Christopher Bull

Founders, If you're in the fundraising game.... You know there's a phase I like to call 'the gap.' It's that tricky period between getting a verbal nod from an investor and actually seeing the funds hit your account. Verbal commitments are great, but they don't always guarantee a closed deal. Here's how I handle this to keep things moving smoothly: Be Prepared to Act Fast: As soon as you get a verbal commitment, make the next steps as easy as possible for your investor. Any delays on your part can open the door for them to reconsider. Set Clear Deadlines: Make sure your investors know exactly when the round is closing. Setting a firm deadline for contributions helps keep everyone on schedule. Keep the Lines Open: Follow up with your investors regularly. Make sure they have all the information they need and gently remind them of the deadlines. And a little tip for peace of mind. Don't count your chickens before they hatch. Hold off on the celebration until the funds are securely in your bank. That's when you know you've really crossed the finish line. ✌️ #venturecapital #vcfunding #entrepreneurship #familyoffice #raisingcapital #fundraising #growth #startups #startupcommunity #startupecosystem #startupfunding

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I often talk about ‘building something offline, before raising money’. This is the perfect example of what I mean👇 One of our portfolio companies Tradeaze UK LTD (it’s a biassed example, I’ll admit), identified a pain point: Co-founder, Jack, is an electrician by trade and saw first-hand the amount of time wasted by tradespeople when picking up tools and parts needed for a job.   To solve this pain point: ↳ Jack set up a Tradeaze iPhone, approached tradespeople on the street, handed out flyers and reached out on Facebook groups to his target audience. ↳ Tradies would text the number, asking for a part or tool. ↳ Jack would then jump on his bike to pick up the part and deliver it back to the customer directly. ↳ After a while, Jack started working directly with merchants providing them with a tablet in kiosk mode, with which the merchant would fill in a really simple form and Jack would receive the order email. ↳ Again, Jack or one of the delivery riders would take the part direct to the tradesperson in need. ↳ Jack continued this way until he got to breaking point and couldn’t handle any more daily deliveries. ↳ This is when he expanded his team to bring in even more experience with his co-founders Joe Blair and Ruben Engel. Since they have raised investment from us and other investors. They were able to prove their pain and solution offline, saving them money and time and proving traction to bring on investors ! Raising too soon, before proving you have the right solution is a huge risk. This is a fantastic way to build a business without needing to raise investment right away. Build offline first ! #businesstips #entrepreneurship #startups

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I've had the great luck to invest in some unicorns at inception. There's not so much you can look for when backing founders that early, but obsession can be spotted early and does play a massive role. In my opinion, our irrational, relentless drive (sometimes without the presence of a clear goal) can be more powerful than intelligence, industry experience, and vision. Thanks to Lisa, I had the honour to discuss my views on investing, my tech ventures, and EWOR with Pádraig Belton from the BBC. Thank you, Pádraig Belton for this fantastic interview. Short teaser below. Full version will be released soon!

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Question - what does Trump mean in terms of real benefits / disadvantages specifically for startups over the short to medium term? 🌎 Can't imagine its good for immigration - tightening of talent visas? 💸 Better on the tax benefits front - (a little naive of me) but are there any policies he's put forward that have tangible benefits? 🖥️ Musk as tech advisor - not sure whether this will have benefits for the broader tech community or just Musk companies? (can't be good for OpenAI) Please enlighten me.

