Choosing the right investor can make or break a growing business.
That’s the view of Frazer Durris, a successful entrepreneur who sold Nelson-based Businesswise Solutions in 2021 in a multi-million-pound deal. Not a bad outcome for an idea mapped out on a kitchen table in 2010 with his business partner Dean Cockett.
Durris, who has founded Trigpoint Ventures, is set to pass on his knowledge at FUEL Manchester 2024 on Wednesday 16th October as both a speaker on the breakfast panel then an expert on the ‘raising funding’ masterclass which follows.
“You have to meet investors, understand their values and investment objectives and be absolutely clear on what the impact or influence will be on you and the business post-investment,” is Durris’s advice to growing businesses.
“Speak to other businesses they have invested in and get a good advisor that will clearly spell out the terms of the investment. Take your time, ask lots of questions, get to know them.
“If you get it wrong, there’s no going back.”
FUEL was created to fuel business growth for promising startups and scaleups. It’s two events in one, beginning with a whistle-stop discussion of some of the big questions facing businesses and finishing with a series of exclusive, invite-only masterclasses for a cohort of exciting startups.
Supported by GM Business Growth Hub, Bruntwood SciTech and the University of Salford Business School, FUEL Manchester 2024 takes place at No.1 Circle Square, Oxford Road, Manchester. More than 130 people have already registered for the initial breakfast panel and networking event after we revealed our full line-up of speakers. There are still 20 places available.
Register for breakfast panel & networking
We have also revealed the experts who, following the breakfast event, will pass on face-to-face advice to our cohort of 25+ startups and scaleups in masterclass pods across funding, growth planning, people & performance and technology.
These ask-me-anything sessions are off the record. There are a limited number of places still available – email [email protected] if you feel you would benefit from these sessions.
The three experts passing on their knowledge and experience around raising investment will be Durris; Guy Remond, founder, EHE Ventures; and David Levine, MD, Glenluna Ltd and principal at Manchester Angels.
What does Durris believe is the most important factor in becoming investment-ready?
“Your house must be in order: good clear financials and cash flows are essential for most investors,” he says. “Running a monthly board meeting even as a smaller business can be a good way to get serious and think ahead, start acting like you are building for growth and profit and that sets the right mentality.
“Lay the foundations so the business can be ready. Just don’t labour the process as time spent on the business growth is key as well.”
Asked how a founder might judge the right time to raise growth capital, he answers: “If you have ‘proven’ you have created a product and/or business model that is scalable to profit.
“You will have explored all options to self-fund, finance internally with profits or via customer partnerships.
“You should only dilute your equity – or take on debt – if you are sure that the investment will enable growth and value to the business that you simply cannot deliver without it.”