Fundraising Debug Checklist: Why VCs Really Reject Your Startup, by Industry

Most fundraising advice misses the mark. You'll find countless pitch decks online—but simply replicating templates won't help without understanding the context behind them. Founders genuinely want direct feedback, yet typical fundraising advice rarely reveals what VCs actually prioritize behind those standard 10 slides.

We dissected 100+ real-world pitch deck teardowns- detailed analyses where investors break down exactly why a deck fails or succeeds- from every major industry to uncover what investors really think when founders leave the room.

Forget templates. This checklist cuts through the noise with industry-specific pitfalls backed by real investor critiques.

Want deeper context? Check out the full breakdown in 100 Decks, 5 Patterns: The Hidden Data Driving VC Rejections.

Just a few insights we uncovered that you certainly won't find online:

Investors now spend 25–30% more time on traction slides vs last year.
Most mistakes are industry-specific (HealthTech ≠ SaaS ≠ AI).
Clear financials and proven traction beat visionary pitches every time.

Industry-by-Industry Checklist

This checklist is a targeted summary outlining the top five critical errors startups commonly make when pitching to venture capitalists, broken down by industry. It distills extensive analysis of real pitch deck reviews into actionable "don'ts," helping founders avoid common pitfalls that lead investors to reject proposals.

HealthTech / MedTech

Most Fumbled Slide: Traction
Blind Spot: “We highlight impact” → But omit validation (pilots, LOIs, clinical data)

Don’t skip regulatory pathway (FDA, HIPAA) even at early stages
Don’t hide low traction behind “pilot” labels without detail
Don’t blend customer vs partner logos – clearly differentiate
Don’t overpromise AI/ML without validation or clinical proof
Don’t omit compliance, data security, or reimbursement model

SaaS / B2B

Most Fumbled Slide: Business Model
Blind Spot: “Recurring revenue” → But no CAC, churn, ARPU or behavior metrics

Don’t skip core SaaS metrics: MRR, ARR, ARPU, CAC, churn
Don’t rely only on pricing page visuals—show actual usage behavior
Don’t conflate revenue with healthy retention or product stickiness
Don’t skip LTV:CAC ratio or payback period
Don’t present freemium models without conversion data

FinTech

Most Fumbled Slide: Financials
Blind Spot: “We’ll show big TAM” → But zero cost, risk or compliance visibility

Don’t show hockey-stick revenue without monetization clarity
Don’t avoid modeling compliance (AML, KYC, fraud risk costs)
Don’t exclude margins or unit economics (gross/net revenue)
Don’t present user growth without GMV or average wallet size
Don’t skip trust/reputation-building: licensing, partners, data handling

AI/ML

Most Fumbled Slide: Problem/Solution
Blind Spot: “We solve a big problem with AI” → But the problem is vague or academic

Don’t assume investors “get” the AI problem—define it with urgency and clarity
Don’t skip “why now” or market readiness
Don’t over-index on model accuracy over outcomes (ROI, business use case)
Don’t hide explainability or IP defensibility
Don’t use jargon without showing traction, pilot, or adoption

Marketplaces

Most Fumbled Slide: Revenue Model
Blind Spot: “Take rate + GMV” → But founders rarely show supply + demand side traction

Don’t show GMV without clarifying take rate or real net revenue
Don’t present logos without user liquidity metrics (match rate, time to match)
Don’t skip supply-side pain points and stickiness
Don’t blur buyers and suppliers into one “user” metric
Don’t forget cohort or repeat usage retention curves

Hardware / IoT

Most Fumbled Slide: Financials
Blind Spot: “Here’s our cost structure” → But misses CapEx, scaling risks, margin compression

Don’t present unit cost without margin, COGS, or CapEx context
Don’t skip supply chain risk, inventory planning, or working capital needs
Don’t show renders without a working prototype or BOM
Don’t ignore manufacturing ramp or lead time risks
Don’t avoid post-sale support, warranty, and logistics planning

ClimateTech

Most Fumbled Slide: Traction
Blind Spot: “We’re early but big” → But no proof of adoption and limited IP validation

Don’t confuse roadmap with traction—investors want LOIs, MOUs, grants, pilots
Don’t avoid hard metrics: carbon offset achieved, kWh saved, cost per unit
Don’t skip key partnerships with validators (govt, NGOs, corporates)
Don’t over-index on vision without project pipeline data
Don’t present tech as fully ready without field deployment results

EdTech

Most Fumbled Slide: GTM Strategy
Blind Spot: “It’ll spread in schools” → But no sales cycle insight or decision map

Don’t assume teachers = buyers — clarify who signs contracts (districts, boards)
Don’t ignore long procurement cycles or pilots
Don’t skip classroom impact metrics (engagement, test score change)
Don’t omit budget alignment (grants, Title 1 funding, etc.)
Don’t blend K–12, higher ed, and parents into one audience without clarity

Consumer Apps

Most Fumbled Slide: Traction / Engagement Metrics
Blind Spot: “We have lots of downloads” → But no signal on actual retention or monetization

Don’t show total installs without DAU/MAU or retention curves
Don’t skip session length, churn rate, or engagement loops
Don’t present roadmap features as if they’re already launched traction
Don’t ignore monetization path—freemium, IAPs, ads, or subs?
Don’t rely on paid growth hacks without organic or viral lift

Direct to Consumer Brands

Most Fumbled Slide: Unit Economics
Blind Spot: “We’re scaling fast” → But no visibility into margins, logistics, or CAC/LTV ratios

Don’t skip gross margin, AOV, LTV, CAC, or payback period
Don’t show influencer traction without conversion and ROAS data
Don’t ignore logistics, fulfillment, or inventory risks
Don’t rely only on top-line revenue without retention or reorder rates
Don’t omit brand moat—what stops others from copying this?

How Founders Can Use This Checklist Strategically

Industry Fit Audit:
Before pitching, founders should use this as a mirror—read their deck and literally check off each "don't" to ensure none are accidentally baked into the narrative.

VC Objection Preemption:
Each bullet addresses a classic investor pushback. Build these into your FAQ section or narrative proactively to show foresight and credibility.

Deck Diagnostic:
This industry-by-industry fundraising checklist can serve as a powerful tool for accelerators, incubators, or pitch coaches doing a final review before demo day.

Key Taweaway:

If you're doing any of the five things listed above for your industry, you're in trouble. Investors rarely give direct feedback, and many mentors, advisors, or program managers simply don't know what VCs want to know.

We've crunched the data to give you clarity—not comfort. Because avoidance is always prolonged suffering disguised as safety, and the best founders run to the pain.