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I'm noticing (anecdotally) a nice spike in new startups and businesses being launched over the past few months After a muted 18 months, it's refreshing to see a lot more entrepreneurs taking the plunge. So, in the spirit of paying it forward, here's some honest, hopefully useful, (and sometimes unsaid) tips for anyone just starting up: 1) Nobody cares! Your first shots on goal most likely will not work. You'll feel despondent, maybe even ashamed that people may see you as a failure. At this point remember that nobody cares So, unabashedly pivot as many times as needed, to maybe even wildly different sectors as needed to find what works 2) Your goal should be to make your first dollar ASAP. People pay for things that make them money > save them money > save them time. 3) Guard your equity zealously. IMO, it is better to own 70% of a 1000 crore co, than to own 7% of a 10000 crore co. You are the owner in the former, and board-appointed management in the latter The world is littered with stories of founders ousted by their boards. Take some inspiration from the old family businesses 4) VC is a fantastic source of capital, but that's all. Their incentives are not aligned with yours & they have a fiduciary duty to themselves and their LPs. Your risk parameters are not the same - you aren't playing the same game. Remember that they've bet on multiple numbers at the roulette table, (and taken further insurance with preferred equity terms). You and your employees have all your chips on 1 number. You have a bigger fiduciary duty to yourself and your common shareholders 5) Everyone and their uncle will offer an opinion. So discount anything from anyone who's not a deep subject matter expert, or hasn't done the job. Remember, you'll frequently run into completely random advice from MBAs-turned-consultants-turned-VCs. You cannot learn how to run a business as a board observer. It'll be like taking batting advice from a color commentator 6) Be very very frugal in your hiring. Your first 20 employees should almost exclusively be ICs, and the only two roles are building or selling. Eliminate anyone who does not directly contribute to this (no chief of staff, EA, sales manager) 7) If you've raised capital, pay yourself a reasonable salary i.e. somewhat below market. If anyone tells you otherwise, screw them. Remember, even first-time GPs take 2% of the fund yearly as fees, with a promise to maybe return something in 10 years 8) Unless you are playing a highly competitive capital-intensive game, prioritize profitability over growth. If you're profitable, you will forever be able to raise capital on your turf, which is a significant shift in the power equation (refer point 2) 9) It is a long, lonely journey. People will often tell you to be a missionary, but it is perfectly okay to have superficial dreams that give you the necessary fuel. Fame, FU money, Freedom - whatever floats your boat #startup #entrepreneurship

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The UK is well ahead of its continental counterparts when it comes to tech startups* generating revenue. 🇬🇧 👑 💂 *Let’s be honest, at these revenue levels most of the companies counted here aren’t startups. They’re scaleups or established privately held tech companies. https://lnkd.in/ebSnfcYz #vc #venturecapital #startups #entrepreneurs #entrepreneurship #tech #technology #innovation #money #business

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🚨big news from Emperia 🚨 Virtual worlds are notoriously hard to build - especially when it comes to running a high-fidelity experience on the web. They require a lot of asset optimisation, compromising on quality. Custom coding for interactions and commercial functionalities. And large teams involved in deploying each experience, which often takes months to create and deliver. Over the last 5 years, we’ve solved all those problems for our own 3D teams. We’ve built the underlying technology that enabled Emperia design, build and publish virtual experiences at scale. We always focused on visual quality and performance, and built the platform with the end user in mind. Today we’re officially opening our tools up for the creative community to build on Emperia platform. Built on UE5, Creator Tools enable: ✨Render and publish cross-device virtual experiences straight from Unreal Engine with no asset optimisation required ✨Plug-and-play UI, enabling any 3D artist to create a fully functional experience with no dev support required ✨ Procedural generation tools and lighting presets to create stunning environments in minutes ✨Commerce modules to support e-comm integration for sales & marketing experiences ✨Customizable interactions from gamification to token-gated rooms with an SDK to expand functionality even further …and so much more! Shoutout to my Emperia team for making this happen, and our partners at Sawhorse Productions, Cominted Labs, Polycount.io, virtuall and many others who helped us refine our creator platform in beta over the past few months 🙏🏻 Simonas Holcmann Emma Preti Charlie Adams Jadir Lino Tomas Tamulenas Tomas Gavelis Zunaib Imtiaz Stephen Cherla Shahzaib Asim Marcelina Slabuszewska #UE5 #EmperiaCreatorTools #builtwithEmperia #3D #unrealengine #AWE2024

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Ok, this post took off like a rocket 🚀 Many thanks to all those who have added comments - 1,500 and counting which greatly enrich the conversation Most answer the question - how should founders who don't have the pedigree to raise venture capital at the early stages fund their startups? Here's a TLDR; 1️⃣ Startup competitions: most ecosystems have competitions & contests based on what the sponsors care about 2️⃣ Grants: consider government grants & subsidies. Most govts in developed countries offer all sorts of funding to help startups get off the ground 3️⃣ Accelerators: I used to think YC and other top accelerators are places to learn. In reality, they 1) give you cash 2) give you credibility to ease your future fundraising 4️⃣ Bootstrapping: yes, it is valid. Offer a service that gets you instant monetisation We've curated a page on Caena where you can see some of these current opportunities See details in comments 👇

