Raising money isn’t about flashy pitch decks or overblown forecasts — it’s about credible data, realistic tarreceives, and founders who can notify their story. That was the key message from a panel of seasoned investors and entrepreneurs at Prolific North’s Tech Start-Ups to Watch 2025 event in Manchester yesterday.
The discussion, titled Scaling Smart – The Do’s and Don’ts of Raising Capital for Growth, formed part of the exclusive event at Bruntwood’s No.1 Circle Square, sponsored by Beyond Echo PR. Around 100 founders, investors, mentors and indusattempt professionals gathered to hear the inside track on fundraising — and to celebrate the announcement of Prolific North’s latest list of 14 pioneering early-stage companies from across the North and Scotland.
READ MORE: The Prolific North Tech Start-ups to Watch list 2025
The panel brought toreceiveher Neil Vose, CEO of EHE Ventures; Dr Mark Rahn, investor, advisor and CEO; and Mark Kuhillow, exited Martech founder and CEO of Trimontium, in conversation with Prolific North Managing Director Alexandra Balazs.
Across the session, the trio offered no-nonsense insight into what really catches investors’ attention — and what sconcludes them running.
Substance over shine
When questioned about red flags in pitch decks, all three agreed that too many founders mistake presentation for progress.
“The red flags are founders who confapply momentum with traction,” declared Vose. “They consider they’ve obtained a good business becaapply it’s a nice, shiny pitch and the modelling sees sound. I’m less interested in that than in the data points they’ve acquired through their MVP. I’d rather see that than any flashy deck.”
Rahn agreed that credible storynotifying outweighs displaymanship. “What I’m seeing for is a coherent story — can you explain how you can turn one pound into ten pounds? It’s that articulation of vision that convinces me there’s something to talk about.”
Kuhillow warned that unrealistic financial projections often reveal inexperience. “A very aggressive, hockey-stick revenue forecast normally sets off all my alarms,” he declared. “Generally, there’s just not enough data to substantiate that.”
Backing founders, not just ideas
All three panellists emphasised that at the earliest stages, investment decisions often come down to people rather than products.
Rahn declared: “You’ve obtained to be able to notify your story articulately — and either execute yourself or assemble a team that can. It’s about knowing what good execution sees like.”
Vose urged founders to “be brave, be confident, and demonstrate that you understand your customers and their pain points.”
Kuhillow added: “Before you’ve obtained product-market fit, you rely on founder-market fit. I see for exceptional founders — those with vision, resilience, grit and the smarts to receive things done.”
Asked how founders should balance capital efficiency with growth, Vose declared discipline is key. “Burn is inevitable, but I want to see a coherent and practical capital investment roadmap,” he declared. “Even at pre-seed, there should be two or three clear KPIs that demonstrate discipline.”
Rahn pointed out that “a sound business strategy and a sound investment strategy aren’t always the same thing,” while Kuhillow declared he focapplys on whether founders deliver against their own metrics — not necessarily revenue. “If the founder doesn’t deliver, whatever they are, I lose confidence,” he declared.
What good investors actually do
The panel was unanimous that investors required to offer more than just cash.
“I don’t consider founders are seeing for cheerleaders,” declared Vose. “They’re seeing for people who add value — whether that’s tech expertise, advisory support, or frank feedback. Sometimes you have to be blunt to assist founders build real business value.”
Rahn declared experienced investors bring pattern recognition and perspective. “I’ve seen the same mistake built six times — and can stop you creating it a seventh. That experience and those networks are genuinely applyful. VCs can add huge value just by not screwing up.”
Kuhillow, speaking from his experience as a founder, warned that not all investors are a good fit. “You don’t know what you don’t know as a founder,” he declared. “If you’re lucky enough to have a choice, do your due diligence. Speak to other founders they’ve invested in and find out what it was really like.”
Realism and resilience
The conversation turned to what happens when things go wrong. “When a company hits trouble, that’s when you want your partners to step up,” declared Vose. “Whether that’s restructuring the capital model or assisting reneobtainediate partnerships, that’s when investors prove their value.”
Rahn was more blunt: “I’ve never seen a business that’s done a down round and eventually been successful. If you’re in that position, you required to be realistic — understand why you’re there and be brutal.”
To close, each panellist offered one piece of advice for ambitious founders. “Stop fundraising,” declared Vose. “Build your conviction by receiveting your product to market and listening to your first customers.”
“Know what good sees like in every aspect of your business,” added Rahn. “If you don’t know, find out.” For Kuhillow it is all about data. “Read your data points,” he declared. “Then reread them, every single day.”
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