It wasn’t very long ago that venture capital was so free-flowing it seemed as if any entrepreneur with a half-decent idea could raise an initial round of financing. Those halcyon days are clearly now past us, with inflation, rising interest rates, and slowing economic growth (or full-fledged recession) ushering in a radically different macro funding environment. VCs, angels, and other early-stage investors are much pickier about what new companies they will support, as a renewed focus on profitability and efficient growth is now the order of the day. That means, of course, that the founder’s job of selling their vision to prospective investors is more critical (and arguably challenging) than it has been for a long time. In today’s McKinsey on Start-ups guest episode from the McKinsey Israel on High Tech podcast, host Peleg Dekalo, a consultant in McKinsey’s Tel Aviv office, speaks to two experts about what it takes for entrepreneurs to achieve investor pitch excellence. Carmel Yoeli is the CEO of Atreo, one of Israel’s most successful B2B brand agencies, who works with tech start-ups to develop their strategic narratives and the brands that follow. Luisa Russwurm is a consultant inMcKinsey’s tech hub in the firm’s Tel Aviv office, who spends a lot of her time helping young start-ups shape their investor stories. In this discussion, the two of them go deep on a four-part framework to structure an effective investor pitch, the importance of a clear strategic narrative, and other keys to success in selling the start-up vision.

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