Investable Entrepreneur | James Church

Category: Investor Pitch

  • Why starting your fundraising too early can cost you investor opportunities

    Why starting your fundraising too early can cost you investor opportunities

    Live Workshop: How to make investors love you with James Church. Limited spaces. Click here to register

    Why starting your fundraising too early can cost you investor opportunities

    James Church

    WRITEN BY

    James Church

    Author, Investable Entrepreneur

    James is an award-winning business advisor and best-selling author. His clients have raised over £200m in early-stage funding. 

    If you’re preparing to raise investment, it’s tempting to start talking to investors as soon as the pitch deck looks reasonably good. Fundraising takes time, cash may already be getting tight, and every week spent preparing can feel like another week that you could have been building your pipeline.

    That urgency creates one of the most expensive mistakes in fundraising – launching before the investment proposition is ready. The deck is “good enough”, the numbers are nearly finished, and the story makes sense as long as you’re there to explain it.

    The problem is that your first investor conversations aren’t a rehearsal. They’re genuine opportunities with people you may find difficult to approach again once they’ve decided the business isn’t for them.

    The danger in using investors as your quality-control process

    There will always be things you learn once you enter the market. Investors will ask questions you didn’t expect, different types of investors will care about different issues, and no amount of preparation can simulate every conversation.

    That doesn’t mean you should use investors to discover weaknesses that could have been found beforehand. If your projections fall apart under basic scrutiny, your investment story is confusing or your supporting information isn’t ready, you’re learning an expensive lesson in front of a valuable prospect.

    Early rejection can also change the way you behave. After several unsuccessful meetings, founders often start adjusting the story after every conversation, adding new slides or trying to anticipate every possible objection.

    The pitch becomes less consistent at exactly the point when you need more conviction in it. Instead of entering meetings knowing the argument has been thought through, you start just hoping the next version lands better.

    Instead, preparation should remove as many avoidable weaknesses as possible before you approach the market. Then genuine investor feedback can help you refine a strong proposition rather than construct one from scratch.

    What being ready actually means

    Fundraising readiness is much broader than creating a pitch deck. You need to understand what you’re raising, why you’re raising it, what investment case you’re asking someone to believe and how you’ll support that case as an investor moves through the process.

    You also need a sensible view of who should receive the opportunity. A brilliant pitch sent to investors whose stage, sector, cheque size or mandate doesn’t fit your company is still unlikely to get you very far.

    I suggest working through six stages before launching an investment campaign:

    Step 1: Define the raise

    Start with the transaction rather than the presentation. Be clear about how much capital you need, why you need it now, what that capital allows the company to achieve and what type of investor could reasonably participate.

    Those questions affect almost everything that follows. A founder raising £250,000 from angels has a different fundraising task from one seeking several million pounds of institutional venture capital, even if the underlying company is the same.

    You should also be able to connect the amount you’re raising to progress in the business. Investors aren’t only being asked to fund expenditure. They want to understand what their capital helps the company become.

    Step 2: Work on the investment story

    An investor needs to understand the business that exists today and the opportunity you’re trying to build tomorrow. Your investment story connects those two things.

    That means explaining the problem or opportunity, why the company needs to exist, what gives you a credible position and where the business could go if the plan works. It also means deciding what you want an investor to believe before you start worrying about individual slides.

    Founders often know these things instinctively but have never turned them into a coherent argument. This becomes obvious when someone outside the business tries to understand the opportunity without the founder filling in the missing pieces.

    Step 3: Build the pitch

    Once the investment story is clear, you can build the pitch around it. Work through the business case and projections first, then decide the structure, content, wording and design that best communicate the argument.

    The order you tackle this matters. Starting with slide layouts encourages you to think about what a pitch should look like before you’ve established what the investor actually needs to understand.

    A useful test is to ask whether the pitch can stand without your commentary. Could someone unfamiliar with the business explain what you do, why the opportunity is interesting and what you’re asking an investor to back after reading it?

    If the answer is no, the pitch needs work before you launch.

    Step 4: Prepare the supporting assets

    A successful pitch creates another problem: the investor wants to know more. You need to be ready for that.

    Depending on the stage and nature of the raise, the next step might involve an investment memo, financial model, data room and supporting evidence. The exact materials will vary, but the principle stays the same – don’t create interest and then make the investor wait while you build the information needed to continue.

    That delay can drain momentum from a conversation. It will also demonstrate that you’re not properly prepared.

    Step 5: Identify the right capital

    Only once the proposition and supporting assets are taking shape would I spend serious time building the investor pipeline. Start with relevance rather than volume.

    Look at investment stage, sector, geography, cheque size, portfolio, investment thesis and any other factor that determines whether your company fits what an investor actually backs. There’s little value in building a list of hundreds of names if most of them were unlikely to invest in the first place.

    This also improves the quality of your outreach. When you understand why an investor may be relevant, you can approach them with a reason rather than treating fundraising as a mail-merge exercise.

    Step 6: Launch the campaign

    Now outreach makes sense because the machine behind it is ready. You know what you’re selling, you’ve worked through the argument, your materials support it and you’ve identified the investors most likely to care.

    That doesn’t guarantee a successful raise. No amount of preparation can make every company investable or persuade investors whose priorities don’t align with yours.

    What preparation does do is reduce avoidable failure. If an investor says no, you’re in a much better position to work out whether the objection is fundamental, investor-specific or something that genuinely needs changing.

    A final readiness check

    Before you launch, look at the proposition from the investor’s side. Can someone unfamiliar with the company understand what it does, why the problem matters, why the commercial opportunity is attractive and where the company could go?

    Then go deeper. Do the financial projections support the story, does the information appear in a logical order, is every important section earning its place, and are the supporting assets ready if someone wants to continue?

    Finally, make sure you know exactly what you’re raising and have identified investors for whom the opportunity is genuinely relevant. Those questions are more useful before outreach than after your first ten rejections.

    Fundraising will always contain uncertainty because you can’t control investor appetite, timing or the alternatives available to them. You can control how prepared you are when the opportunity to pitch appears.

    If you’re currently preparing a round and want to see where the gaps are before approaching investors, take the Investor Ready Scorecard. It will help you assess whether you’re genuinely ready to raise and identify areas that may weaken the campaign before you put it in front of the market.

    About the Author

    James Church is an award-winning UK startup advisor, fundraising strategist, and author of Investable Entrepreneur. He has helped founders raise more than £200 million in investment by improving investor readiness, refining fundraising strategies, and developing compelling pitch decks.

