The First Believer How Kirsten Connell helps founders go from idea to investment

As Partner and head of the First Cheque Fund, the dedicated pre-seed fund at Octopus Ventures, Kirsten Connell backs bold founders at their earliest - and often riskiest - stage. Here's what she looks for, what she advises, and why the first "yes" matters most.

Before the traction, before the pitch decks are polished, before anyone else believes - Connell does. She is often the first institutional investor to back an idea. She specialises in helping ambitious entrepreneurs get their companies off the ground with the capital, conviction, and clarity they need to go the distance. Entrepreneur UK sat down with Connell to unpack what makes a standout early-stage founder, how to handle a "no," and the start-up trends she's watching closely.

What are the top three things founders should focus on when preparing to raise their first round of funding?

1. Nail your "why now, why us."
Investors want to see a simple, must-have problem and your unique edge in solving it: whether that's a powerful insight into the space, access to unique data, or an execution advantage that sets you apart.

2. Show you can execute.
Early-stage investing is all about belief in the team. Demonstrate that you're a "complete finisher": follow up fast, build a smart hiring plan, gather credible references, and lay out an actionable go-to-market path.

3. Leverage your network and distribution edge.
Great founders make unfair advantages visible. Whether through partnerships, customer access, or community momentum, show that you know how to use your network to accelerate traction.

When evaluating early-stage start-ups, what key factors do you prioritise?

1. Founders, above all.
   We back mission-led, learning-agile, and reliable founders who can sell to their customers and attract top talent. We have to believe you'll build a venture-scale business.
2. A market that matters.
   We look for markets that can grow into something big enough for venture returns, and a clear path to defensibility - through data, product embedment, model performance, or distribution.
3. Early proof points.
   Signals that you're on the right track: credible design partners, an actionable pipeline, or early commercial traction - all help us believe you'll hit your next funding milestones.

How should founders handle a "no" from an investor?
A "no" isn't the end of the story - it's just one investor's thesis or timing. Take what's useful from their feedback and move on quickly. Many breakout companies were passed on early. If you've built a genuine connection, keep that relationship warm. Share key updates, ask for input, and invite them to be part of your journey - even informally. The best investors will keep cheering you on, whether they're on your cap table yet or not.

What start-up sectors or trends excite you most right now?
We're excited by founders applying advanced technology - especially AI - to big, unglamorous problems. Think supply chains, logistics, water, or waste: the real, gritty systems that power the world. We're also seeing inference costs fall by nearly 90% over the last 18 months, unlocking use cases that were previously uneconomical - like real-time AI video or large-scale customer service. And with around 70% of enterprises saying proprietary data is their biggest blocker, startups that help businesses structure or monetise their unique data are set to win.

Which Octopus Ventures portfolio companies have you been most excited about this year?

Gibran
Gibran is pioneering a new class of AI - Scale-Free Learning AI (SLAI) - inspired by the "Major Transitions" concept in evolutionary biology. SLAI could deliver step-change efficiency gains, genuine reasoning, and even new knowledge creation. We love their bold, science-first approach to next-generation AI.
Flux
Flux is reimagining the hardware foundation of AI. By designing optical processors for training and inference, they're building the infrastructure that could power the next leap in general intelligence.
Visible
Visible is a wearable platform built for illness, not fitness - empowering people to manage chronic health conditions rather than count steps.