Why a dog and pony show is still the most used trick in business

You've probably sat through one. The lights dim. The slides are gorgeous. There is a presenter who seems way too caffeinated for a Tuesday morning. Everything feels perfect—maybe a little too perfect. That is the classic dog and pony show, a term that has survived since the 19th century for a very specific reason: it works, even when we know we’re being played.

Honestly, it’s a bit of a weird phrase when you think about it. Most people use it today to describe a flashy presentation that lacks real substance. But the history of the dog and pony show isn’t just about corporate boardroom fluff. It started with small, traveling circuses in the United States that couldn't afford elephants or lions. They had to make do with what they had, which was usually trained dogs and Shetland ponies. They would dress these animals up and perform elaborate tricks to distract the audience from the fact that the "circus" was actually just two guys and a wagon.

In a modern business context, the stakes are a lot higher than a nickel ticket to a traveling show. We are talking about billion-dollar VC pitches, high-stakes software demos, and political campaigns.

The psychology behind the performance

Why do we still fall for it?

Cognitive scientists often point to something called the "aesthetic-usability effect." Basically, if something looks good, we subconsciously believe it works better. It's a glitch in the human brain. When a startup founder shows up with a sleek, high-fidelity prototype that looks like a finished product, our brains want to believe the backend code is just as clean. Often, it isn't. Sometimes, there isn't even a backend.

The dog and pony show relies on momentum. If the presenter can keep you moving from one "wow" moment to the next, you don't have the mental bandwidth to ask the hard questions. You're too busy watching the pony jump through the hoop.

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Think about the infamous case of Theranos. Elizabeth Holmes was a master of the dog and pony show. She had the black turtleneck, the deep voice, and the "miracle" machine that looked like a piece of high-end consumer tech. Investors saw the shiny exterior and the prestigious board of directors—the "dogs" and "ponies" of the political world—and they stopped looking for the actual science. It was a performance that lasted for years before the curtain finally fell.

When the show is actually necessary

Now, it’s not always a scam. Sometimes you need a bit of theater.

If you are a founder trying to raise a seed round, you are selling a dream. There is no finished product. In that scenario, the dog and pony show is actually your job. You have to demonstrate vision. You have to show that you can market a concept. The problem only starts when the show is used to hide a fundamental lack of value.

Real experts know the difference between "persuasive storytelling" and "empty spectacle." One uses emotion to highlight a truth; the other uses emotion to bury a lie.

Identifying the red flags in a presentation

If you find yourself in a room—or a Zoom call—and you start feeling like you're at the circus, keep your eyes open for these specific patterns.

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• Vague metrics that sound impressive. If someone says they have "200% growth in engagement" but won't tell you the raw number of users, be careful. Two hundred percent of two people is only six people.
• The "Steve Jobs" obsession. If the presenter is trying too hard to mimic the Apple keynote style—minimalist slides, dramatic pauses, hyper-curated lighting—they might be overcompensating.
• Deflection through jargon. A dog and pony show loves big words. "Synergistic integration of blockchain-enabled paradigms." What does that even mean? Usually, nothing.
• The "Golden Path" demo. This is huge in software. The presenter shows you a very specific sequence of clicks that works perfectly. If they refuse to deviate from that path or let you drive the mouse, the "pony" might be a bit limp.

You have to be willing to break the script. Ask a question that isn't on the FAQ list. Ask to see the raw data. If the "show" falls apart the moment things get unscripted, you have your answer.

The high cost of the "hustle culture" version

In the tech world, there is a "fake it 'til you make it" mantra that basically encourages the dog and pony show. We've seen it with companies like Nikola, where they literally rolled a truck down a hill because it didn't have a working engine, just to film a commercial. That is a literal dog and pony show.

The cost isn't just financial. It's a trust tax. When these shows are exposed, it makes it harder for the people with actual innovations to get noticed. Investors get "burnt" and start demanding impossible levels of proof from everyone else.

Better ways to build credibility

If you're on the other side—the one giving the presentation—you can win without the fluff. Transparency is a superpower.

Instead of hiding the flaws, point them out. "Here is what our software does great, and here is where it still breaks." That level of honesty is so rare in a world of dog and pony shows that it actually makes you stand out more than a flashy slide deck ever could. It builds "radical candor," a term coined by Kim Scott that has become a gold standard in management for a reason.

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Real authority doesn't need a smoke machine. It needs evidence.

Actionable steps for your next high-stakes meeting

If you want to avoid being the victim of a dog and pony show—or if you want to make sure your own presentation has real teeth—focus on these specific tactics.

For the Evaluator:

1. Demand a "pre-read." Ask for the data or the deck 24 hours in advance. This allows you to process the facts without the "performer" influencing your emotions in real-time.
2. The "Third Level" Question. Most presenters have an answer for the first question. Many have one for the second. Almost nobody has a script for the third level of "Why?" or "How?"
3. Check the references' references. Don't just talk to the people they put on the slide. Find the people who used the product and left.

For the Presenter:

1. Lead with the "lowlight." Start by addressing a known problem. It kills the "salesy" vibe immediately and buys you massive credibility for the rest of the talk.
2. Use "ugly" data. Polished charts look like they were made by a marketing department. Raw spreadsheets or real-time dashboards look like the truth.
3. Invite the interruption. Instead of saying "Questions at the end," tell your audience to stop you the moment they see something they don't believe. It shows you have nothing to hide.

The era of the purely ornamental dog and pony show is starting to fade because we have more access to information than ever before. But as long as humans are making decisions based on "gut feelings," there will always be someone trying to dress up a dog and call it a lion. Your job is to look at the teeth.