    Through Investable Entrepreneur, James works with entrepreneurs to create investor presentations that communicate value clearly, strengthen fundraising confidence, and improve investment outcomes through practical, real-world expertise.

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  • How to create an investor pitch deck that actually raises money

    How to create an investor pitch deck that actually raises money

    Live Workshop: How to make investors love you with James Church. Limited spaces. Click here to register

    How to create an investor pitch deck that actually raises money

    James Church

    WRITEN BY

    James Church

    Author, Investable Entrepreneur

    James is an award-winning business advisor and best-selling author. His clients have raised over £200m in early-stage funding. 

    Most founders spend weeks designing their investor pitch deck. They obsess over fonts, colour schemes, and slide order. They polish every word until it feels perfect. And then they walk into a room full of investors and wonder why the conversation never quite lands the way they expected.

    The problem is rarely the design. It is almost always the story. A great investor pitch deck is not a brochure for your business. It is a carefully constructed argument that answers the questions every investor is already asking before you even open your mouth. Get that argument right, and the slides almost do not matter. Get it wrong, and no amount of beautiful design will save you.

    I have reviewed hundreds of pitch decks over the years. The ones that raise money share the same fundamental qualities. The ones that don’t tend to make the same predictable mistakes. This article breaks down what separates the two.

    What is an investor pitch deck?

    An investor pitch deck is a presentation, typically between ten and fifteen slides, that a founder uses to communicate the investment opportunity to potential investors. It covers the problem being solved, the market opportunity, the business model, the traction achieved so far, the team behind it, and the financial ask.

    It is not a business plan. It is not a detailed financial model. It is the story of your business told in the most compelling and concise way possible, designed to get an investor interested enough to ask for a follow-up meeting.

    The best pitch deck examples are not the most complex ones. They are the clearest ones. Investors see dozens of decks every week. The founders who cut through the noise are those who make the opportunity impossible to ignore.

    Free Fundraising Workshop with best-selling author - James Church

    What every investor is really asking

    When an investor looks at your deck, they are not just evaluating the business idea. They are running through a mental checklist of questions. Your deck needs to answer all of them, whether you realise it or not.

    Is the problem real and painful enough that people will pay to have it solved? Is the market large enough to justify the investment? Does this team have what it takes to execute? Is there already evidence that customers want this? And finally, can I see a path that delivers a return on my investment?

    Every slide in your deck should answer at least one of those questions. If a slide does not serve that purpose, it should not be in the deck.

    The core structure of a strong pitch deck

    The structure of your investor pitch deck matters more than most founders appreciate. A strong opening hook is essential. Investors decide within the first two or three slides whether they want to keep reading. If those slides are vague or unclear, you have already lost them.

    Start with the problem. Not a generic observation about the industry, but a specific, vivid description of the pain your customer is experiencing right now. Make the investor feel that pain before you introduce your solution.

    Then introduce your solution clearly and simply. One sentence should be enough. If you cannot describe what your business does in a single clear sentence, that is a sign the proposition needs more work before you pitch.

    After that, build the case with your market size, traction, business model, team credentials, financials, and your ask. Each section should flow naturally into the next. Investors should feel they are following a logical journey, not jumping between disconnected facts.

    In my book, Investable Entrepreneur, I outline the five-act structure that I’ve developed and honed over many years. This structure ensures your investor pitch delivers content in a rhythm that keeps investors engaged. The result is decks that achieve a 6x higher engagement rate. 

    Startup Fundraising Success

    The most common pitch deck mistakes

    Looking at pitch deck examples from founders who have raised successfully versus those who have not, the same mistakes appear time and again on the unsuccessful side.

    The first is burying the business model. Investors need to understand how you make money early in the deck. If they get towards the end and are still unclear on the revenue model, they will have already mentally moved on.

    The second is weak or missing traction. Even at the pre-seed stage, investors want to see evidence that the market wants what you are building. A waitlist of five hundred people, a letter of intent from a major client, or three months of consistent revenue growth tells a more powerful story than any slide about your addressable market.

    The third is an unclear ask. Many founders present a beautifully crafted deck and then end with a vague statement about raising capital. Investors want to know exactly how much you are raising, what you will use it for, and what milestones that funding will allow you to hit.

    What a great pitch deck example looks like in practice

    One founder I worked with had a strong product but a deck that was full of industry jargon and technical detail. Investors were struggling to connect with the opportunity. We stripped it back entirely. The problem slide became a single sentence describing the exact moment a customer felt the pain. The solution slide became one clear line. The traction slide showed three compelling data points rather than twelve.

    Startup Pitch Deck

    The result was a deck that investors could understand in sixty seconds and feel confident enough in to ask for a meeting. That is the standard to aim for. Not beautiful. Not clever. Clear.

    When to get professional help with your deck

    If you have pitched more than five times without getting to a second meeting, the deck is almost certainly part of the problem. Many founders wait too long before seeking outside perspective. They are too close to their own business to see where the story breaks down.

    Working with an experienced pitch deck consultant gives you the outside view that is almost impossible to give yourself. A good consultant will challenge your assumptions, tighten your narrative, and ensure your deck answers the questions investors are asking rather than the questions you wish they were asking.

    The most successful rounds I have been involved with were not the ones where the founder had the best idea. They were the ones where the founder told the clearest story. That clarity starts with getting your investor pitch deck right before you walk into a single meeting.

    If you are preparing to raise and want to make sure your deck is genuinely investor-ready, explore my pitch deck consulting services and take the first step towards a fundraise that works.

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  • Why a business consultant is often misunderstood by founders

    Why a business consultant is often misunderstood by founders

    Live Workshop: How to make investors love you with James Church. Limited spaces. Click here to register

    Why a business consultant is often misunderstood by founders

    James Church

    WRITEN BY

    James Church

    Author, Investable Entrepreneur

    James is an award-winning business advisor and best-selling author. His clients have raised over £200m in early-stage funding. 

    Founders often reach out to me asking whether they need a business consultant. Sometimes the question is direct. Other times it shows up indirectly:

    “Do I need a consultant to help start a business?”

    “Would a business startup advisor actually make a difference?”

    On the surface, it sounds like a practical decision. Another resource and cost. But in reality, the question is usually deeper than that.

    It’s not really about whether you need a business consultant. It’s about how clearly you’re thinking about the decisions in front of you. Because a good business consultant doesn’t build your business for you, they change how you think about building it.

    The mistake founders make when considering a business consultant

    When founders evaluate a business consultant, they often treat it like any other service.

    • What will I get?
    • How much will it cost?
    • What are the deliverables?


    That approach works for most services. But consulting – at least the kind that actually creates impact – doesn’t fit neatly into that model.

