Two rooms
Room A. A founder is presenting Series A slides in a Brussels meeting room. Slide eleven is the consumer slide. It shows three friendly quotes from a tasting at last autumn’s Anuga, a moodboard of texture adjectives in three typefaces, and a photograph of someone smiling while holding the product. The investor across the table reads it once, smiles politely, and writes nothing down. The conversation moves to the next slide. The founder reads the silence as a positive signal. It is not.
Room B. A founder is presenting in the same meeting room two months later. Slide eleven is also the consumer slide. It shows a blind preference panel against the named category leader (n equals 218, omnivores, single-blind protocol), repeat-purchase data from a Circana scan-panel benchmarked against the category mean, a sensory descriptive lexicon clustered from 140 verbatims and traceable to two reformulation versions, and one chart annotated with the protocol disclosure. The investor reads it …

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