As it was explained to me, amount of prep work you must do varies by your credibility: - First-time founder has to show traction. - With a handful of successf

As it was explained to me, amount of prep work you must do varies by your credibility: - First-time founder has to show traction. - With a handful of successful startups under the belt, one can make do with a good powerpoint, a prototype and some customer interviews. - With a long streak of victories, a napkin is just fine. Ergo if you're not Steve Jobs, you can't get away with a napkin.