    The real value of a business startup advisor is not in producing documents. It’s in helping founders avoid flawed thinking at critical moments. And that’s much harder to measure.

    I’ve worked with founders who spent months refining pitch decks and market narratives, only to realise during real investor conversations that their core positioning wasn’t landing.

    The issue wasn’t the time or effort they put in, but their communication. They’d refined the wrong message and focused on all the wrong things.  

    What a business consultant actually does (when it’s done properly)

    There’s a common assumption that a business consultant provides answers. In my experience, that’s not where the real value sits. The best consultants improve the quality of your own thinking.

    They challenge assumptions, help pressure-test decisions and bring the experience of solutions from having seen similar situations play out before.

    For example, when a founder tells me they’re preparing to raise investment, I don’t start with their pitch deck. I ask things like “Why now?”, “What changes after this raise?” and “What risk are investors actually taking?”

    Those answers shape the core investment case, including how you approach fundraising timing and how your opportunity is perceived. Without that clarity, even the strongest ideas struggle to land.

    Do you need a business consultant to start a business?

    This is one of the most common questions founders ask. And the honest answer is: not always.

    In the earliest stages, speed matters. Talking to customers, testing ideas, and learning quickly often provides more value than external advice. But there’s a difference between learning through action and repeating avoidable mistakes.

    A consultant to help start a business becomes valuable when:

    • You’re making decisions that are hard to reverse
    • You’re unsure which direction actually matters
    • You’re consuming more advice than you can effectively apply
    • The advice you’re getting appears conflicted or confusing


    These moments would be trigger points for seeking external help. A trusted startup advisor can help you focus on the things that matter, and ignore the things that don’t. Rather than trying to make sense of lots of small pieces of advice from multiple individuals, having one consistent voice sitting on the outside looking in can be hugely valuable.

    The difference between information and judgement

    There is no shortage of startup advice. You can find endless content on how to start, scale, and raise funding. That’s not the problem.

    The problem is knowing what applies to your situation. Founders are often great at consuming content, this is driven by their uncertainty. They’re desperate to succeed, and this leads founders often fall into a cycle of consuming more and more content:

    • More frameworks
    • More opinions
    • More strategies


    But instead of gaining clarity, they accumulate noise. They’ve so much information that it’s impossible to process it all properly. They’ve got so much feedback that it’s now starting to conflict and contradict itself. 

    A good business consultant acts as a filter. Not by giving generic answers, but by helping you interpret your situation more clearly. And that usually leads to simpler, more focused and more impactful decisions.

    When a business startup advisor actually makes sense

    Not every founder needs a consultant. But there are moments where the right input can dramatically improve outcomes.

    1. When the stakes are high

    Some decisions shape everything that follows – moments such as raising investment, launching to market, or building the MVP all have long-term implications on success. At this stage, small errors can have long-term consequences. This is where an external perspective becomes really valuable.

    2. When you’re too close to the problem

    Founders are deeply immersed in their business. This is, of course, a huge strength – but it also creates blind spots. It’s difficult to objectively assess something you’ve built from nothing. A business consultant brings distance and clarity.

    3. When progress feels unclear despite effort

    This is one of the strongest signals that you need help. Often, it can feel like you’re working hard and things are moving forward. But the reality is that the outcomes aren’t matching your original expectations. For example, investor conversations aren’t converting, growth feels inconsistent, or your message doesn’t quite land. In these situations, more effort rarely solves the issue; what’s needed is some experience and direction.

    Why some consulting relationships fail

    It’s important to be clear – not all consulting is valuable. I’ve seen founders invest heavily in consulting and see very little return, usually, the issue comes down to:

    1. Generic frameworks

    Applying the same models to every business rarely works.

    2. Lack of real-world context

    Advice that hasn’t been tested in real situations often breaks under pressure.

    3. Misaligned expectations

    Consultants don’t build businesses, founders do. Consultants can guide thinking and even produce some outputs, but the responsibility of execution is down to the founders.

    The real advantage: speed of learning

    If I had to summarise the value of a strong business consultant in one sentence it would be this.

    They help founders learn faster.

    A startup business consultant shortens the gap between decision and feedback, helps you recognise mistakes earlier and improves how quickly you evolve, change and adapt to market conditions.

    This becomes especially important during processes like fundraising, where real conversations matter more than preparation. I’ve seen founders spend months preparing pitch decks instead of engaging with investors, and it often delays outcomes unnecessarily.

    A business consultant is not a shortcut – it’s leverage

    Let’s be realistic. A consultant won’t guarantee success, remove uncertainty or build your business for you. But they can provide leverage. In the case of fundraising, founders I work with benefit from:

    • Making better decisions earlier
    • A refined and investor-aligned business case
    • Clearer positioning and messaging
    • Stronger investor conversations


    And that often creates momentum that would otherwise take much longer to build.

    So, do you actually need a business consultant?

    There’s no universal answer to this question. Some founders build exceptional companies without one. Others accelerate dramatically with the right support. What matters is this:

    Is your current way of thinking getting you where you want to go?

    If it is, keep going as you are. If it isn’t, the right business consultant may not give you all the answers, but they will help you ask better questions and focus on the things that matter. And in my experience, that’s where founders start to see real progress.

    Frequently Asked Questions

    What does a business consultant do for startups?

    A business consultant helps founders improve decision-making, refine strategy, and avoid common mistakes – especially during critical growth stages.

    When should I hire a consultant to help start a business?

    When you’re making high-stakes decisions, feeling stuck, or unsure about direction despite effort, a consultant can provide clarity.

    Is a business startup advisor worth it for early-stage founders?

    It depends. In early stages, execution matters most. But for key decisions like market launch or fundraising, the right advisor can add significant value.

    Do investors value startups working with consultants?

    Yes. The very best entrepreneurs are not those who are great at ‘doing’ – they are great at delegating. Those who bring experts in around them move more quickly and are more successful. Investors see value in a founder who recognises that they don’t have all the answers or all the necessary skills to succeed and are bringing in a team around them to fill those gaps.

    Final Words

    If you’re thinking about raising investment or refining your strategy, it may be worth having a conversation. Not to find answers immediately, but to understand whether you’re asking the right questions.

  • S/EIS explained: a founder’s guide to raising smart

    S/EIS explained: a founder’s guide to raising smart

    Live Workshop: How to make investors love you with James Church. Limited spaces. Click here to register

    S/EIS explained: a founder’s guide to raising smart

    James Church

    WRITEN BY

    James Church

    Author, Investable Entrepreneur

    James is an award-winning business advisor and best-selling author. His clients have raised over £200m in early-stage funding. 

