What do pitches with no offer look like?
They asked for more (EGP 40M vs 30M), ran shorter (17 vs 23 minutes) and drew most concerns on valuation.
Pitches with no offer asked for more and ran shorter
Implied valuation (median)
Other pitches
EGP 30MEGP 30M
No offer
EGP 40MEGP 40M
Pitch length in minutes (median)
Other pitches
2323
No offer
1717
Questions per pitch (median)
Other pitches
2121
No offer
1919
Gave numbers in the opening
Other pitches
86%86%
No offer
73%73%
Correlation, not cause.
In 45 pitches no investor made an offer. We compared them with the other 200. The median implied valuation (the whole company’s value that the ask implies) was EGP 40M against EGP 30M. The median pitch ran 17 minutes against 23. And 73% gave numbers in their opening, against 86% of the others.
Investors raised 80 concerns about valuation and 58 about competition in these 45 pitches, more than about any other topic.
This is a correlation, not a cause: a pitch is shorter partly because investors went out early. But the pattern is clear. A high valuation with few numbers to support it is the profile that ends without an offer.
What was said
Ahmed Tarek Khalil
Went outUnfortunately, I'm out, because I truly cannot understand the business or how it can be scalable.
Goldabikia (جولدابيكي) · S5 E5 · 27:39 · Paraphrased
Mohamed Farouk
Went outI can't evaluate whether AI will replace anything you're doing today or not, so for that reason I'm out as well.
Lernova (Lernova) · S3 E11 · 14:19 · Paraphrased