The more complete (not complex) the prototype the better. Otherwise it's going to be a struggle communicating just what it is you do using powerpoint alone. In

The more complete (not complex) the prototype the better. Otherwise it's going to be a struggle communicating just what it is you do using powerpoint alone. In my experience, the shorter amount of time it takes to get to the demo the better. In my most recent startup, we raised our first round without a powerpoint presentation whatsoever, it was all about the product and the story. In my opinion, product is the best pitch.