The purpose of the first meeting with a VC is to get a second meeting.  The purpose of the first meeting is not:

• To secure an investment from the VC after the conclusion of that meeting, or
• To tell the VC everything there is to know about your company.

VCs are generally too busy to dive deeply into every business that they see.  As a result, in the first meeting the VC’s primary objectives are:

• To verify that the high-level characteristics of your plan are realistic and based upon solid research and strategic thinking and
• To further validate the fit between your business and the VC’s investment criteria.

The high-level characteristics that a VC will be testing are the ones that you listed in your executive summary as well as the competency and compatibility of the management team.  VCs test these characteristics by identifying critical assumptions in your pitch by asking you direct questions about these assumptions.  VCs will listen to you explain the high-level characteristics of your plan and then take deep dives into specific aspects of this plan that either interest or trouble them.  When they dig deeper into an aspect of your business, they are testing you.  They want to know that you have thought business through and done so correctly.

Keep your eye on the ball.  Your objective in the first meeting is to help VCs get comfortable with the high-level aspects of your business.  If the VCs believes your vision and if your business aligns with their investment strategy they'll invite you back for a second meeting where you can provide more detail.  Focusing on crawling before walking – get the second meeting and you’ll be on the road to being funded.