: 2 days ago

Female founder speaking with investors.
Female founder speaking with VC investors.

Introduction

Taking an idea from concept to market-ready product is a significant leap — and it’s one many founders attempt without a full understanding of what it really takes. We have experience in seeking and supporting requests for investment, from supporting clients during pitches and investor due diligence, to pitching to investment committees ourselves.


This article outlines a practical use case: what it means to prepare for your first pre-seed raise, how to validate your idea, and what happens after the money lands. Whether you're a solo founder or leading a small team, this guide is meant to help you ground your vision in data, sharpen your proposal, and take confident steps toward building a minimum viable product (MVP).



Scenario

Imagine a first-time founder with a promising idea: a tech-enabled lifestyle product aimed at a niche but growing consumer segment. There’s initial excitement, informal feedback from friends and peers, and maybe even a few sketches or a no-code prototype. The founder is convinced the problem is real — but is it big enough, urgent enough, and timed right for venture capital?



The Challenge

Having a great idea is just the beginning. The real challenge is building the business case around it.

  • Market Validation: Is there a critical, well-defined need that isn’t being fulfilled — or is poorly addressed by existing solutions?


  • Timing: Even with a strong market, broader economic and behavioral trends matter. Is this the right moment for the product?


  • Preparedness: Founders often underestimate the level of diligence required before asking for funding. You’re not just pitching a concept — you’re asking someone to take a bet on your ability to deliver and grow their investment.


Without this depth of understanding, founders risk entering pitch meetings unprepared and losing credibility.


"In my experience, prioritizing market validation early on saves a ton of time and resources compared to building a product in a vacuum." TKKader


The Approach


Pre-Investment


The most important work happens before you ever open a pitch deck:


  • Validate the Market and Timing: Look for evidence of demand, gaps in current solutions, and recent shifts in buying behavior. Try to poke holes in your initial findings. If the market trend appears to conflict with your thesis, dig deeper — is there a clear reason your solution can break through? Online data sources like Statista can offer valuable insights, though they often come with a cost. You can begin with tools like ChatGPT, Gemini to get directional insights — but always supplement those with additional research and validation.


  • Assemble the Right Data: Your proposal should address core elements: the problem you’re solving, your solution, target users, business model, GTM strategy, and your product roadmap. You’ll also need market data (TAM/SAM/SOM), competitor insights, financial projections, team bios, and a clear funding ask. Even if some of these don’t appear in your main deck, have them ready to support the conversation.


    Example Data Sources (links below)

    • McKinsey, Deloitte, or Bain consumer trend reports

    • Mastercard or Amex SpendingPulse

    • U.S. Bureau of Economic Analysis (BEA) data

    • Shopify or Amazon trend updates

    • Statista, eMarketer, or similar aggregators


  • Pressure-Test the Numbers: Every metric you include — market size, pricing, timelines, costs — should be reviewed from multiple angles. Avoid relying solely on optimistic assumptions or third-hand benchmarks. Be prepared to defend your estimates with logic and reliable data.


  • Bring in Professional Input: Consider engaging a consultancy or technical advisor for a short discovery sprint or product inception process. This may include early user research, MVP feature definition, system diagrams, and market validation. Even a rough order-of-magnitude (ROM) estimate from an experienced partner carries far more credibility than AI outputs or internal back-of-the-napkin math.


    • A product discovery or product inception engagement typically lasts 3 to 6 weeks (depending on size and complexity) and helps turn a high-level idea into a tangible plan. You’ll walk away with just enough — a product canvas, early designs, a milestone plan, and a high-level architecture — to move forward with confidence.


    • If a full discovery engagement isn’t feasible upfront, consider making it the first phase of your actual project. Even a 2–3 day product discovery led by a seasoned advisor can surface hidden risks, validate assumptions, and improve your funding strategy. It’s a small investment that can prevent costly missteps down the line.


  • Craft a Focused Proposal: Tailor your presentation to the round and the audience. Keep the problem statement focused. Avoid trying to solve everything at once — clarity wins over complexity.



  • Don't underestimate the importance of pedigree: At pre-seed, your own track record, along with credentials are often just as important as your product vision. If you are going along, it might be advisable to find a founding partner.

“At the earliest stages, it's truly all about the founder. Great founders can take mediocre ideas and mediocre markets and either pivot or change the market and do the right thing to change the company trajectory.” (Gokul Rajaram)

  • Build Your Support System: Identify a technical partner or advisor early. You’ll be juggling vision, funding, and early traction — and having someone who understands the product and can back you up technically can make all the difference, especially in investor meetings.


Sanity Check

At this point you are felling good about the proposal that you have created - you have all of the backing data, a well structured pitch deck, and all of the right people backing you; however, you have to ask, will that be enough. Weighing the amount you are asking for against what you have to offer and the risk that an investor may be incurring. While asking for investment without an MVP is not uncommon, founders do need to think about what this means, and ask themselves, "is there anything else that I can do to strenngthen my proposal?" The answer in many cases is "yes". There are two additional actions you can take...


  1. Do additional customer research. Pay for surveys. There are various platforms you can use from SurveyMonkey to Qualtrics and Dynata.


    • If you are not able to do any of this, then I recommend that you add this into your plan, and even make this a milestone before consuming further budget - in the case where you might be requesting investment to be released in tranches.


  2. Create a clickable mockup or interactive demo - with AI this is so much easier to do. The purpose of this is to actually show potential customers what you are possibly creating - if people can see something they are more likely to trust it, if they can actualy touch it then the trust and excitement grows even stronger.


