In order to achieve your objective in this first meeting you should focus on providing the VCs with the information that they need. Most entrepreneurs plan on imparting this information from their PowerPoint presentations.

When most entrepreneurs practice these presentations they focus on smoothing out the pace of the presentation. While it's good to practice and get comfortable with the content of your presentation, it's important to keep the order and pace flexible; I can guarantee that you won't go in the order or at the pace you expected.

You will need to adapt the pace of the presentation to the needs of the VC. They will initially be more interested in some aspects of the business than others. Let the VCs needs set the pace and the topics of the presentation. This will help them get the information they need to evaluate the idea quickly and get excited enough to move the process forward.

Some of the best ways to figure out what a VC wants to learn about your company is by reading their body language, responding to verbal cues and, if necessary, soliciting questions. If a VC gives you a quizzical look slow down and spend more time on the topic. If they look bored, speed up. If they say "we get it, move on", then move on.  And, be sure to stop occassionally to offer to answer questions.

Also let the VCs questions guide the presentation - try not to defer questions until you get to an upcoming slide. If the VC is hung up on a question, they're less likely to pay attention to other material until their burning question is answered. Don't fret if these questions take you down a new, unexpected tangent. The VC is simply trying to get the information that they need - your job is to help them learn.

In order to achieve your objective in the first meeting you need to be flexible in how you present. Remember that your objective is not to present as rehearsed, it's to properly inform the VC and move the process forward.