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Your Investment Thesis Is Boring—Here’s How to Fix It

You’ve got one shot to make them believe—don’t waste it on jargon.

Author

Paul Smalera
April 19, 2025

Hi new readers! Great to have you here. Here’s another thought I’ve been having about boring VC websites and how to fix them. If this resonates, or doesn’t, would love to hear from you about it: [email protected]. 🙏

Every VC firm has an investment thesis, but too many read like generic strategy decks. They’re filled with industry buzzwords, vague statements about supporting “exceptional founders,” and references to “transformative technologies.” The result? Founders skim, LPs glaze over, and your firm blends into the noise.

A truly effective investment thesis is more than a positioning statement—it’s a narrative. It tells a compelling story about where the world is going, why your firm is uniquely positioned to capitalize on it, and how founders and LPs can be part of that journey. When done right, it attracts the best founders, wins over LPs, and turns your firm into a magnet for the right opportunities.

Here’s how to transform your investment thesis from a dry slide deck into a high-impact narrative that people actually want to read—and remember.

1. Start with a Big, Compelling Idea

The strongest investment theses don’t just describe a strategy; they frame the future. They introduce a shift that is happening—or needs to happen—in the world and make it clear why this moment is the time to invest in it.

Weak Thesis:

"We invest in enterprise software."

Stronger Thesis:

"The next wave of enterprise software will be built for automation-first workflows, where manual processes are obsolete. We invest in companies rethinking how businesses operate, from first principles, in an era where intelligent systems don’t just assist but autonomously drive decisions."

A big idea gives your investment thesis gravity. It signals that your firm isn’t just following trends—it’s predicting and shaping them.

✅ Ask yourself: What fundamental shift do you see in your market that others might be underestimating?

2. Make It Personal: Why You?

Founders and LPs don’t just buy into markets—they buy into your perspective. Your thesis should clearly convey why your firm is the right one to execute on this vision.

  • What unique insight or experience led your team to develop this thesis?

  • How does your background, network, or expertise give you an edge?

  • What bets have you already made that reinforce this vision?

Example:

"Before starting this fund, we spent a decade building and scaling technical teams at enterprise SaaS companies. We saw firsthand how automation was being bolted onto legacy systems—leading to inefficiencies rather than improvements. That’s why we back startups that are designing automation-first solutions from the ground up."

This builds credibility and trust, making your investment thesis feel earned, not just adopted.

✅ Ask yourself: What experiences make you uniquely suited to invest in this space?

3. Use Specific Examples to Make It Concrete

An investment thesis without examples feels abstract. The best ones illustrate their ideas with real companies (whether in your portfolio or the broader market).

  • Who are the companies (past or present) that exemplify your thesis?

  • What specific trends or case studies reinforce your argument?

  • Can you point to success stories that validate your perspective?

Example:

"Five years ago, few investors believed that vertical SaaS could be a billion-dollar opportunity. But companies like Procore, ServiceTitan, and Veeva proved that deep industry focus leads to outsized wins. We believe the next frontier is automation-powered vertical SaaS, and we are backing founders who are building the next generation of category-defining companies."

By anchoring your thesis in examples, you make it memorable and credible.

✅ Ask yourself: Can someone immediately visualize what you mean? If not, add an example.

4. Make It Founder-Friendly

Your thesis isn’t just for LPs—it’s also for founders deciding whether they want you on their cap table. If it sounds overly academic or generic, it won’t resonate. The best investment theses speak directly to founders in clear, compelling language.

Example:

🚫 Too vague: "We invest in disruptive technologies that reshape industries." ✅ Better: "We invest in founders who are using automation to eliminate high-friction workflows in finance, healthcare, and logistics—solving problems that the incumbents aren’t equipped to fix."

Making your thesis readable and founder-friendly helps you attract the right inbound pitches while filtering out misaligned opportunities.

✅ Ask yourself: If you were a founder, would this thesis excite you or confuse you?

5. Write It Like a Story, Not a Strategy Memo

Most investment theses feel like they were written for an MBA class, not for humans. The best ones flow like a compelling narrative, pulling the reader in with a mix of logic and storytelling.

Instead of listing bullet points, structure it like a story:

  • The Shift: What fundamental change is happening in the world?

  • The Opportunity: What does this shift unlock, and why is it investable?

  • Your Advantage: Why are you the right firm to capitalize on it?

  • Proof Points: What real-world examples validate your perspective?

  • Call to Action: How should founders or LPs engage with you?

Example Structure:

"The way software is built is changing. Traditional SaaS models are being challenged by automation-first applications that learn, adapt, and autonomously execute. This shift is creating an entirely new class of software companies—ones that aren’t just improving processes but replacing them altogether. At [Your Firm], we invest in the builders of this future: founders who understand that automation isn’t just a feature but a fundamental redesign of how business software operates. If you’re building in this space, let’s talk."

This structure makes your thesis engaging, clear, and action-oriented.

✅ Ask yourself: Does my thesis flow logically, or does it feel like a collection of disconnected points?

Final Thought: A Great Thesis Attracts, Not Just Informs

A strong investment thesis does more than describe—it compels. It makes founders want to pitch you. It makes LPs want to back you. It makes your firm stand out in an industry full of lookalike strategies.

By turning your investment thesis into a narrative, you move beyond words on a page—you create a magnet that pulls in the right opportunities.

So, take a hard look at your current thesis. Does it read like a deck slide, or does it tell a story people can’t ignore?