It’s most important to demonstrate that you’ve made progress towards reducing these 5 risks:
- Technical Risk – does the technology work?
- Market Risk – will people pay for this?
- Business Model Risk – are unit economics profitable and sustanable?
- Execution Risk – can you accomplish hard things?
- Fundraising Risk – will you be able to raise more funds?
Your focus here is to show that you’ve de-risked these 5 facets. This looks different for every company, but examples of how to do so include accomplishing key technical milestones or signing LOIs, pilots, or contracts.