For the product section, the disparity went the other way: VCs spent 105% more time scrutinizing the product sections of all-male decks than all-female decks (and 78% more time than mixed gender product sections). For all-female teams, the product section was one of the least scrutinized.
VCs also spent more time on the traction sections of all-female decks than for all-male or mixed gender decks. They averaged 76% more time on all-female traction sections versus all-male ones, and 56% more time versus mixed gender ones.
As we saw in our 2020 report, VC time spent on the business model section also varied with team demographics. VCs spent about the same amount of time scrutinizing the business models of all-male and mixed gender teams (58 and 57 seconds, respectively). However, investors averaged 80 seconds (43% more time) on this section for all-female decks.
These disparities are significant because they appear in some of the most important deck sections. As our research has shown, the product and business model sections have become crucial for early-stage pitch decks. Additionally, since VCs are investing in individuals as much as businesses at these early stages, the team section remains especially meaningful.
Overall, the relative importance of the team, traction, and business model slides for all-female teams suggests that investors were especially concerned with whether these teams had the right members to monetize a product and find a lasting fit among customers.
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