    Most founders discover S/EIS the wrong way. An investor mentions it in passing, or a well-meaning advisor drops the acronym into a conversation, and suddenly you’re Googling at midnight trying to understand whether it applies to you and what you’re supposed to do about it.

    This guide is the resource I wish more founders had before they started raising. It won’t replace legal advice for startups – and I’ll come back to why that distinction matters – but it will give you the clarity you need to walk into investor conversations as an investable entrepreneur, not a confused one.

    What S/EIS actually is

    The Seed Enterprise Investment Scheme (SEIS) and the Enterprise Investment Scheme (EIS) are UK government initiatives designed to encourage early-stage investment by offering tax relief to investors who back qualifying startups.

    In plain terms: investors who put money into SEIS or EIS-eligible companies can claim back a significant portion of their investment through tax relief. SEIS offers investors up to 50% income tax relief. EIS offers up to 30%. There are also capital gains and loss relief benefits attached to both.

    For founders, this matters enormously. It lowers the financial risk for your investors, which makes your opportunity more attractive before you’ve even opened the pitch deck.

    Why founders need to understand this – not just investors

    There’s a common misconception that S/EIS rules for investors are something investors handle on their own. In reality, the eligibility sits with your company, not the investor. If your business doesn’t qualify, the relief doesn’t exist. And that changes the conversation.

    I’ve seen rounds stall because a founder assumed they were eligible and discovered late in due diligence that they weren’t. At that point, an investor who had mentally priced in the tax relief suddenly recalculates the deal. The round doesn’t always survive that recalculation.

    Understanding your own eligibility isn’t optional. It’s part of being investor-ready.

    SEIS vs EIS: which applies to you?

    The two schemes serve different stages.

    SEIS is for very early-stage companies. To qualify, your business must have been trading for less than three years, have fewer than 25 employees, and gross assets of no more than £350,000 at the time of the share issue. The maximum you can raise through SEIS is £250,000.

    EIS has more headroom. Companies can raise up to £12 million in total EIS funding (with a £5 million annual limit), and the scheme is accessible to businesses with up to 250 employees and gross assets under £15 million. The trading age limit is generally ten years, though rules differ for knowledge-intensive companies.

    Most startups begin with SEIS and graduate to EIS as they scale. Some rounds include both simultaneously – investors taking SEIS relief up to the maximum, then EIS relief on the remainder. This is legitimate and worth planning for.

    What disqualifies you

    This is the part founders often overlook. Not every business qualifies, and the exclusions are specific.

    Certain sectors are explicitly ineligible: banking and finance, property development, legal and accountancy services, energy generation in some forms, and farming, among others. If your business model touches any of these, you’ll need professional guidance before making any claims.

    The rules around how investment is used matter too. SEIS and EIS funds must be used to grow the business – not to repay existing loans, acquire other companies in the early stages, or purchase assets that aren’t connected to trade. HMRC takes a dim view of schemes that look like tax engineering rather than genuine investment into growth.

    A company that has previously raised EIS cannot then raise SEIS. The sequencing is strict. SEIS always comes first.

    Advance Assurance – and why you should apply for it

    Before you start raising, you can apply to HMRC for Advance Assurance. This is a confirmation that, based on your current structure and plans, your company is likely to qualify for SEIS or EIS investment.

    It is not legally binding. HMRC’s final position is always determined at the point of investment. But Advance Assurance gives investors significant comfort. In competitive early rounds, a founder who can show Advance Assurance alongside a strong pitch is in a materially stronger position than one who can’t.

    The process is straightforward. You submit a business plan, a description of how you intend to use the funds, and details of your structure. HMRC typically responds within four to six weeks.

    If you’re serious about raising, apply before you start outreach. The upside is real, and the downside is a few hours of preparation.

    Where legal advice for startups becomes essential

    S/EIS is a government scheme, and government schemes come with rules that change. The guidance I’ve outlined reflects the framework as it stands, but the details matter, and the details shift.

    More importantly, the interaction between S/EIS eligibility and your company structure – your articles of association, share classes, existing investors, any convertible instruments you’ve already issued – can create complications that aren’t obvious from the headline rules.

    This is where proper legal advice for startups isn’t a nice-to-have. A specialist startup solicitor or tax adviser can confirm your eligibility, review your structure, and help you file correctly. The cost of that advice is consistently lower than the cost of a deal falling apart because something was assumed rather than verified.

    What this means for your pitch

    Understanding S/EIS doesn’t just protect you legally. It actively strengthens your position as an investable entrepreneur.

    When you can explain to an investor that your company holds SEIS Advance Assurance, that you’ve planned the sequencing between SEIS and EIS, and that you understand how the relief applies to their specific situation, you signal something that most founders never do: that you’ve thought about this from the investor’s perspective, not just your own.

    That shift – from founder asking for money to entrepreneur who understands what it means to receive it – is one of the clearest signals of investor readiness I know.

    Capital follows confidence. And confidence, in this case, starts with knowing how the rules work.

  • Beware of the fundraise that never launches

    Beware of the fundraise that never launches

    Live Workshop: How to make investors love you with James Church. Limited spaces. Click here to register

    Beware of the fundraise that never launches

    James Church

    WRITEN BY

    James Church

    Author, Investable Entrepreneur

    James is an award-winning business advisor and best-selling author. His clients have raised over £200m in early-stage funding. 

    Many founders tell me they’re “preparing” to raise investment. When I look closer, they’ve often been preparing for months. The pitch deck is on version twelve. The market slides keep changing. Another research report has just been purchased. One more data point is being chased.

    But the fundraise still hasn’t launched.

    I see this pattern constantly. And it quietly kills more fundraising rounds than poor products ever do. At some point, preparation stops being preparation – it becomes avoidance.

    Why founders overcomplicate fundraising

    Raising investment is uncomfortable. You are exposing your strategy, your assumptions, and your ambition to scrutiny from people who make investment decisions for a living.

    Naturally, founders want everything to be perfect before starting those conversations.

    So they try to remove every possible risk:

    • The pitch deck gets edited again and again

    • The market narrative is rewritten

    • Hours are spent finding that killer statistic

    • More research is gathered “just in case”

    Before long, weeks become months.

    The trouble is that this behaviour feels productive. It looks like progress. It feels responsible.

    But investors can’t invest in a fundraise that never launches.

    The market research trap

    One of the most common symptoms of over-preparation is what I call the market research trap.

    Suddenly everything revolves around finding the perfect piece of data. Founders begin to believe that one statistic will unlock investor interest – the slide that proves the market is big enough or the report that validates the opportunity beyond doubt.

