In this episode, John Radford sits down with Alistair Russell, investor at Venrex, to unpack the realities of startup fundraising, the evolving nature of venture capital, and the key differences between the UK and US tech ecosystems. Alistair shares his personal journey into VC, lessons learned from early bets, and what separates average startups from exceptional ones.

From the importance of product-market fit and customer feedback, to why technology alone isn’t enough—this conversation is packed with insights for founders, startup operators, and anyone navigating the world of early-stage investment.

Whether you're raising your first round, refining your pitch, or exploring transatlantic growth, this episode is a masterclass in modern venture capital strategy.

• Angel investing is a blend of art and science.
• The founder's characteristics are crucial for investment decisions.
• Bootstrapping can be a viable path for startups.
• Investors should focus on capital efficiency and MRR growth.
• Common mistakes include creating fake urgency and overselling.
• Authenticity in storytelling is vital for founders.
• Investors often look for founder-investor fit.
• Sales issues are a common challenge for startups.
• Time is often underestimated in the startup journey.
• Angel investing can be rewarding and keeps investors engaged.

• Founders often fail due to a lack of market fit.
• Storytelling is crucial for engaging investors.
• Execution is more important than just having an idea.
• Building a personal brand can help in fundraising.
• Determination and self-belief are key traits of successful founders.
• Creating a strong narrative is essential for attracting investment.
• Revenue generation is more important than having a perfect product.
• No-code solutions can help validate ideas without significant investment.
• Building relationships with investors before asking for money is vital.
• Competitive advantage comes from more than just intellectual property.