Every investor pitch builds towards what is often called the Ask slide. There is critical investor psychology that underpins a successful pitch, and it culminates in this slide. Here are the three keys to getting it right.

1: It’s not an Ask. It’s an Opportunity.

You’re not “asking” for anything. You are creating this startup because you’re convinced it will be worth hundreds of millions, maybe billions. And here you are, essentially giving away a huge chunk your company because you need cash today. Even more, the professional investors you are pitching are literally paid to find opportunities like this. They need you.

So don’t ever walk into an investor meeting with the hat-in-hand supplicant mindset. Never use any language on the deck or in your voiceover that indicates you’re asking, or seeking, or looking for anything. You are providing a special opportunity to a select group of people. Meeting you is their lucky day.

2: Milestones Not Expenditures.

Think of your startup as a billion-dollar company whose value is currently crushed by a heavy layer cake of risk:

As you answer these unknowns, your valuation inflates closer to its full potential. The investor wants to hear how you’re reducing the burden of risk so the value of their investment will expand as well. Every meaningful milestone increases your valuation.

So focus on milestones, and get rid of your Use of Funds graphic on the Opportunity slide. I’ve never met anyone who couldn’t figure out how to spend money. It’s irrelevant to the valuation discussion and simply invites sidetracking discussions about your spending plans. You can keep a Use of Funds slide in your deck appendix in case someone wants to dive into details.

The other reason to highlight milestones is because they justify the amount of money you’re raising. The optimal amount of money should be only what you need to comfortably reach the biggest next value-creating milestones. Good prioritization of measurable and defined milestones (eg “$100k of ARR” or “FDA approval” as opposed to squishy things like “Grow team”) also sends a clear message of goal-oriented leadership.

3: State or Imply Valuation Growth

What’s the most common feedback investors give founders? “It’s a little early for me,” or “I’d like to see more traction first.”

(“Of course you would!” you want to scream. “Who wouldn’t want to see what cards the dealer is holding before placing their bets?”)

They may be feigning interest just to be friendly, but there’s also a chance they’re impressed yet don’t feel sufficient urgency to write a check today. Any why should they? If you’re still making progress when you’re out raising your next round, they figure they can always invest then. The way you’ve presented it, the risk of missing out on this round scares them less than the risk of losing their money.

The key to get investors to open their wallets is not just to list milestones, but to imply—or clearly state, often using analogous companies that are further along—that the next funding round will likely be at a substantially higher valuation.

Suddenly, the investor faces a choice: if I’m interested in this company, and the next round will be at a 5-10x higher valuation, will I feel like a chump if I wait till then?

And why will the valuation be higher? Because you’re going to reach key value-creating milestones with the current funding round.

So your job is to make sure the investor understands just how much less risk your company will face when it goes out to fundraise next time. You need to paint the picture of in just how strong a position you’ll be. This is often particularly vivid and well-documented in life sciences, where valuations increase substantially as startups pass testing and regulatory hurdles.

Paint that picture well enough, and the hesitant investor has to ask themselves: will I kick myself for missing this last ground-floor opportunity?

Take a look at your fundraising slide. Have you sharpened your story to play to all three key psychological elements?