    So they start spending time and money on research:

    • Buying expensive industry reports

    • Signing up to premium data platforms

    • Commissioning bespoke research projects

    While this is happening, something much more important receives less attention: the product, the customer, real validation.

    In practice, the shift happens gradually. A founder starts researching to strengthen their story, but eventually the research becomes the story itself. Meanwhile, the signals investors truly care about are being forgotten.

    What investors actually expect

    A while back, I conducted a survey and asked investors a simple question about market research expectations for Seed and Series A rounds.

    The question was simple, should founders use:

    • Free data

    • Premium industry reports

    • Commissioned research

    Interestingly, founders had strong opinions and their answers were spread evenly across all three options.

    But the investors were completely aligned. Every single one of them said the same thing: use freely available data.

    Not a single investor expected founders to spend money on research reports.

    They simply want to know that you understand the market you are entering. What matters far more is whether you are generating real signals that the market wants what you are building.

    Traction will always beat research

    Investors evaluate risk for a living. And a beautifully designed market slide does not reduce risk nearly as much as real-world traction.

    Signals from the market matter far more:

    • Customers engaging with your product

    • Prospects entering your pipeline

    • Early users validating the problem you are solving

    These indicators demonstrate something tangible. They show that the problem exists and that people care enough to engage with your solution.

    By contrast, a paid report telling investors the market is worth billions is simply context. It may support your narrative, but it rarely drives the investment decision.

    Many founders underestimate how powerful early validation can be. Even imperfect traction tells investors something real about the business.

    Fundraising is a conversation process

    When a founder tells me they are still refining their fundraising materials, I usually ask a different question.

    How many investor conversations have you had?

    Fundraising is not primarily a document exercise. It is a conversation process.

    The earlier those conversations start, the sooner founders receive real feedback from the market. Investors reveal which parts of the story resonate, which assumptions need strengthening, and where the narrative needs refining.

    Waiting for perfect materials delays that learning.

    If founders want to make genuine progress, they need to shift their focus away from endless preparation and toward real engagement:

    • Start opening doors

    • Start booking meetings

    • Start having investor conversations

    Launch imperfectly, learn quickly

    The most effective founders I’ve worked with rarely wait until everything feels perfect. They launch their fundraise once the fundamentals are clear:

    • The story makes sense

    • The opportunity is credible

    • Early signals from the market exist

    From there, the process becomes iterative. Investor conversations refine the narrative. Feedback strengthens the deck. Traction grows alongside the fundraising process. Progress happens because they entered the market rather than remaining stuck in preparation mode.

    Stop polishing. Start opening doors.

    If you are preparing to raise investment, there comes a moment when more research stops adding value. That moment usually arrives earlier than most founders expect.

    • You do not need the perfect market statistic.
    • You do not need another expensive research report.
    • You do not need version fifteen of your pitch deck.

    What you need are conversations.

    • Conversations with investors who can fund your growth.
    • Conversations with customers who validate your product.
    • Conversations that reveal what the market really needs.

    This is what I consistently see in early-stage fundraising – traction and real engagement carry far more weight than polished preparation.

    Remember, no investor can invest in a fundraise that never launches – the sooner you start to open doors, the sooner you close your round.
  • Startup Consulting: How a Business Consultant Helps Startups Raise Funding

    Startup Consulting: How a Business Consultant Helps Startups Raise Funding

    Live Workshop: How to make investors love you with James Church. Limited spaces. Click here to register

    Startup Consulting: How a Business Consultant Helps Startups Raise Funding

    James Church

    WRITEN BY

    James Church

    Author, Investable Entrepreneur

    James is an award-winning business advisor and best-selling author. His clients have raised over £200m in early-stage funding. 

    Launching a startup is exciting, but turning an idea into a funded and scalable business is challenging. Many founders struggle not because their idea is weak, but because they lack the right strategy, investor readiness, and guidance. This is where startup consulting plays a crucial role.

    Working with a business consultant for startups can help founders refine their business model, attract investors, and build a strong foundation for growth. Whether you are preparing to raise capital or developing your first pitch, experienced startup consultants can significantly improve your chances of success.

    What Is Startup Consulting?

    Startup consulting is a professional service designed to help early-stage businesses plan, launch, and grow successfully. A consultant provides strategic advice, fundraising support, and practical guidance tailored to startup needs.

    Unlike general business advice, business start-up consultancy focuses specifically on early-stage challenges such as:

    • Building a business model
    • Finding investors
    • Creating a pitch deck
    • Raising capital
    • Planning growth strategies


    Many founders choose to work with startup consulting firms or individual specialist consultants to accelerate their progress and avoid costly mistakes.

    Why Startups Need a Business Consultant

    Starting a business involves many decisions, and the wrong move can delay growth or prevent funding altogether. A business consultant for startups helps founders make informed decisions and prepare their business for investors.

    Here are some key benefits of working with startup consultants:

    1. Investor Readiness

    Investors look for more than just a good idea. They want evidence of traction, a strong strategy, and a clear growth plan. A startup fundraising consultant helps founders prepare their business for investment and present it effectively.

    2. Clear Business Strategy

    Many startups fail due to poor planning. A consultant helps create a clear roadmap that includes:

    • Market positioning
    • Revenue strategy
    • Growth planning
    • Funding strategy

    3. Fundraising Support

    Raising investment is one of the biggest challenges for founders. With venture capital consulting, startups can better understand investor expectations and improve their chances of securing funding.

    The Role of a Startup Fundraising Consultant

    A startup fundraising consultant specialises in helping startups raise capital. This includes preparing investor materials, refining the business case, and connecting with the right investors.

    Key areas of support include:

    • Fundraising strategy
    • Investor targeting
    • Financial projections
    • Pitch preparation
    • Investment readiness


    With expert guidance, startups can approach investors with confidence and clarity.

    Pitch Deck Consultant Services

    A strong pitch deck is essential when raising investment. Investors often decide within minutes whether they are interested in a startup. A pitch deck consultant helps founders create presentations that clearly communicate their business opportunity.

    Pitch deck consulting typically includes:

    • Story structure
    • Financial clarity
    • Market positioning
    • Problem and solution definition
    • Investment opportunity explanation


    Working with a pitch deck consultant ensures that your presentation is clear, compelling, and investor-focused.

    Venture Capital Consulting for Startups

    Venture capital consulting helps startups understand how venture capital works and how to position themselves for funding. Many founders struggle because they don’t know what investors expect.

    A venture capital consultant can help with:

    • Understanding investor expectations
    • Preparing for due diligence
    • Improving business metrics
    • Structuring investment rounds
    • Planning long-term growth


    This type of consulting is especially valuable for startups seeking significant investment.

