Entrepreneurial Adventures is not a traditional investor pitch deck, but rather a pedagogical tool designed for aspiring cybersecurity founders. Authored by Bryson Bort of SCYTHE, the 36-slide presentation (18 slides analyzed here) provides a pragmatic roadmap for the 'zero-to-one' phase of company building. It emphasizes the harsh realities of the founder journey, including the necessity of 'Tolerance for Bullshit' (Slide 4) and the critical choice between services and product models. The deck outlines a lean 5-slide pitch structure (Slide 8) and offers specific operational advice on back-of…
Key takeaways
- Entrepreneurship requires two core traits: Passion and a high Tolerance for Bullshit (Slide 4).
- The deck distinguishes between services (1 hour = 1 hour of $) and products (1 hour = x $$$) as fundamental business models (Slide 5).
- A recommended pitch deck consists of only five core slides: Problem, Solution, Proof, Funding, and Vision, plus a Team slide (Slide 8).
- Fundraising is likened to marriage, requiring 'Pre-Nuptial' agreements like convertible notes and clear board structures (Slide 9).
- Operational economics are broken down into Hourly Salary, Fringe, and Back Office costs (G&A and Overhead) (Slide 10).
- Client acquisition is identified as the hardest part of the business, far outweighing the difficulty of the technology itself (Slide 17).
- Founders should prepare for a minimum of six months without receiving a paycheck during the launch phase (Slide 18).
- Timing is cited as the number one factor in success across more than 200 companies, accounting for 42% of the outcome (Slide 7).
Introduction: The Founder's Survival Guide
The Entrepreneurial Adventures deck is a rare look at the 'meta' of starting a company, specifically within the cybersecurity sector. Rather than pitching a specific product, Bryson Bort (Founder of SCYTHE and GRIMM) uses these slides to mentor future founders. The deck is characterized by a blend of pop-culture references—ranging from The Legend of Zelda to The Office—and hard-nosed business pragmatism. It addresses the psychological, operational, and financial hurdles that technical founders often overlook.
Slides 1-4: The Psychological Entry Barrier
The presentation opens with a disclaimer on Slide 2, stating 'I’m not a lawyer' and 'I’m not even one of the best entrepreneurs out there.' This humility sets a tone of peer-to-peer mentorship rather than academic instruction. Slide 3 asks the provocative question, 'Why Do You Want to Do This (to yourself)?', accompanied by a diverse group of characters, suggesting that entrepreneurship affects one's entire community and personal life. Slide 4 distills the requirements for the journey into two points: 1. Passion and 2. Tolerance for Bullshit. This is a blunt acknowledgment that the administrative and political hurdles of business often outweigh the joy of technical creation.
Slide 5: The Business Model Crossroads
Slide 5 presents the fundamental choice for any new venture: Products vs. Services. The slide defines Services as '1 hour of effort = 1 hour of $' and Products as '1 hour of effort = x $$$'. The visual aid—a unicorn holding a scythe—suggests that while products offer scalability and the 'unicorn' dream, they also require a different kind of execution (depicted in a complex flow chart) compared to the linear nature of service work.
Slides 6-7: The Growth Strategy
Slide 6 addresses the risks of 'Starting With Your BFF,' highlighting the need to codify roles, expectations, and equity. It asks the difficult question, 'What if things change?' Slide 7 tackles the 'To Raise or Not To Raise' debate. It contrasts 'Control vs. Growth' and cites a study of 200 companies where Timing (42%) and Team/Execution (32%) were the primary drivers of success, while Funding only accounted for 14%. This suggests that while raising capital is a common path, it is not the most critical variable for success.
Slides 8-9: The Mechanics of Fundraising
For those who choose to raise, Slide 8 provides a minimalist 5-slide pitch deck template: Problem, Solution, Proof, Funding, and Vision. This structure is credited to Ron Gula. Slide 9 compares raising capital to getting married, emphasizing the need for 'Pre-Nuptial' agreements in the form of Convertible Notes or Equity terms. It also introduces the concept of the Board, including Directors and Observers, as a permanent fixture in the founder's life post-funding.
Slides 10-12: Operational Realities
Slide 10 breaks down the 'Economics' of a hire, showing that an employee's cost is far more than just their 'Hourly Salary.' It includes 'Fringe' and 'Back Office' costs (G&A and Overhead). Slide 11 lists the necessary benefits: Health Insurance, 401k, and the use of a PEO. Slide 12 discusses 'The Actual Office,' offering a choice between dedicated space, shared space, or remote work, noting that each choice impacts culture and scale.
