The Dream refers to how you sell the opportunity. In a pre-launch pitch, a founder can point to all the amazing things that will happen post-launch and beyond. It is this amazing future that she and the investor can dream about together. The only proof they need to offer (and can offer) is the playbook they intend to run, the prototype, and their passion. That combined with a good process that builds pressure to commit (i.e. if you don’t act now, the startup will take off after launch and you’ll lose your chance to get in at such a low valuation) can drive a Dream-based fundraise to close.

The Data

After launch, all those promises you made before should be answered by the data.

• Before: “Customers have been looking for a solution!” After: “So customers have been demanding this product? Well what’s your CAC, Sales Cycle, weekly growth?”
• Before: “Our product is best in class” After: “What’s engagement look like and 15, 30 day retention?”

In your post-launch pitch, you better have a great story that fits with the available data. You can’t hide behind your charisma and future dreams anymore!