    How Startup Consulting Firms Help Founders

    Professional startup consulting firms and individual consultants provide structured support and proven systems to help founders succeed. Instead of guessing what investors want, founders can follow a clear process designed to improve results.

    Startup consulting services often include:

    • Business strategy development
    • Fundraising preparation
    • Investor outreach planning
    • Pitch deck development
    • Financial planning


    With the right support, startups can avoid common mistakes and focus on building a successful business.

    Choosing the Right Startup Consultants

    Not all startup consultants offer the same level of expertise. When choosing a consultant, founders should look for:

    • Fundraising experience
    • Startup knowledge
    • Proven results
    • Clear methodology
    • Industry expertise


    An experienced business consultant for startups can provide insights that make the difference between success and failure.

    Benefits of Business Start-Up Consultancy

    Working with a business start-up consultancy or individual consultant provides founders with expert guidance at critical stages of growth. Instead of learning through trial and error, startups can benefit from proven strategies.

    Key benefits include:

    • Faster progress
    • Better decision-making
    • Stronger investor interest
    • Improved business strategy
    • Higher chances of funding

    Great ideas don’t raise investment

    Building a successful startup requires more than just a great idea. Founders need a clear strategy, strong communication, and the ability to convince investors that their business is worth backing.

    Through expert startup consulting, founders can improve their chances of success and avoid common pitfalls. Whether you need a startup fundraising consultant, a pitch deck consultant, or venture capital consulting, the right guidance can help transform your startup into an investable business.

    For founders looking to grow and raise funding, working with experienced startup consultants is one of the smartest investments they can make.


    READ MORE:

    The reason start-up fundraising fails – and it’s not your idea

  • The reason startup fundraising fails – and it’s not your idea

    The reason startup fundraising fails – and it’s not your idea

    Live Workshop: How to make investors love you with James Church. Limited spaces. Click here to register

    The reason start-up fundraising fails – and it’s not your idea

    James Church

    WRITEN BY

    James Church

    Author, Investable Entrepreneur

    James is an award-winning business advisor and best-selling author. His clients have raised over £200m in early-stage funding. 

    Founders often assume that fundraising success hinges on the strength of their idea. If the opportunity is compelling, the pitch refined and the market large enough, capital will follow. It is an understandable belief. It is also one that repeatedly proves false.

    In my experience, most failed funding rounds are not the result of weak idea. They are the consequence of a flawed campaign strategy. There are three recurring mistakes I see. None relate to creativity or ambition. All relate to appraoch.

    Mistake #1: Leaving fundraising too late

    Investors do not invest in desperation. If they did, they would describe themselves as philanthropists. Yet founders frequently initiate a funding round when runway is dangerously short. At that stage, every meeting carries urgency, every negotiation feels weighted, and every conversation is framed by an unspoken pressure.

    Even when the pitch is strong, the signal is clear: this business needs cash quickly.

    That dynamic shifts power away from the founder and reduces leverage. A funding round typically takes between three and six months to close. That assumes projections are prepared, a coherent business plan is in place and sufficient time is allowed to meet, follow up and negotiate with multiple investors.

    When founders start too late, they remove the strategic buffer that gives them the room to run an effective campaign and the leverage they need to negotiate. By contrast, those who plan fundraising as deliberately as they plan their product approach the process differently. They prepare assets early. They refine financial forecasts. They give themselves room to build relationships rather than rush decisions.

    If the round closes sooner than anticipated, the outcome is positive: progress accelerates. That is a far stronger position than approaching investors, cap in hand, because options have run out.

    Mistake #2: Doing it all yourself

    Many founders believe they must personally master every element of the investment process.

    Financial modelling, business plan development and investor pitching are distinct disciplines. It’s unusual for one individual to excel at all three. Yet many founders operate as though competence requires personal ownership of every detail.

    In practice, the most effective founders I have encountered are not those who attempt to execute every task themselves. They are those who build high-performing teams around them and delegate intelligently.

    They engage advisors, consultants and team members to handle complex modelling or documentation. They rely on specialists where expertise matters. That frees them to concentrate on the activities only they can perform: leading the business, shaping the vision and developing investor relationships.

    Investors notice this distinction. A founder who insists on carrying every operational burden may appear overstretched. A founder who surrounds themselves with capable support signals maturity. Strong teams do not dilute authority – they strengthen confidence in the venture.

    Mistake #3: Treating fundraising as a side hustle

    Raising investment is often described as a full-time job. The difficulty is that founders already have one. In early-stage companies especially, teams are lean and resources limited. In that environment, fundraising is frequently squeezed into spare hours between product development, customer acquisition and often part- or full-time employment.

    I’ve seen this very often, and the result is predictable. Outreach is delayed, investor follow-ups lose momentum, round preparation feels rushed. But if you are focusing all your time on fundraising, the opposite occurs – the product doesn’t get improved, and operational performance suffers. All because attention is divided.

    Neither outcome serves the business very well at all.

    There are moments in a company’s lifecycle when securing capital is the most strategic priority. At those points, it is entirely rational to slow aspects of product or business development in order to focus fully on fundraising. Many founders resist this for fear of losing momentum. They worry that pausing development signals weakness.

    In reality, the inability to secure capital when required is far more damaging. A concentrated, disciplined fundraising period often accelerates long-term progress more effectively than continuous bootstrapping ever could. When viewed in context, a temporary shift in focus to fundraising is not a lack of progress; it’s a focus on the larger objective.

    The judgment investors evaluate

    What connects these three mistakes is not technical skill. It is founder judgement.

    Investors evaluate this more than forecasts and slide decks. They observe timing, they assess whether the founder demonstrates foresight or reacts under pressure. They look at how responsibility is managed and whether leadership is exercised through control or through delegation. They consider whether the founder understands that raising capital is part of building a business, not a distraction from it.

    An outstanding idea presented too late, by an overstretched founder operating in a rushed process, will struggle. A well-timed round led by a founder who plans ahead, builds a capable team and allocates focused attention sends a very different signal.

    The difference is rarely articulated explicitly in investor meetings, but it shapes the ‘feeling’ investors get when they meet you for the first time.

    For founders preparing to raise capital, the most important questions are not about slide design or valuation tactics. They are more fundamental. Have you allowed sufficient runway to execute properly? Have you strengthened your team where your expertise is limited? Are you prepared to prioritise fundraising when the business requires it?

    Capital does not follow enthusiasm alone. It follows discipline, preparation, and leadership maturity.

