Science-based founders spend too long in pitches explaining how their science works. Their passion for the science means they over-index on the science in their investor communications. Your potential investors will just assume that the science is sound, and they will largely discount this during initial conversations and wait to validate it in due diligence at a later stage if they like the company. But they won’t even take you to the due diligence stage if they don’t think you have a business! The VC wants to know what the science does, not how it does it.

Pitching scientists often stay within their comfort zone and don’t venture ‘out of the science’. Peer recognition is a sought-after prize in the world of academia, but investors won’t be wowed by it. Your job when you first meet an investor is to convince them on the commercials first. You need to prove if this is ‘backable’ science. Investors will often see research phase science as something they can wait until it’s ‘finished’ and then see if there is a business case.

You need to show them a simple problem-solution summary and prove that you can scale this innovation and, most importantly, find enough buyers to pay for it.

Many academics want their science to benefit humanity. Whilst this may be a noble pursuit, it can lead to some scientific founders being uncomfortable with the realities of commercialisation. Unfortunately, VCs will not fund any business without a roadmap for commercial returns.

The harsh reality of modern healthcare is that your solution will never reach the hands of a patient unless it can be developed into a commercially-viable product. This process takes investment, commitment, risk and time. You cannot shy away from the commercial opportunity that underpins your science, it must be front and centre in your proposal.

Scientists know their experiments; they often don’t know their financials.

A simple calculation of profit per unit sold is not enough to attract serious capital from a venture business. Consider how you’ve forecasted future growth, your team costs, contingency plans, marketing options, and launch costs into new markets. Have you modelled multiple scenarios, future fundraises and your equity position? If you lack these skills, find a cofounder who’s willing to deliver commercials alongside you.

Once you’ve sold the fund on your vision, you need to sell them the plan. If you want to solve a ‘big problem’ and own the market, what does that end goal look like? And more importantly, where are you today and what’s the roadmap to get you there? An investor who understands how the cash helps you grow faster and win the market will be more aligned with the risk they’re taking on the investment in your business.

In the early stages there is always someone bigger with more resources trying to solve a similar problem. You need to be able to prove that you can execute your plan with the money you’re asking for. It’s a mistake to say we invest in technology, we actually invest in people and their ability to ‘get the job done’. For example, spin outs often draft in ‘part time’ founders who operate with one foot in an institution and one foot in the business. Make sure you have the capacity to deliver and a team who prioritise growing the business.

Science-focused founders can often overlook sales and marketing. Demand from the market is essential but you need to grow as quickly as possible for an investor to make their expected returns. Marketing in science-based sectors is complex and good sales people are incredibly hard to find, do not underestimate this and expect the technology to just take off on capability alone.

The investor will want to see a clear and well-researched go-to-market strategy. If you have to ‘educate the market’ on your value proposition, that’s going to require significant investment into your media strategy and the people delivering your message. If you operate in a competitive market, you may have to hire sales professionals on substantial incentive and compensation plans. Don’t be afraid to show that you’re taking your go-to-market seriously and allocate sufficient budget to it.

The problems you solve touch multiple audiences. For example, a healthcare product may be bought by a procurement department, signed off by a compliance officer, used by a doctor and received by a patient. There are separate users in one transaction who all have their own challenges. Life sciences founders who only address end-user needs can fall foul of how procurement departments work in the sector. Your product must pass through many hands before it sees a patient, and these hands can be hurdles. Consider each audience’s objectives, how do they interact with one another and how you speak to them in different ways?If you’re marketing to the NHS, what procurement hoops do you need to jump through before you get the chance to work with a patient?

Many specialist funds will know the importance of the regulatory environment and will quiz you on how it affects your business. In life sciences, regulators can play market maker and are powerful enough to decide whether your business survives or dies. Regulation change can pose a big potential opportunity or a big potential risk. Founders who don’t understand, or haven’t considered, how it affects them can come across as under prepared.

Personally, I think a business claiming they can meet overseas regulation before domestic regulation can also be a red flag. Early-stage businesses often lack the expertise or the knowledge to deal with regulation, and this can be even harder in foreign markets. If you are going to approach another market before your domestic market, you need a very good reason to do so!

Many technical founders decide to ‘do the sales’ themselves and often struggle as they don’t have the skillset. Many technical founders call themselves the CEO, despite having no knowledge of how to run a business. Many technical founders also employ HR support far too late in their journey.

Consider what you’re good at, what you could improve on and what you need to hire in. Be honest with yourself about what your future role in the business may be. For technical founders, that could be Chief Science Officer/Co-Founder and you need to willing to take that step. Leadership changes as you grow, don’t forget to work on yourself as well as the business. An investor is looking for someone who can adapt to the needs of the business over time.

Questions from a VC in a pitch mean they’re interested, you should welcome them. It’s not an interrogation, it’s a positive sign. These questions aren’t designed to trip you up, but you do need to be prepared for them.

Consider what risks or potential weaknesses you may have and prepare notes on how you’re going to address them. Know your market inside out and prep suggestions on how you’re going to reach your target market. Be willing to go deeper into a topic that their interested. If you don’t know the answer to a question, say and get back to them with the detail. Don’t try and fluff it!