Published: 30-Sep-2021
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If you compare an early-stage startup's website with their pitch deck (if you have access), you will notice how different the story in their pitch deck reads vs their website.
The first & smaller reason for this difference is obvious. The website talks to potential customers (in most cases) while the deck talks to potential investors.
The second & larger reason is that the website talks about the iceberg above water (what they have built/what they are right now) while the pitch deck talks about the iceberg below the water (what they will build & what they will eventually be).
This part is typically larger and more mind-blowing. And is what is called 'BHAG' or 'big hairy audacious goal'. The pitch deck talks more about this and how they will get there.
Side note - this is why an early-stage startup's pitch deck is more 'narrative-heavy' than 'number-heavy. They are selling the BHAG at this stage, not their metrics. And how clearly & convincingly they sell this BHAG can affect their valuation multiple.
Anyway, coming back - The corollary here is the larger this delta between what's on the website and what's on the pitch deck, the lesser the public knows about the company - making most of the public discourse on the company meaningless.
The only real way to understand the company, in that case, is to actually sit down with the founder(s) and pick their brain. And when you do, you will realize how little you knew about the company and how wrong you were about it.