    In the end, investors are backing your judgment as much as they are backing your opportunity.

    READ MORE: Great tech doesn’t get funded. Sales do

  • Investor Readiness Explained: Why some founders get funded and others don’t

    Investor Readiness Explained: Why some founders get funded and others don’t

    Live Workshop: How to make investors love you with James Church. Limited spaces. Click here to register

    Investor Readiness Explained: Why some founders get funded and others don’t

    James Church

    WRITEN BY

    James Church

    Author, Investable Entrepreneur

    James is an award-winning business advisor and best-selling author. His clients have raised over £200m in early-stage funding. 

    I often hear founders say they’re “ready to raise”. What they usually mean is they’re low on cash or excited about what they’ve built. None of those things make a business investor-ready.

    Investor readiness isn’t a mindset or a milestone. It’s a signal. And whether you intend it or not, you’re sending that signal the moment an investor looks at your materials.

    I see this play out repeatedly in accelerators, incubators and founder communities. Two companies can look almost identical on the surface – same market, same stage, even similar traction. One walks away funded, the other doesn’t.

    The difference is rarely the idea, and nearly always about how clearly the founder demonstrates they can be trusted with capital.

    Why “great ideas” get ignored

    There’s a persistent belief that investors fund the best innovations. That belief causes a lot of frustration when founders see less impressive businesses close rounds while they struggle.

    In practice, investors don’t fund ideas. They fund risk-adjusted returns.

    That distinction matters. Investors are making decisions under uncertainty, and so they rely on signals to reduce that uncertainty. If those signals aren’t there, enthusiasm for the idea doesn’t compensate.

    This is where many founders misunderstand what investors look for. They focus on explaining the product, the technology, or the market size, without proving that they understand the mechanics of building a commercial business around it.

    Investor readiness isn’t about being impressive. It’s about being believed.

    The three signals behind investor readiness

    When an investor reviews a pitch, a financial model or a business plan, they’re subconsciously asking the same questions every time.

    Can this founder be resourceful when things don’t go to plan?

    Do they understand the financial risks as well as the upside?

    Do they know how this business actually turns into commercial success?

    Founders who close rounds consistently answer those questions without needing to say them out loud.

    Those signals appear across three critical fundraising materials – the pitch, the projections, and the investment memo.

    1. The pitch signals resourcefulness

    A pitch isn’t there to prove intelligence. It’s there to sell a vision that other people want to support.

    When an investor buys into the vision, they assume the founder can also attract future capital, convince top talent, and build credibility with partners and advisors. If the investor is excited by the founders’ pitch, there is no reason to think these other stakeholders would be too.

    This builds instant trust in a founder’s ability to unlock the resources needed to succeed.

    A confused or overly technical pitch does the opposite. It signals that the founder may struggle to mobilise people around the business, even if the idea itself is strong.

    Investor readiness shows up when the pitch is clear, intentional, and designed around the investor’s decision-making process – not the founder’s need to explain everything they know.

    2. Financial projections signal risk awareness

    Investor-ready financial projections are often treated as a necessary evil. Something founders rush through because they assume no one believes the numbers anyway.

    That’s a mistake. Investors aren’t looking for precision – they’re looking for understanding.

    A coherent P&L, cash flow, balance sheet, and supporting metrics demonstrate that the founder understands where the business is exposed, how cash moves through the company, and what needs to go right for returns to materialise.

    This is the difference between optimism and investment readiness. Founders who acknowledge financial risk signal credibility, while the founders who avoid it raise huge red flags.

    3. The investment memo signals commercial execution

    The investment memo is essentially a top-level business plan for investors.

    During due dilligence investors want to see that there is a clear implementation strategy behind the vision. They want clarity that you understand how the business moves from today’s reality to tomorrow’s returns.

    This is where many founders fall into abstract language. Big markets, strong demand, scalable models. None of that explains how the company actually executes.

    A credible plan shows that the founder understands the sequence of decisions, trade-offs, and constraints involved in building commercial success. It signals that growth is engineered and not just hoped for.

    Why charisma doesn’t make you investor-ready

    Some founders assume that those who raise easily are just better performers. They’re better at public speaking and just more confident under scrutiny.

    Of course, confidence helps – but it’s often not what gets deals done.

    What closes rounds is consistency. When the pitch, the projections and the investment memo all reinforce the same strategic narrative, investors don’t have to work hard to believe the business is real and the founder is capable.

    That’s what true investment readiness looks like. Not bravado, but alignment.

    “I’ll fix this after I raise” is the wrong order

    A common objection I hear is that founders will tighten their numbers or refine their strategy once funding is secured. They want money for the idea, and will do the thinking later. From an investor’s perspective, that logic works in reverse.

    If a founder hasn’t demonstrated control over their business before taking money, there’s little reason to believe they’ll suddenly develop it afterwards. Capital amplifies existing actions and behaviours; it doesn’t suddenly create them.

    Essentially, investor readiness is all about earning trust before asking for it.

    The investor-ready signal you’re really sending

    Every fundraising conversation sends a message. Not just about the opportunity, but about the founder.

    With an articulate pitch, credible financials and a believable strategy, you’re signalling that you understand what it takes to turn capital into returns.

    Without them, you may still have a great idea – but you don’t yet look like a safe pair of hands.

    That distinction explains why some founders raise again and again, while others stay stuck wondering why investors “didn’t get it”.

    So instead of asking whether investors will like your idea, ask yourself something more useful:

    Have I made it easy for an investor to say yes?

    Investor readiness isn’t about persuasion. It’s about preparation. And the founders who treat it that way stop competing on passion and start competing on trust.

    If you want to raise funding, success begins with preparation, not the pitch.

  • How early-stage investors evaluate your startup​

    How early-stage investors evaluate your startup​

    Live Workshop: How to make investors love you with James Church. Limited spaces. Click here to register

    How early-stage investors evaluate your startup

    James Church

    WRITEN BY

    James Church

    Author, Investable Entrepreneur

    James is an award-winning business advisor and best-selling author. His clients have raised over £200m in early-stage funding. 

    If you’re a founder raising capital, chances are you’ve spent hours – maybe days – obsessing over your pitch deck. Which slides should be in there, what order they should be in, what other decks look like…

    That’s understandable. There’s a lot of content out there telling you what a pitch should look like.

    But here’s the problem. Very little of that content explains how investors actually analyse an investment opportunity. And that gap causes a lot of founders to do the wrong thing. They complete the slides on the list, but they don’t put the information in those slides that actually moves the dial.

    So I want to break this down properly. Not from a “what slides do I need” perspective, but from the way investors really think when they’re assessing whether to back your business.

