The Art of Internal Selling
Finding great deals is only half the job. The other half is convincing your partners to invest. The best associates don't just analyse—they advocate. They build narratives that make partners lean in, while maintaining the intellectual honesty that earns long-term trust.
Know Your Audience
Every partner has different priorities and concerns. Before you present:
- Map each partner's hot buttons — One cares most about team. Another obsesses over market size. A third always asks about unit economics first.
- Understand their portfolio — Does this deal compete with or complement something they've already backed?
- Read the room — Is the fund actively deploying or in a cautious phase? How many deals have been approved recently?
The Pre-IC Campaign
The formal IC presentation shouldn't be the first time partners hear about your deal. Build momentum before the meeting:
- Week 2 of diligence: Casual mention to your sponsoring partner. "I'm seeing something interesting in [sector]. The metrics are strong."
- Week 3: Share a one-page summary with 2-3 partners. Get early feedback on concerns.
- Week 4: Circulate the full memo 48 hours before IC. Address any concerns raised in step 2.
By the time you present, partners should already be familiar with the deal and your key arguments.
Structuring Your Presentation
Lead with conviction, not chronology. Don't walk through "first we found them, then we met them..." Instead:
- The thesis (2 minutes): "We should invest £X in [Company] because [one compelling sentence]."
- Why this is special (3 minutes): The 2-3 things that make this deal stand out. Use specific data.
- The risks I'm concerned about (3 minutes): Show you've stress-tested the thesis. For each risk, explain your mitigant.
- The return case (2 minutes): Walk through the math. What does this look like at a 5x exit? What assumptions need to hold?
- The ask (1 minute): Clear recommendation, proposed terms, and next steps.
Use Data to Support Your Story
Partners are more persuaded by data than adjectives. Instead of "the growth is impressive," say "they grew from £500K to £2M ARR in 9 months—that's top-decile for Series A B2B SaaS."
Benchmarking tools like Predict Ventures make it easy to contextualise metrics. When you can say "this company scores in the 85th percentile against comparable startups," it gives partners an objective anchor.
Handling Questions and Pushback
The Q&A is where you win or lose. Preparation tips:
- Prepare 20 questions, know the answers to all of them — Write down every question partners might ask, and draft your response
- Have backup slides — Detailed financial model, customer list, competitive deep-dive, cap table
- Don't be defensive — "That's a great question, and it's something I spent time on. Here's what I found..."
- It's okay to say "I don't know, but I'll find out" — It's much better than making something up
When the Answer Is Pass
Not every deal should be a pitch. Your credibility comes from selectivity. If you bring 10 deals to IC and partners pass on 8, you're bringing too many. Aim for a 50%+ approval rate on deals you present—that shows judgment.
Building Your Track Record
Keep a personal log of every deal you presented, the outcome, and—over time—how the investment performed. This is your career portfolio. The associates who make partner are the ones whose deals consistently perform well.
Make Smarter Investment Decisions
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