Today’s “business plan” equivalent is a combination of materials based on varying stages of an investor conversation—getting an introduction, the first meeting, a meeting with the broader investment team, and diligence process. Knowing that a highly-detailed plan is guaranteed to change in the early stages of a business, investors often focus on the specifics around a company’s team, product, and market. Investors look for signals that show how an entrepreneur thinks about the future and expects to grapple with anticipated challenges. Strong materials make it easier to distinguish the signal from the noise and serve as an opportunity to guide investors to the most important aspects of the business. Done well, great materials can generate sufficient interest in a business, turning a ~5-minute email into a ~45-minute meeting and a long-term relationship.