100 Decks, 5 Patterns: The Hidden Data Driving VC Rejections
Just get your traction slide right” is terrible advice if no one tells you what traction or right actually means. Let’s fix that.
Sample pitch decks are often limited to the same “best of” early-stage examples. If I’ve seen Airbnb’s original deck once, I’ve seen it a thousand times. Meanwhile, VCs are tearing down real decks every day. Instead of offering more generic, templated advice, this article dives into what actually goes wrong—and how to fix it.
We analyzed 100+ real-world startup pitch decks—across industries, stages, and outcomes—through a structured quantitative model trained on hundreds of verified teardown data points.
This goes far beyond anecdotal pattern-matching. By applying reverse-engineering principles to decades of fundraising history, we identify not just what investors respond to, but why. These aren’t cherry-picked examples—this analysis includes both the decks that raise millions and those that don’t, to isolate consistent signals and eliminate noise.
Our goal was to pinpoint failure patterns so your deck doesn't have to fall into the same traps. Here’s what we learned—and how you can fundraise smarter.
TL;DR — Founders, Focus Here First
- The traction slide is the #1 source of lost investor confidence
- Most mistakes are industry-specific (HealthTech ≠ SaaS ≠ AI)
- Founders often confuse future plans with actual traction
- Investors now spend 25–30% more time on traction slides vs last year (DocSend)
- A clean financial story will beat a “visionary” one—every time
The Most Common Slide Mistakes (100+ Decks Analyzed)
| Slide Type | % of Decks with Major Issues |
| Traction | 70% — biggest failure point |
| Go-to-Market | 60% |
| Problem Slide | 55% |
| Financials | 50% |
| Business Model | 42% |
| Team | 35% |
Industry Breakdown: Where Founders Fall Short
| Industry | Traction Issues | GTM Fails | Unrealistic Financials | Problem/ Solution Confusion | Team Weakness |
| HealthTech | 75% | 60% | 55% | 50% | 35% |
| SaaS | 65% | 45% | 60% | 40% | 30% |
| FinTech | 60% | 55% | 60% | 42% | 28% |
| AI/ML | 68% | 58% | 50% | 68% | 40% |
| Marketplaces | 50% | 52% | 45% | 35% | 32% |
| Hardware | 55% | 50% | 65% | 38% | 33% |
| ClimateTech | 70% | 48% | 60% | 45% | 31% |
| EdTech | 65% | 63% | 50% | 50% | 34% |
Most Common Blind Spots by Industry:
| Industry | Most Fumbled Slide | What Founders Think They're Doing | What Actually Happens |
| HealthTech | Traction | “We’ll highlight our mission + impact.” | Miss showing validation through trials, pilots, or pre-orders. Metrics often buried or missing altogether. |
| SaaS | Business Model | "Simple pricing + recurring revenue- nailed it." | Often lacks CAC, churn, ARPU, or shows revenue but not user behavior that drives it. |
| FinTech | Financials | "We'll show you how big this can be!" | Unrealistic scaling, no clear monetization path, and zero regulatory cost modeling. |
| AI / ML | Problem / Solution | “We’re building powerful tech for a clear need” | But the problem is often abstract. No clarity on why now, why this market, or how AI is defensible. |
| Marketplaces | Revenue Model | “Take rate + network effect = magic” | Founders rarely show both supply and demand traction. Most just model top-line GMV growth. |
| Hardware | Financials | “Let’s show our production roadmap + unit cost” | Often misses CapEx, inventory risk, margin compression, and support scaling needs. |
| Climate Tech | Traction | “We’re early but we have a big vision” | VCs need to see any form of market engagement: LOIs, grants, pilot programs, etc. Roadmaps ≠ traction. |
| EdTech | GTM Strategy | “Teachers and students will love this” | GTM is usually too vague. Often ignores long sales cycles and decision-making layers in schools. |
Why Traction Slides Matter (and Why Founders Get Them Wrong)
Traction is the most misused slide in a pitch deck. Nearly 3 in 4 decks get it wrong. But it’s also the one slide where investors spend the most time.
HealthTech, AI/ML, and ClimateTech have the highest miss rates. These founders often lead with vision but forget: traction = what’s already working.
Investors are spending 25–30% more time on the traction section today than just a year ago.
That’s a massive shift in attention—especially at the pre-seed and seed stages.
So what does good traction look like?
The Best Traction Slide We've Seen
The Soap Health deck stands out. Here’s what they nailed:
- Clear revenue numbers
- Actual customers (not just logos)
- ARR projections grounded in logic
- Active user proof
This is the bar.
Compare that to decks like Ulama or Map Hunter, which leaned too far into product roadmaps or vague future promises.
Tactical Slide Fixes
Traction
- Show real usage, not a roadmap
- No revenue yet? Use waitlists, pilot results, or engagement metrics
- Segment visuals into past / present / future with clear boundaries
GTM
- Avoid “viral growth” and “social media strategy” buzzwords
- Show your actual acquisition channels
- Include CAC assumptions if you can
Financials
- Hockey-stick growth is fine—but only if assumptions are clear
- Emphasize drivers, not just the output
- Keep it simple, logical, and tied to execution
Key Takeaway- You don’t need a perfect deck.
You need a truthful one—grounded in numbers, clarity, and proof of execution.
- Start with traction.
- Keep your GTM crisp.
- Know your numbers.
- And don’t try to “vision” your way out of bad fundamentals.
We’ve broken down what works—so you can build a pitch that withstands investor scrutiny and avoids the common pitfalls we’ve mapped across hundreds of decks. There’s no need to stumble in the dark when we now have decades of data that reveal exactly where pitches break down and why.
Sources:
TechCrunch Pitch Deck Teardown Series
https://techcrunch.com/tag/pitch-deck-teardown/
HubSpot Pitch Deck Teardown for Startups
https://www.hubspot.com/startups/pitch-deck-teardown
Pitch Guide – Full Archive of 100+ Decks
https://pitch.guide/pitch-deck-teardown-archive
DocSend Startup Fundraising Report 2023
https://www.docsend.com/index/startup-fundraising-report-2023/
Waveup Blog: How to Build a Traction Slide
https://waveup.com/blog/traction-slide-pitch-deck
Explore More Fundraising Resources:
The Unwritten Rules of Fundraising
PitchSmart: Founder-to-VC Translator
The Best Intro Framework: A Research Based Approach to Investor Engagement