I'm surprised at how jarring the math and background on page 2 feels.
It really feels reflective of a different era, coming from a modern perspective Id never dare include something like that, with a big "scary looking formula" that needed explanation text, in the first half dozen pages. I wouldn't trust the reader to care enough to keep reading one word past the formula if I didn't already have them reasonably invested in the concept. These days there is an endless firehose of pitches in-front of people with the money for all fields artistic, scientific, and financial ... Statistically your odds of making it past their initial selection process gets worse and worse and you’ve even seen some push back against this with more "shotgun" approaches to funding strategies, but this isn't as common outside the startup world. With risk appetites falling we get ever more obsessed with having the initial pitch be hyper-polished to the point I've seen people reference eye tracking studies while designing a slide deck layout, the last hope of "thoughtful consideration" having been extinguished as they try to ensure that the first few glances at their pitch deck slides might entice the viewer to look beyond the thumbnail.
So yeah living in the hyper-optimised pitch environment we have today, page two was a real whiplash moment for me... really just adds to how interesting it is to read this.