Xpanceo is betting big on turning us all into cyborgs with smart contact lenses, and has secured a whopping $40 million in funding to make our sci-fi dreams a reality. Co-founders Roman Axelrod and Valentin S. Volkov are on a mission to do away with traditional gadgets and replace everyone's eyes with new screens. Who needs a smartphone when you can browse with just a blink of an eye? As optoelectronics and new materials push the boundaries of what's possible, we're in a future where losing a contact might mean missing your next Zoom meeting. I can't help but wonder if that's where we're headed.
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This deck slide
Xpanceo shared the full 19-slide presentation deck with TechCrunch. Although the slide list shows that the team has covered everything, a closer look at the material reveals that some areas are not as comprehensive as they appear.
Cover Slides Challenges Solutions Products Value Proposition B2C: Use Cases B2B: Industry Traction Contact Lens Users Market Size Revenue Forecast Competition What is Xpanceo? Overview Technology Pioneering R&D in Optical Analysis Team Roadmap Last Slide
Three things I love about Xpanceo's pitch deck
There are a lot of really great stories happening here.
part of history
[Slide 2] A clear problem statement. Image credit: Xpanceo
The presentation effectively begins with a clear problem statement and sets the stage for an intensive discussion of the challenges and opportunities in the area of augmented reality (AR) and wearable technology. This explanation is very important because it immediately indicates the problem that Xpanceo is addressing with its innovative smart contact lens project. By clarifying the problem up front, this deck ensures that the audience understands the context and significance of the technology being developed. This is essential for gathering support and enthusiasm for the project. I like that.
The inclusion of a chronology within the presentation detailing the evolution of computing technology is particularly clever. This historical perspective not only educates the audience about advances and milestones in computing, but also situates his Xpanceo work within a larger story of technological progress. And many of those advances have actually made many investors very wealthy.
What are the problems with AR?
This presentation highlights the current shortcomings of AR and acknowledges that the technology is not yet widely adopted, largely due to poor product offerings that fail to resonate with consumers. This is true and shows that Xpanceo is aware of the hurdles facing previous AR technologies and is committed to overcoming these challenges.
[Slide 3] Starting to work on “solutions” is a great approach. Image credit: Xpanceo
There is a big difference between a “solution” slide and a “product” slide. His take on Xpanceo here makes the difference neat and clear.
Solution slides are strategic in nature, emphasizing a broader and adaptable approach rather than just focusing on the product. This strategic thinking is critical because it shifts the focus from product details to the underlying philosophy of problem solving.
I like how it intentionally avoids too much detail and expresses the solution in a clear and easy to understand way. This clarity is essential for communicating effectively with stakeholders such as investors, potential customers, and team members. By making the solution simple and easy to understand, the team ensures that everyone involved understands the core concepts and objectives. This level of transparency fosters trust and collaboration between all parties. This is important for collaboration and overall project success.
From there, you can go into product details.
So let's take a look at what the company is actually trying to do.
Again, Xpanceo does a great job.
[Slide 4] This slide attracts investors. Image credit: Xpanceo
Product slides do a great job of presenting your product in a clear and appealing way, avoiding the common pitfall of falling into overly technical language that can alienate or confuse your audience. Avoid. This approach is particularly powerful given the complex nature of the technologies involved.
Smart contact lenses that integrate advanced computing capabilities directly into your vision can feel like magic. Still, by maintaining clear and easy-to-understand language, this slide ensures that the innovation is understood and appreciated by a wide audience, and this helps generate interest and support among potential investors. Very important.
I especially like that this clarity sets the stage for deeper discussions without getting lost in the complex technical terminology that inevitably arises in the lab. It strikes the right balance between simplicity and information content.
3 things Xpanceo could have done better
This deck is really good. But is it perfect?
no. Let's dive in.
What are you growing?
what?Image credit: Getty Images
The biggest problem with the Xpanceo deck is not what's in it, but rather what's not in it.
One key element missing from this deck is the “question” slide, which is essential when seeking venture capital funding. It's surprising how often founders overlook this element in pitch decks. There is no time to be shy or indirect when raising funds. Being clear about what you're looking for, including staffing, resources, and partnerships, shows potential investors a well-thought-out plan and a serious commitment to your startup's future. This allows investors to quickly understand their needs and assess whether they meet their investment criteria.
Including specific questions in your presentation also shows that you have a realistic understanding of what your startup needs to succeed. This shows that careful consideration has been given to how much money is needed, what it will be used for, and how it will help the company achieve its goals. This level of detail and transparency increases the credibility of your pitch and gives potential investors confidence in your management and planning abilities. We position entrepreneurs not just as experimenters, but as serious individuals committed to building sustainable businesses.
B2B or B2C: cannot have both
Slides 6 and 7 discuss both B2B and B2C models. It's not a very good phone.
[Slide 6] Brainstorming use cases is smart, but it's important to come up with actual use cases that will drive your investment decisions. Image credit: Xpanceo
B2B and B2C business models are fundamentally different. Very few companies can do both and succeed with just one strategy.
B2C sales are characterized by direct interaction with individual consumers, with a focus on emotional engagement, brand identity, and creating a personalized customer experience. This model thrives on short sales cycles and instant purchase decisions, so it's important for companies to invest in understanding consumer behavior and developing marketing strategies that resonate on a personal level. Even if a company buys in his B2C model, the sales process must treat the company as a consumer to keep marketing efforts simple and efficient.
Conversely, B2B sales involve more complex transactions with other businesses and are characterized by longer sales cycles, higher transaction values, and an emphasis on real benefits and cost-effectiveness. This model requires strong, trusted relationships and often requires customized solutions to meet specific business needs. Less commonly, consumers may take advantage of products designed for business use, highlighting the flexibility needed in sales strategies. Ultimately, the focus on a B2B or B2C sales organization should align with the startup's core competencies and strategic goals and shape the story of the startup's pitch to attract potential investors.
Trying to do both doesn't work. So please choose one and explain why it is the right choice.
market size fallacy
[Slide 9] It is true that there are many contact lens users. But are they really agents of Xpanceo customers? Image credit: Xpanceo
When assessing the potential market size for Xpanceo contact lenses, it is important to distinguish the nature of the product from traditional contact lenses. Or, put another way, is the market for Xpanceo's products to be people who already wear contacts? The company believes that everyone who wears contacts wants smart contacts. It seems so. But that's probably not accurate.
Xpanceo's products are more than just a replacement for optical corrective glasses, they function as wearable devices. This distinction is important because Xpanceo's target market may not directly match the existing contact lens user population. Instead of assessing the total number of contact lens wearers, a more relevant indicator may be the usage of related technologies such as smartphones and smartwatches. This reflects a tech-savvy consumer base that is more likely to adopt new wearable technologies. This approach not only helps identify a wide range of users, but also those who are likely to adopt an innovative product.
Xpanceo's go-to-market strategy plays a vital role in determining key consumer segments. If a product is designed for mass market consumption, the strategy should focus on identifying and engaging early adopter groups. This group is typically made up of technology enthusiasts who are passionate about exploring and implementing cutting-edge technology. These early adopters can provide the initial traction needed to penetrate the market and serve as influencers and validators for a broader consumer base. Their feedback is also invaluable in improving your product and making it more appealing to the next buyer.
I think the company is trying to show that their market is huge, but I don't think contact lens wearers are their agents. I wear contacts, but only when I play contact sports (martial arts or scuba diving). But even if I had never worn contacts in my life, I would still want to try the Xpanceo solution.
I think the company is trying to compare Orange to an Apple computer.
full pitch deck
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