Investor questions after a pitch, and how to answer them
By Léo BarcetPublished 3 min read
The pitch opens the door. The questions decide whether it stays open. Many founders prepare their slides for weeks and their answers for an evening. Yet the question session can last as long as the pitch, or longer: it deserves the same preparation time.
The golden rule: answer first
Under pressure, speakers tend to lay down context before answering. The investor gets the impression that you are circling. Reverse the order:
- The direct answer, in one sentence.
- The proof, a figure or a fact.
- Stop. Let the investor follow up if they want more.
An example (invented) for the question "Why now?":
- Avoid: "Well, that's a good question, actually the market has changed a lot in recent years, in particular with…"
- Better: "Because the regulation changes in 2027 and makes our solution mandatory for 40,000 companies. Three customers are already preparing for it."
The 20 questions to prepare
The market
- How big is your market really, and how do you calculate it?
- Why now? What has changed?
- Who pays, and why would they pay more later than today?
Competition
- Who are your competitors?
- What stops a large player from copying you tomorrow?
- Why would customers choose you over their current alternative?
Product and traction
- How many active customers, and what is the month-on-month growth?
- How much does it cost you to acquire a customer, and how much does that customer bring in?
- Why did some customers leave?
- What is the next product step, and why that one?
The numbers
- What is your current revenue and your 18-month forecast?
- How many months of cash do you have left?
- When do you reach profitability?
The team
- Why are you the right team for this problem?
- Who is missing from the team, and when will you hire them?
- How is equity split between the founders?
The round
- How much are you raising, and to reach which milestones?
- What valuation are you aiming for?
- Who else is already at the table?
- What happens if you do not raise?
The three most common traps
Defending instead of answering
A question about a weakness is not an attack. The investor wants to know whether you see it and whether you have a plan. "Yes, that is our main risk, and here is what we are doing to reduce it" inspires more trust than a list of defensive arguments.
Answering for too long
The more you talk, the more new questions you open. A short answer shows you master your subject; a long one suggests you are searching for words.
Inventing a figure
The day you do not know, say so. "I don't have the exact figure in my head, I'll send it to you tonight" is a perfectly acceptable answer. An invented figure, discovered later during due diligence, costs you the investor's trust.
Rehearse like an actor
In the theatre, the hard scenes are rehearsed far more than the others. Do the same with questions:
- Write your answers, then say them out loud until you can give them without reading.
- Have someone who does not know your file question you, in random order and without warning.
- Time each answer. Beyond one minute, cut.
- Film the session. Watch above all what your body does while you listen to the question: that is often where stress shows.
The pitch itself should set the stage: a good investor pitch structure answers part of these questions in advance. And if you are preparing for a meeting and want an outside eye on your answers, read investor pitch coaching: how to prepare.