    Across pre-seed, seed and Series A, I see the same patterns again and again. Different funds, different cheques, but very similar thinking. In practice, investors are trying to understand eight core areas when they look at your opportunity.

    Once you understand those eight areas, the way you talk about your business – and the way you write your deck – changes completely.

    1. Investors start with you

    The first thing investors look for isn’t your market size or your product. It’s you.

    They’re asking a very simple question – is this a founder, or founding team, that can take an idea and turn it into something real. And then turn that reality into a scalable business that delivers returns.

    That second part matters just as much as the first.

    A great business is always a combination of two things. A strong idea in a scalable market, and a founder who can execute. Investors are looking for evidence that you can do both.

    Where founders go wrong is treating the team slide like an afterthought. It’s often right at the end of the deck, tucked away, with a few CV bullet points and some past job titles. That doesn’t tell an investor what they actually need to know.

    What they want to see is credibility. Authority. Signals that you can be trusted to build this venture.

    If you’ve built a track record, have deep industry experience, or have done something relevant before, bring that forward. Literally. Put the team earlier in the deck and frame the pitch as “this opportunity, brought to you by this team”.

    That one shift completely changes the context. The same information lands very differently when investors believe in the founder delivering it.

    2. Traction = Progress

    The second thing investors look for is traction. And traction doesn’t always mean revenue. What they really care about is progress. Evidence that the market wants what you’re building.

    Too many founders rely on third-party reports or generic market research. That’s not enough in today’s landscape. Investors want to see primary evidence – conversations you’ve had, experiments you’ve run, signals you’ve created.

    Revenue is great, but it’s not the only option. Early pilots, waiting lists, usage data, signed LOIs, repeat behaviour. All of that counts.

    Traction is proof that you can take an idea and move it forward. That you can turn thinking into action. It reinforces the belief that you’re capable of executing, not just presenting.

    This evidence should run through the deck. Dropping these key investability signals throughout the deck confirms to investors that this project is picking up serious momentum.

    3. Market size is only half the story

    Yes, investors want big markets. But size alone isn’t enough.

    What they’re really looking for is momentum. A market that’s big and ready for something new to happen.

    When you talk about your market, don’t just describe how large it is. Explain why now is the right time. What’s changing? What’s broken? What pressure is building that creates an opportunity for disruption?

    A huge market with no urgency is far less interesting than a slightly smaller market with real movement behind it.

    Consider the behavioural, legal, political and societal changes that are driving momentum, change and transformation in your market. 

    4. A simple, sharp proposition

    At the heart of every pitch is the value proposition. What problem are you solving, and why should anyone care?

    This is where founders often overcomplicate things. Too many features. Too much explanation. Not enough clarity.

    Investors want a top-level answer. What’s the problem? What’s the solution? Why does it matter to your customer? What transformation will it deliver?

    If you can’t explain that simply, in a handful of words, it’s a red flag – not because the idea is bad, but because it suggests a lack of focus. Clarity suggests confidence. Founders who overexplain come across as less confident in what they are building than those who have nailed their communication. 

    In advertising, the billboard headline is the most difficult thing to create. You have to distil everything into a handful of words. The confidence to talk about your incredible product with just a few words convinces audiences to buy a product. 

    The same is true with your value proposition. Your ability to boil down the essence of what you’re building to its core value proposition tells investors you’re ready to take this to market. 

    5. Competition = Positioning

    Every market has competition. Pretending otherwise doesn’t help you. What most investors hate are those comparison tables full of ticks for you and crosses for everyone else. They don’t believe them, and they don’t learn anything from them.

    In fact, when founders put their startup against global leaders, most investors don’t think “oh wow, they are doing something different than the big guys”, they think “these corporates have million-dollar R&D budgets to explore exactly what you’re building, and decided it’s not worth it”.  

    So be honest. Show where competitors are strong. Show where you’re weaker. Then explain how you position yourself differently. Most unicorns didn’t win because they had the best product. They won because they were the best at taking it to market. Differentiation in the eyes of the customer is what matters. 

    So focus less on features and more on how you differentiate in your market. A positioning map often tells that story far better than a feature checklist.

    6. Forecasts are a conversation starter

    Your financial projections are not a crystal ball, and investors know that. They’re not looking for a perfectly accurate forecast. What they’re looking for is a document that opens a sensible conversation about unit economics and strategy.

    Do the numbers show a believable growth trajectory? Do the margins make sense? Are you spending enough to achieve the growth you’re claiming you can achieve?

    One of the biggest red flags is expecting huge growth while barely spending anything to get there – it suggests the model hasn’t really been thought through. Or spending too much too soon – putting a large financial risk into the business before the model is fully proven. 

    Your forecast should align with what investors would reasonably expect for a business like yours, in a market like yours and at the stage you are at. Don’t re-invent the wheel; align your numbers with best-in-class startups with similar business models. It gives your numbers defensibility in the conversations that follow you submitting your spreadsheet. 

    7. The deal has to stack up

    No matter how exciting the idea, the deal still has to work. Investors need to see that the amount you’re raising, the equity you’re offering, and the valuation you’re proposing sit within a realistic range.

    If you’re miles away from what the market considers reasonable, the conversation ends quickly. As a rough benchmark, data from SeedLegals across around £1bn of deals shows that roughly 15% equity is sold in the first three rounds on average. In practice, that often looks more like 20% at pre-seed, 15% at seed, and 10% at Series A. This reflects risk and dilution over time. 

    Being open to meaningful equity at an early stage signals that you understand the risk your early investors are taking – and that you want to build collaboratively, not keep as much to yourself as possible from day one. Your ask reflects your attitude and your business culture. 

    8. Exit is a mindset

    Finally, there’s exit. You don’t always need a dedicated exit slide, but you do need to understand exit potential. Without an exit, investors don’t get their money back. That’s the reality. 

    The most useful thing you can do is study M&A activity in your sector. Who’s acquiring? What are they buying? And what did those businesses look like at the point of acquisition? 

    If you understand what a successful exit looks like in your market (i.e revenue levels, customer base, IP, strategic fit), you can reverse-engineer your roadmap to buy an acquirable business. That leads to much stronger conversations with investors when due diligence begins.

    Change how you pitch by understanding how investors think

    Once you really understand these eight areas, pitching stops being about filling in slides from a “what slides do I need in a pitch deck” ChatGPT prompt, and starts being about creating communication to sell your investment to investors.

    You’re no longer guessing what investors want to hear. You’re speaking their language, addressing their concerns, and showing that you understand how this game is actually played.

    That alone puts you ahead of most founders in the room.