There are some opinions on this but the "30 second elevator ride" is the cliche'. Your presentation should have a boiled down version - right to the point: 1) what the product (or service) is, 2) how will the product (or service) make money and 3) how would they get paid. There are other points that might also be necessary for this 30 second ride, like, how the product is made, what makes it unique (if it is close to someone else's product), who will buy it, where would you sell it, how much could you sell it for. A straw man of a business plan - it does not need to be completely flushed out but they need to know how much capital you will need and that you have reasonably priced out things that are necessary. Have the itemized list, like building lease space, machines, distribution, etc. A mock up of the product or demonstration of the service if it is possible - a sketch also works.
The other cliche is the "10-20-30 rule." No more than 10 slides (powerpoint pages), no longer than a 20 minute presentation and no smaller than 30 font size on the slides. If you schedule a meeting for 30 to 45 minutes - the 20 minute or less presentation gives them plenty of time to ask questions and not bump their next appointment. With 10 slides and 30 font - you can not get much on a slide. They expect you to fill in the small print that would have normally been on the slides.
What not to present - they don't necessarily want to know how brilliant you are - you are not there to impress them. You are there because they want to make money. They want to know that they can trust you and where the money is going and how they will get paid. Expect them to ask you personal questions regarding your proposal - anticipate some of these like, how did you come up with that idea, where did you learn about the technology or service you presented, ever been a convicted felon, etc.
Most venture capitalists are sharp and recognize whether they are interested or not right away. They really appreciate someone getting right to the point.
I hope this helps, God Bless, Ed R.
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