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"I overpaid £2M. Outdated valuation cost me dearly. Never again." Sadly this happened to one of our clients, who overpaid by £2M for a company that couldn’t deliver on its promises. Imagine investing in a promising tech startup, convinced by their impressive pitch and glowing projections. You go ahead with the deal based on an outdated valuation. Six months later, the market shifts, and the startup's growth stalls. The outdated valuation didn’t reflect current market realities or potential risks. By the time the issues became apparent, the money was spent, and the return on investment wasn’t forthcoming.   This painful lesson underscores the importance of accurate, current valuations. They provide a realistic picture of a business’s worth and help investors make informed decisions. At bizval, we interrogate every aspect of a business’s financials, market conditions, and potential risks to safeguard you from overpaying and ensure your investment is sound. The takeaway? Always base your investments on thorough, up-to-date, and trusted valuations. It’s not just about avoiding losses—it’s about making smart, strategic choices.   Stay informed. Know your value. Make wise investments. P.S. Update: Our coaching at Outcomes Business Group UK has empowered the new owner to revitalise the business and set it on a path to success. Together, we have developed efficient new routes to market, built strong trust within the marketplace, and fine-tuned the services offered. With a dedicated and powerful team executing flawlessly, customers are now delighted and wholeheartedly supportive of the business. #BusinessValuation #SmartInvesting #Entrepreneurship #StrategicPlanning #BusinessGrowth

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I have spoken with more early-stage Founders in the first half of this year than any other full year previously. A lot of the time, a big focus for them is around fundraising and it's always high on the discussion agenda (both pre and post raising). Questions like the below are front of centre of them conversations: ▶ What advice can you give me when I'm sitting down with an investor? ▶ What do you think of my pitch deck? ▶ Is there anyone you can introduce me to who's interested in what I'm building? ▶ Once we've raised, how do we start building but keeping the runway extended as long as possible? I received a great email from Hustle Fund earlier in the month with the clear message to Founders to know your numbers and know them in detail. I hope they don't mind me sharing but below are 5 areas they shared that a Founder(s) must know and be able to talk about. There are definitely more you need to be prepared to discuss but these are ones you should absolutely know. 𝟭. 𝗥𝗲𝘃𝗲𝗻𝘂𝗲 𝗡𝘂𝗺𝗯𝗲𝗿𝘀 🔹 How much revenue did you earn this month? Last month? The month before? 🔹 Which acquisition channels drove revenue? 🔹 What is the cost of your product (or subscription)? 🔹 How much of your revenue is attributed to the product vs. your consulting services? 🔹 Excluding marketing, what are your margins? 𝟮. 𝗔𝗰𝗾𝘂𝗶𝘀𝗶𝘁𝗶𝗼𝗻 𝗡𝘂𝗺𝗯𝗲𝗿𝘀 🔹 What is your cost per acquisition? 🔹 What is your website conversion rate? 🔹 How many daily active users do you have? How many monthly? 🔹 What is your retention rate?  🔹 What is your monthly churn? 𝟯. 𝗙𝘂𝗻𝗱𝗿𝗮𝗶𝘀𝗶𝗻𝗴 𝗡𝘂𝗺𝗯𝗲𝗿𝘀 🔹 How much have you raised to date?  🔹 How much are you raising now? 🔹 What were the terms in your last round? 🔹 What are the terms in this round?   𝟰. 𝗠𝗶𝗹𝗲𝘀𝘁𝗼𝗻𝗲 𝗡𝘂𝗺𝗯𝗲𝗿𝘀 🔹 What milestones do you expect to hit with this raise? 🔹 What metrics do you care about when measuring the health of your business? Why?   𝟱. 𝗦𝗹𝗶𝗰𝗶𝗻𝗴 𝗮𝗻𝗱 𝗗𝗶𝗰𝗶𝗻𝗴 🔹 How have your conversion rates changed over time? Have they increased, decreased, or stayed the same? 🔹 How have different customer acquisition channels performed? For example, what is the difference in conversion rate between Facebook ads versus LinkedIn ads? I hope the above helps guide the Founders out there who are engaging in conversations with VC's / Investors. I'm happy to talk through with anyone in my network who would appreciate a sounding board going into investor meetings, would like to discuss support in getting ready to raise or you have raised and need support around next steps. #founders #startups #investors #vcs

