Inside the Mind of a VC The Bacqd investor on pitch decks that win, handling rejection like a pro, and why the future of sustainable tech is now.

In the world of early-stage investing, few know what it takes to get a "yes" like Richard Sanderson, Partner at venture capital firm Bacqd, which backs ambitious startups across the UK. As part of Entrepreneur UK's Investor Insight series, we asked him what founders need to nail before their first raise, how to build relationships even when the answer is "no," and why scalable sustainability is where the smartest bets are being placed.

What are the top three things founders should focus on when preparing to raise their first round of funding?
The first key need is a succinct and Compelling Investment Deck. Founders need a clear story that covers the fundamentals: the size of the opportunity (market size and target market), the commercial model, the financial model, the use of funds, and the vision for growth. The deck should be concise and persuasive, giving investors confidence in both the problem being solved and the team's ability to execute. Secondly is a Robust Financial Model, Investors will expect a detailed five-year forecast showing how the business will scale. This should outline revenue drivers, cost structure, and unit economics, with transparent assumptions. Crucially, it should demonstrate how the capital being raised will be deployed and what milestones it will help the business achieve. And thirdly, a Clear Go-to-Market and Scalability Strategy, this should involve a well-defined plan for how the business will reach and retain customers is essential. Founders should articulate how they intend to scale — the speed and scope of that growth, their positioning within the competitive landscape, and whether the business has the potential to be a disruptor or even a unicorn within its sector."

When evaluating early-stage start-ups, what key factors do you prioritize?
First off- Product-Market Fit, Is there clear evidence of demand for the product or service? Early traction, customer feedback, or pilot projects help demonstrate that the solution truly addresses a market need. Also co consider is how scalable is the business model? Could this become a unicorn? We look at the speed and scope at which the company can grow, and whether the economics support long-term expansion. And last but not least, what does the market look like today, and how does this business differentiate itself? we ask whether it's a disruptor challenging incumbents in an existing space, or whether it's pioneering a new product in a new vertical. Essentially, even the best idea won't succeed without the right team. We place a strong emphasis on the founders' ability to execute, adapt, and attract top talent as the business scales.

How should founders handle a "no" from an investor? What's the best way to build long-term relationships, even if they don't secure investment straight away?
A "no" isn't necessarily final, it often just means not right now. The best founders treat rejection as an opportunity to strengthen the relationship. At this point it's always worth asking for constructive feedback. Understanding why an investor passed, whether it's timing, traction, or market conditions will provide valuable insight for refining your business and your pitch. It's polite to thank them for their time, acknowledge their feedback, and express a willingness to update them as the business progresses. A professional, gracious response leaves a positive impression. Investors value consistency. Sending short, quarterly updates on milestones, traction, or team growth demonstrates execution and momentum. It keeps you top of mind when circumstances change and they're ready to revisit opportunities. Finally, engage with their thought leadership, share relevant industry insights, and add value where you can. Treat investors as long-term partners rather than transactional backers.

What start-up sector or trend excites you the most at the moment, and why?
Sustainability isn't going away and is a top ask for any investor, that combined with the future of technology is always exciting. Start-ups that are building scalable solutions to address climate challenges. whether through clean energy, sustainable materials, or circular economy models, are not only tackling some of the world's most urgent problems but are also creating huge commercial opportunities. What we like to see is when businesses often combine strong product-market fit with real global scalability, consumers, corporates, and governments are all actively seeking greener solutions.

Which three start-ups that you funded this year excite you the most - and why?
Three businesses we've invested in this year that excite us the most are Voxello, Paytopia, and Kleva-Link. Each of these is an AI-driven B2B sales platform, and what makes them particularly exciting is their potential to transform how companies approach sales. They leverage cutting-edge technology to automate processes, provide actionable insights, and enable smarter, more efficient decision-making for businesses. We're thrilled by the innovation they bring to the market and the tangible value they're creating for their clients.