Bristol’s startup community gathered for our latest instalment of the Startup Stories series, where founders and experts shared candid insights into the financial and emotional challenges of early-stage business life.

“Investor readiness takes everything you’ve got” – Simon Bates

Simon Bates, founder of Actuation Labs, reflected on launching his business from his childhood home. He described the intensity of preparing for investment: “It’s not just about hours – it’s emotional energy too. You need to stay focused, keep cash flow under control, and make sure customers are still at the heart of what you do.”

Having a co-founder and leaning on a strong network were crucial to Simon’s journey. He also recommended using a project administrator and finance professional to help manage the books and keep operations on track.

Sustaining the journey – Becky Sage

Becky Sage, Entrepreneur in Residence at SETsquared Bristol, highlighted that sustaining growth can be harder than the startup’s early days. “Many founders think the beginning is the hardest, but it’s the ongoing process that can really test you,” she said.

She works with founders who struggle with numbers to set up simple cash flow forecasts, helping them understand what’s coming in and going out. “Forecasting is vital,” Becky said. “It allows founders to track potential growth and anticipate what resources they’ll need next.”

“Have backup plans and build investor relationships” – Harry Alexander

Harry Alexander, Investment Manager at QantX, emphasised the importance of having investors on your side while also preparing for the unexpected. “It’s about building trust and empathy. Investors manage large portfolios, so attention is spread, but they also need to understand the pressures founders face.”

Outsourcing key tasks is another strategy Harry highlighted: “It keeps the business moving and allows founders to focus on growth.”


Smart money choices

When asked what the smartest money they’ve spent on their business, the panel had clear answers:

• Becky: hiring a fractional financial director.

• Simon: employing an admin who keeps deadlines and finances on track.

• Harry: outsourcing essential functions to maintain efficiency.
  
  

Shared wisdom from the panel

The discussion revealed a common thread: founders are vital to each other. Networking with peers can provide not only resources but relatability and reassurance during tough times. Managing cash flow, building investor relationships, and sustaining personal wellbeing are all intertwined in the early-stage startup journey.

Takeaway checklist for founders

• Build a supportive co-founder and peer network.

• Forecast and stay on top of cash flow.

• Prioritise customers as well as investors.

• Outsource smartly until internal capacity grows.

• Prepare for the emotional highs and lows of funding and growth.

If you’re a founder seeking support to navigate the highs and lows of building your business, find out about SETsquared Bristol’s incubation membership.

Don’t miss our upcoming events
SETsquared Bristol is hosting a series of exciting opportunities to connect, learn, and grow your business: our Breakfast Connect sessions for early-morning networking, Festive Connect to celebrate the season and meet fellow founders, and our Demo Day to showcase innovative startups. Discover practical insights, build relationships, and be part of Bristol’s thriving startup community.

See the full events schedule and book your place today.