Slides 13-15: Clients and Resources
Slide 13 focuses on 'Clients,' noting that 'getting paid is the hard part.' It covers the lifecycle from GTM to Procurement and NDAs. Slide 14 is a 'Q&A' placeholder, while Slide 15 provides a tactical toolkit for founders, recommending the Security Founders Slack, Gusto, Pilot, and Brex. These are specific, actionable resources that reduce the friction of early-stage administration.
Slides 16-18: Expert Testimony
The final three slides in this set feature advice from industry veterans. Ron Gula (Slide 16) emphasizes that founders must have both company goals and personal goals. Tim Medin (Slide 17) debunks the 'build a better mousetrap' myth, stating that 'Acquiring clients is the hard part' and 'The technology part is easy.' Chris Truncer (Slide 18) provides a checklist for launch, including legal documentation, insurance, and the sobering advice to 'Prep for a minimum of 6 months where you might not receive a paycheck.'
What Entrepreneurial Adventures Does Well
The deck excels at stripping away the glamour of the 'startup' label and replacing it with the reality of 'company building.' By focusing on back-office economics (Slide 10) and the difficulty of procurement (Slide 13), it prepares technical founders for the non-technical tasks that will occupy the majority of their time. The inclusion of specific software recommendations (Slide 15) provides an immediate starting point for someone who has never run a business. Furthermore, the '5-slide pitch' (Slide 8) is an excellent exercise in brevity that many founders struggle to achieve.
What is Missing from the Deck
While the deck is an excellent primer, it omits several deep-dive areas. There is no mention of Unit Economics (LTV/CAC ratios), which are vital for product-led startups. It also lacks a discussion on 'Product-Market Fit'—how to actually find it, rather than just how to pitch it. The deck assumes the founder already has an idea and is looking for the 'how' of execution. Additionally, while it mentions 'Tolerance for Bullshit,' it doesn't provide strategies for managing the mental health challenges that often accompany the 'dangerous' journey mentioned on the title slide.
Founder's Playbook: What to Copy
Founders should emulate the '5-slide' constraint for their first draft of a pitch deck. If you cannot explain your business in those five categories, your message is likely too diluted. Additionally, the 'Services vs. Products' distinction on Slide 5 is a vital internal conversation every founding team must have; many companies fail because they try to do both without realizing the different economic engines required for each. Finally, the advice on Slide 18 regarding a six-month personal runway is a practical requirement that every founder should satisfy before quitting their day job.
Frequently asked questions
- What is the recommended structure for a pitch deck according to this presentation?
- Slide 8 outlines a concise five-slide structure: I. The Problem (in one slide), II. Your Solution, III. Proof (beta customers/examples), IV. Funding (amount and execution), and V. Vision (schedule/milestones). A team slide is also noted as essential. This minimalist approach forces founders to distill their value proposition into its most potent form.
- How does the deck advise founders on the choice between bootstrapping and raising capital?
- Slide 7 presents the 'To Raise or Not To Raise' dilemma as a trade-off between control and growth. It references Haroon Meer's 'Bootstrapping Ego' and cites data showing that while funding is a factor in success (14%), timing (42%) and team execution (32%) are significantly more influential in a company's ultimate outcome.
- What are the specific back-office recommendations for new founders?
- Slide 15 lists specific tools for early-stage operations: Gusto for payroll and benefits, Pilot for accounting, and Brex for corporate credit cards not tied to personal credit. Slide 11 further emphasizes the importance of Professional Employer Organizations (PEOs) for managing health insurance and 401k plans efficiently.
- What legal and administrative steps are highlighted as 'must-haves' before launching?
- Slide 18, featuring advice from Chris Truncer, insists on hiring a good lawyer to draft sales documentation, contracts, and NDAs before going public. It also stresses the need for business and health insurance, a functional website, and pre-purchased hardware/software like servers and laptops to ensure the company can hit the ground running.
- How does the deck address the relationship between co-founders?
- Slide 6, 'Starting With Your BFF,' warns founders to define roles, expectations, and equity early. It poses critical questions about what happens if things change and what success looks like for each individual, suggesting that personal friendships can be strained if these business foundations aren't explicitly agreed upon.
