Powerpoint vs Working Code?

My friend Tom Evslin did an unscientific poll of three VCs (including me) and concludes that:

PowerPoint presentations won’t get you
into the meeting room of most venture capitalists even though you may
need a presentation once you get there. Working software that they can
look at before they look at you, on the other hand, seems a great way
to start.

and

That’s actually great news for us nerds. Wouldn’t you rather code up some cool AJAX and php than make a PowerPoint presentation?

Think about it from an investor’s perspective. If you are getting dozens of new opportunities a day, it’s just more efficient to be able to play with something quickly on the web to understand what the entrepreneur is up to.