Well said Ajay and Andrew. I agree whole heartily to both points. Often I find an Executive summary is sufficient enough to run a small UNBAISED feasibility study to get the ball rolling.
Andrew, you are highly perceptive to recognize the cherry picking scenario that is so often true and almost invariably overlooked. I can tell instantly from that statement that you've been around the block a few times. I can't stress enough how important it is for founders to not get emotionally attached to a concept, and be blinded by their vision. I don't try to prove concepts anymore. I used to - but now I try to kill them as fast I can so if it doesnt have legs, i can realize that now, and get on with my life, without dragging others into my dillusional sunset. Disproving a concept is how I maintain a neutral mindset. If it survives the bullet test, then it's worth investing some time thinking about. The exec summary starts to grow then eventually becomes a business plan, but not before it proves worthy of my time. Life is too short to waste time, and it's inconsiderate to waste investors' and partners' time.
One of my biggest peeves is when a founder quotes statistics regarding the size of an industry. Just because the industry is valued at a $trillion doesn't mean your concept is likely to succeed. The last I checked, most business schools are still teaching to pitch this way.