I came up with a solid product that would be interesting to the top 5 companies in my specific market. These 5 websites are very competitive and its a small market.
In order for my product to work, I need to send them a presentation so we can talk about a venture.
Is it ok to send out the same presentation to all 5 companies at the same time?
Or do I need to send it to one at a time, and send it to next after I get declined by the first?
I think there is something missing from your description.
Basically if it's a small market take the time to present each one individually, the price tag you must be charging will demand this.
If your offering exclusive OR can't supply to all at once then 1 at a time is good.
If yoour offering a competitive advantage then canvas all in parallel but make it seperate and unique to them.
Either way, the driver for them to commit is be first, get ahead.
If one is paying for primary development then it's polite to wait Till it's finished and running before going after others.
The case for exclusivity:
"I have a meeting scheduled with company B, on Friday at 8:30am. I would love to be able to cancel that meeting and move forward with you exclusively."
Don't send them all the same proposal! If you've only got 5 prospects, tailor your proposals to each one individually.