Another great piece from Patrick, full of specific advice and grounded in several places with “and here’s the one non-obvious additional tidbit that will drive the point home for you most helpfully”.

Only minor addition I’d make is in the section on Fermi estimation of market size is to end that with a warning something like “but resist the temptation to say ‘and even if we only get 1% of that huge market, we’ll still be a success!’” You might be permanently viable and profitable (success for you perhaps), but getting 1% is harder than you think and is not a success case for a VC. But it’s super-tempting and common thought pattern. What you’re pitching and thinking of as an exciting modest success is another failure that the VC has to wind down and exit from.

You might be OK with that outcome, but portray that you’re single-mindedly going after 70+% of that market. If the investor wants to calculate what 1% of it is on their own, they can in their head; you don’t need to connect those dots for them and put the fallback/safety case in their mind. (It’s not entirely omitted, but I’d make it explicit as I’ve gone down this road myself.)