Why Biotech Startups Need Storytellers: The Cure for the Boring Deck Epidemic

Biotech startups are where some of the most groundbreaking ideas in science emerge. Yet their pitch decks often feel like endurance tests, loaded with jargon, indecipherable charts, and acronyms galore. The science may be brilliant, but the storytelling? Not so much.

Storytelling isn’t just a garnish—it’s the main course. A well-told story can distill complex science into an engaging pitch, aligning stakeholders and securing much-needed funding. But this doesn’t mean relying on overinflated Total Addressable Market (TAM) slides or Compound Annual Growth Rate (CAGR) projections, which often scream “unrealistic.” A better deck balances vision with credibility, science with strategy.

The Problem with Biotech Pitch Decks

1. TAM and CAGR: The Usual Offenders

Ah, the obligatory TAM slide—the one where founders slap a trillion-dollar market size onto a chart and call it a day. Investors know better. TAM, often presented as the entire global market for a disease, is rarely actionable. What matters is the Serviceable Addressable Market (SAM): the real-world subset your product can target in the near term. TAM is a fantasy; SAM is the reality check.

CAGR projections often fare no better. A slide that promises double-digit growth for the next decade screams “we googled this.” Without a clear path to capturing even a small portion of that growth, such numbers are meaningless. In 2023, over 50% of Series A biotech startups in the U.S. included TAM/CAGR slides that were either unverifiable or wildly optimistic, according to a survey by PitchBook.

2. Dense, Impenetrable Slides

Too many decks open with detailed mechanisms of action or molecular pathways, forgetting to explain why the product matters. Investors don’t want to wade through 15 slides of data to find the big picture. Startups often fail to frame their science within a compelling narrative, leaving audiences lost in the weeds.

3. Unrealistic Positioning

Founders sometimes paint themselves as the sole saviors of a massive unmet need, ignoring competition, regulatory hurdles, or the realities of commercialization. Investors aren’t looking for messianic visions; they want a clear-eyed assessment of risks, timelines, and differentiators.

How to Fix It: Essentials of a Great Deck

A good pitch deck doesn’t overpromise—it tells a clear, compelling story grounded in reality. Here’s what that looks like:

1. Start with the Problem (Two Slides Max)

Begin with the why. What’s the unmet need your product addresses? Use relatable data or patient stories to frame the stakes. For example:

• “Every year, over 700,000 people die from antimicrobial resistance, and the number could climb to 10 million by 2050.”
  This isn’t fluff—it’s context. Ground your science in the real-world problem you’re solving.

2. Explain Your Solution (Two Slides)

Describe your product in clear, accessible terms. Avoid jargon unless it’s absolutely necessary. A slide that says, “We use a targeted protein degrader to neutralize key oncogenic drivers” will resonate far more than a paragraph of technical detail.

3. Address the Market Opportunity (But Be Realistic)

Ditch the TAM slide unless you can back it up with credible SAM data. Instead, include a slide that breaks down:

• The current standard of care and its limitations.
• How your product fits into the treatment paradigm.
• An estimate of your addressable patient population within the next 5–10 years.

If you’re targeting a rare disease, explain why orphan drug pricing makes the market commercially viable. For example:

• “Our target population is 30,000 patients globally, but orphan drug pricing could generate $500 million annually at peak sales.”
  Source:

4. Show Traction (One Slide)

Investors love to see momentum. Include a slide summarizing:

• Preclinical or clinical data highlights.
• Regulatory milestones achieved (e.g., orphan drug designation).
• Any partnerships or grants secured.

5. Lay Out the Path to Commercialization (Two Slides)

Show you understand the steps needed to bring your product to market. This should include:

• Planned clinical trials and estimated timelines.
• Key regulatory milestones.
• Manufacturing or supply chain considerations.

Be honest about challenges. For example, if you’re developing a cell therapy with high production costs, address how you plan to scale. Ignoring obstacles won’t make them disappear.

6. Team Slide: Who’s Driving the Vision?

Highlight your team’s expertise. Investors need to trust that you have the right people to execute your vision. Include any advisors with relevant industry experience.

7. End with the Ask

Close with a specific funding ask tied to clear milestones. For example:

• “We are raising $20 million to complete our Phase I trial and prepare for Phase II.”

Why Storytelling Matters

A well-crafted pitch deck isn’t just about presenting data—it’s about creating a narrative that engages your audience. The best decks:

• Make investors feel the urgency of the problem.
• Present a clear, realistic vision of the solution.
• Balance scientific rigor with accessibility.

Great storytelling doesn’t mean sacrificing substance for style. It means taking the substance and presenting it in a way that people can understand, believe in, and rally behind.

Final Thoughts: The Death of Boring Decks

Biotech startups are solving some of the world’s most pressing problems, but you’d never know it from most pitch decks. Dense jargon, exaggerated market claims, and misplaced priorities make even the most promising ideas look unconvincing.

The solution isn’t dumbing down the science—it’s framing it in a way that resonates. Investors need more than data; they need a reason to care. If you can give them that, you’re far more likely to secure the funding and support needed to turn your innovation into reality.

Remember: the best science won’t sell itself. It needs a story. And if you’re still relying on TAM slides and 12-point Times New Roman, you’re not telling it.