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This is not the responsibility of venture capitalists. More indiscriminate 1 million dollar grants need to be handed out so we can get that from 0.5% to maybe 5%. The government isn't the best at capital allocation. This is a sore spot of capitalism at the moment, wherein truly innovative ideas(or just different/non-validated founders but might work) don't get funding from anyone(too risky for VCs, not grant worthy from Gov, too high interest loans). This is a problem which is my responsibility to solve as well and I don't have a solution. How would you solve?

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Every leader should have mentors. Not one, but many! I’ve worked with thousands of scale-up founders over the years. I’ve definitely seen all the common mistakes. But I’m still learning—every day. Being a leader can be a lonely place. You’re expected to have all the answers, but the reality is, many of us face the same challenges, often in isolation. That’s why mentors are so valuable. Having multiple people you can turn to—each with different perspectives and experiences—can make all the difference. No one person has all the answers. No matter how much you’ve achieved, there’s always something to learn from those who’ve walked the path before you. The shared experience and guidance from mentors (and peers) help you navigate the tough decisions and keep growing as a leader. You’re never too experienced to learn.

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Product-market fit is the holy grail for startups - in the early days, searching it out is the one thing Founders should be focussed on. But the journey to PMF is never linear - it’s filled with twists, turns and dead ends. I see this regularly with Founders I work with, who have often got stuck in one of these dead ends, or lost somewhere else along the way. There are lots of reasons this happens but, in my experience, there are just a few key things you need to do as a Founder to stay ahead of the game: 1. 𝗡𝗶𝗰𝗵𝗲 𝗱𝗼𝘄𝗻𝗅 Trying to appeal to everyone often means you appeal to no one. Identifying and understanding your ideal customer is crucial. 2. 𝗘𝗺𝗯𝗿𝗮𝗰𝗲 𝗙𝗲𝗲𝗱𝗯𝗮𝗰𝗸 Constructive criticism is your startup’s best friend. It can highlight blind spots and reveal opportunities you hadn’t considered. 3. 𝗕𝗲 𝗪𝗶𝗹𝗹𝗶𝗻𝗴 𝘁𝗼 𝗣𝗶𝘃𝗼𝘁 Flexibility can be the difference between success and failure. Don’t be so wedded to your original idea that you miss where the real opportunity lies. 4. 𝗦𝗽𝗲𝗲𝗱 𝗼𝗳 𝗶𝘁𝗲𝗿𝗮𝘁𝗶𝗼𝗻 𝗺𝗮𝘁𝘁𝗲𝗿𝘀 Continuously test, learn, and improve. An iterative approach allows you to adapt quickly as you deepen your understanding of the problem space. So what can you do, if you’re a founder looking for Product-Market-Fit? - Conduct In-Depth Customer Research: Don’t do polls and surveys - instead, set up interviews and engage with your potential users wherever they are. The goal is to understand their pain points, needs, and preferences deeply. - Define Your Value Proposition Clearly: Articulate what makes your product unique and why your target customer should care. This should be a clear and concise statement that guides all your marketing efforts. - Test Before You Invest: 99% of founders get MVPs wrong. Remember - an MVP is the smallest thing you can build to test a hypothesis. Gather real user data before fully committing resources. This reduces risk dramatically. - Stay Agile: Rigidity and single-mindedness are hugely detrimental traits in a founder. Be prepared to make adjustments to your product, strategy, or target market as new information becomes available. The journey to product-market fit is seldom a straight line. It’s a dynamic process that requires patience, persistence, and a willingness to learn. Remember, finding product-market fit isn’t just about having a great product; it’s about having a product that meets the needs of the market in a way that no one else does. Keep your ears to the ground, remain flexible, and focus on delivering true value to your customers. #startups #productmarketfit #gotomarket #mentor #founderstories #founder