    • This does not have to look like the intended product, and it could only have a few "features" or navigational paths - people understand its purpose if it is explained.


    • Creating this also allows you to do things like Tree Testing.



Preparing To Pitch


Before you walk into a pitch — virtual or in-person — take time to understand your audience and refine your delivery. A strong proposal means nothing if it isn’t communicated with clarity and confidence.


  • Research the Investor or Firm: Learn what they typically invest in and who they’ve backed before. Understand what stage they focus on, what traction they expect, and what kinds of founders they tend to support.


  • Understand How They Evaluate Opportunities: If possible, ask founders who’ve pitched to them before what worked (and what didn’t). Look for patterns in how they respond to decks and where they apply pressure in Q&A.


  • Tailor Your Presentation Style: Use style, tone, and design strategically. Does your deck speak their language? A data-driven VC might want structured metrics up front. A product-focused firm may care more about the UX vision and roadmap.


  • Run Through It — More Than Once: Review your pitch with mentors and trusted peers. Practice until it feels natural — not memorized — and be ready for interruptions and pivots.


  • Simulate Investor Q&A with AI: Tools like voice-enabled ChatGPT can simulate investor personas and challenge your pitch in real-time. It’s a low-pressure way to build confidence before the real thing.



Post-Investment


Once funding is secured, the real work begins.


  • Define and Deliver Your MVP: Your MVP should be the simplest, most valuable version of your product that customers can actually use. It doesn’t need to be flashy — it just needs to function and start validating your assumptions.


  • Communicate What’s Next: Keep pilot users engaged by setting expectations. Share themes of what’s coming next without locking yourself into specific promises. Show that their feedback will shape future development.


  • Know When to Go to Market: An MVP may be enough for closed pilots, but broader launches typically need an MMP (Minimum Marketable Product). This version should support your GTM efforts and offer a complete enough experience to acquire users and generate traction.


  • Build the Right Team and Workflow: Move into structured execution: kickoff, iterative development, testing, pilot, and post-launch support. Decide whether to maintain fixed milestones or evolve into agile sprints based on customer insights.


  • Structuring the Delivery of a New Product: For new products, delivery models vary — from traditional Agile (supporting continuous feedback) to rigid Waterfall (where all decisions are front-loaded). This framework favors Agile, but with an important nuance.

    We recommend starting with a well-defined, fixed-scope MVP that can be built and validated within a few months. This upfront clarity reduces risk, builds investor trust, and helps align teams. Once the MVP is validated, shift to an outcome-oriented Agile approach that responds to market feedback and product metrics.


  • A typical delivery cadence may look like this:

    • Kickoff

    • Ramp-Up: Initial Design & Set-Up Sprints

    • Fully Engaged: Refine, Design, Develop, Test, Deploy, Validate

    • Verify: Alpha & Beta Testing + MVP Patch

    • Validate: Pilot the MVP with real users

    • Stabilize & Plan: Begin next-feature planning

    • Switch to Outcome-Oriented Agile SDLC



Things to Consider or Watch Out For


  • Overcomplicating the Pitch: Stay focused. Trying to solve too many problems at once can dilute the power of your message.


  • Technical Blind Spots: Don’t try to fake it. If you’re not technical, bring someone who is — especially when fielding investor questions.


  • Vague or Shaky Estimates: Investors will scrutinize your numbers. If your cost or market data comes from AI or high-level guesses, be ready to justify it — or risk losing credibility.


  • Unclear Feature Roadmap: Know which features are in your MVP, which can wait, and which support marketing or sales. Prioritization is key.


  • Trying to Go It Alone: Startups are a team sport. Surround yourself with people who can offset your weaknesses and challenge your thinking — especially before your next round.



Conclusion


Across every one of the successful investment requests there was a common theme: being prepared and having support. Take the time to consider all of the angles. You might not have all of the answers, but you need to at least be aware of what is ahead of you and how you might be challenged. Be sure that you have the right support - support that is not only capable, but really understands and buys into your vision, but most importantly YOU.


If you are looking for strategic guidance on how to bring a product to life, reach out and let us know. We are happy to offer guidance as a part of an initial free consultation.






References


Rajaram, Gokul. “At the earliest stages, it's truly all about the founder...” Business Insider, 21 May 2025, www.businessinsider.com/gokul-rajaram-seed-vc-investing-marathon-2025-5.


Kader, TK. “In my experience, prioritizing market validation early on saves a ton of time and resources...” LinkedIn, 10 Jan. 2024, www.linkedin.com/posts/tkkader_92-of-saas-startups-will-fail-within-3-years-activity-7186350504631808000-YPig.



Market Data Research Links


Consulting Firm Consumer Trend Reports

Spending & Retail Analytics

Government Economic Data

E-Commerce Trend Updates

  • Shopify: Stay updated with Shopify's trending products blog, highlighting high-demand products sold by U.S. Shopify merchants. ShopifyShopify+1Sell on Amazon+1

  • Amazon: Discover Amazon's trending products and updates, offering insights into high-demand products and marketplace changes. Digital Position

Market Research & Data Platforms

  • Statista: Explore Statista's comprehensive statistics and studies on various industries, including consumer trends and market forecasts. McKinsey & Company

  • eMarketer: Access eMarketer's reports and data on digital marketing, media, and commerce trends. McKinsey & Company




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