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I sent the Jumpstart team to spy on the 'competition'. With less than a month to go until Jumpstart's Big Startup 5K on the 6th August, we decided it was time to see what we were up against. We sent some of the Jumpstart team down to the J.P. Morgan 5K Corporate Challenge to see what all the fuss was about. What did we learn? 1. It was cloudy! For our event, we've decided that it's going to be a beautiful summer's day. 2. Everyone at the Corporate Challenge was from... corporates! How boring. Our event is going to be chocka-block filled with startup people (about 1000 of them, actually). 3. They've gone 🍌 with their goodie bags - they're actually giving out... BANANAS to runners. Can you believe that?! Well, We've got some EXTRA special treats lined up for our runners. In short, can promise our event is going to be 10/10. So, if you haven't secured your team tickets yet (£10pp), NOW is the time to join the 200+ other startup teams who are already joining us! Ticket sales close in less than 2 weeks - link in comments below 👇

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Whilst there remain plenty challenges to building startups in the UK, as Dan Bowyer says, this is news to celebrate. Nurturing innovation in the UK requires more than just VC money in, but it's a pretty good start.

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First Priority: Founder First duty: Protect The Founder at Foundership

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😮‍💨 INVESTMENT UPDATE 😮‍💨 Most people know me as a hustling founder that’s been through quite common investment challenges to get the business where it is today. Since proving 1) product market fit, 2) revenue, and 3) growth opportunity, I basically had to just continuously raise for 4 years (as well as prove those things). Although I raised £1M with some amazing investors, I’m only now in the position to actually raise and close ‘a round’, like all the money at once kinda round 😅 I can finally just focus on growth, with the invaluable lessons learnt about how to be lean, instead of trying to survive and grow! A couple of months ago, while planning my investment strategy, I decided that a bridge/further pre-seed round would be the best route so we can really focus on our strong marketing tests and the super exciting enterprise/B2B conversations we have going on. This way, we can aim for seed funding next year with an even stronger story! Plus, I absolutely LOVE raising funds, so why not go for the big Seed next year? 🥲🥲🥲 SOOOO… we currently have a round OPEN raising £500K, and I’m super excited to say we have 2 VCs committed supporting us with our strategy and lots of angel investors already committed to the round. Including the amazing Beth Crosier also joining our team as CFO 🥳 One of our VCs is Praetura Ventures, who accepted me onto their Praeseed Programme and gave me the chance to pitch for £200K at the showcase towards the end of the programme. Thank you, Jessica Jackson, who ran the whole thing brilliantly! I can’t thank Sim Singh-Landa enough for being a fab mentor! Also, thank you, Louise Chapman for supporting me! This funding is part of our bridge round, with investor conversations filling up my diary and new offers everyday, I hope to overfund by Christmas! 🤩🤩🎉🎉🎉 DO NOT MISS OUT! Please contact me ASAP if you’d like to jump on the round. We are EIS approved and have a data room that’s passed VC due diligence! 😎 I am sitting on my Linked In inbox! https://lnkd.in/e4cXQrYu

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Something new I’d like to start this week - shoutouts to the rising stars in the startup space 🚀 Whenever I see news of startups raising funds, I’m reminded of our own fundraise journey. Choosing the right investors and ushering in the funding round is certainly a long, arduous and nerve-racking process. It must be a similar feeling for these start-ups this week, which have cumulatively raised $579.5 million. A staggering amount, showing how much the world believes in India’s growth story! I have one appeal to all my fellow founders after a milestone event. The sky is the limit now and before you dive into your next phase of growth, take a break to recharge before you go all out. One of my biggest learnings this year has been the importance of taking timeouts to pause, reflect, and re-energise. Just know that we would love to be a part of your breaks. We will be happy to host you and your team at our vacation villas. 🏖️ The stay would entirely be on us. If you like the idea, please write to: [email protected] Let’s normalise founders taking a break, because they deserve it! #YouDeserveABreak Zepto, HealthKart, Zopper, Kratos Gamer Network, Locad, Blitz, CredFlow, Proost Beer (Grano69 Beverages), Doodhvale Farms, Abyom SpaceTech, Swish, Biryani By Kilo, Indic Wisdom Private Limited, Theranautilus, Taqtics, Billion Hearts Software Technologies, Matrix Geo Solutions Pvt Ltd.

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