Gaining investment can often be a challenge for startups & scaleups. Before embarking on this daunting journey, it’s always valuable to know how others did it and learn from their mistakes as well as their good decisions.

Our friends at ADLIB have been compiling these pearls of wisdom from a myraid of organisations across their People | Product | Potential interviews, and for Getting Started Month, we wanted to share the advice with you here.

Take a look at this round-up of top tips from the people who have successfully raised investment for their tech businesses:

“We are currently preparing for the next funding round hoping for a bigger investment in the company. The advice I would give is that investment is directly correlated to the value of the company’s technology AND the need in the market. If the technology is good but there is no need, investors would struggle to justify funding it, so make sure there is both value and need.”

Dammy @ Manchester BIOGEL

“There are three pieces of advice I would give. The first is to stay focused on your objectives and don’t get distracted. The second is to trust your staff and listen to them. The third is don’t be afraid to say no.”

Neil @ Orbit Discovery

The most important thing I would say it that you really need to have a sense of humour about it because going for investment is really hard. There will be many rejections, and it’s so important not to take it personally. Having a sense of humour about it is what got my co-founder and I through, being able to laugh about even the bad calls.”

Napala @ Habitual

“It started working for me when I found a good mentor who had time to hold my hand through the first steps. There is not a lot of magic to fundraising, but it is definitely helpful to have guidance from someone who has done it a lot before, who is interested in the business and who has contacts. The difference between pitching to someone who knows nothing about you, versus pitching to someone who respects the person who introduced you is huge. Having a mentor, and a network, really helped me gain that initial interest.”

Jenny @ Monument Therapeutics

Investment is a really interesting, challenging and can be frustrating area for start-ups and scale-ups.  From my experience in the field, the two areas I believe are most important when going through investment rounds are meeting and achieving your milestones.  This is key and must be clearly evidenced with data. The second is the ability to craft and communicate your story, from concept to commercialisation, so that it appeals to your target audience, in this case your investors. Again, this must be supported by data and a robust business plan.”

Özgür @ Stablepharma

“I came from the public sector, where I was continually bogged down focusing on the areas I wasn’t quite sure about, or felt I didn’t know enough about. When my focus shifted to higher level and I simplified the idea I had more success. So, the advice would be to not let the areas you are not sure about get in the way of the big picture, focus on the issue you are addressing and who you are to inspire belief from investors. There will always be uncertainty and risk involved in start-ups, which is precisely why we look to the types of investors we do.

“Linked to that is the advice to not be scared! Be confident in what you are doing. Explain it simply to make it accessible and understandable.

“Additionally, something that we found really helpful was regional support – having a home – we raised a proportion of our money through North Invest, look for local people to support you.”

Piers Kotting @ RareCan Limited

“I think the best piece of advice that I heard, and I have certainly used, it to talk to anybody who will listen. Have your elevator pitch in your head and talk to everyone, because you never know who might be able to open a door for you. Don’t be shy!”

Jenny @ Ferryx Ltd

“One lesson that we learnt is that cold calling hardly ever works! What I would suggest to new entrepreneurs who are starting a new company, would be to chase other people who have raised money. Start building your network of people that have raised money and have contacts with investors, build relationships with them and use opportunities for ‘warm’ introductions to investors. Also, based on their experience, find out who the investors are that could best support your needs, not all investors are the same.

“The other important aspect with regard to investment is more of an attitude; that not everyone is going to like you, not everyone is going to like your idea, but keep going! Take what you can from each meeting, ask for feedback, and move on.”

Edo Pockit Diagnostics

Get investment early! The earlier you buy in to a legitimate investment the better. The reality is that most investors go in very late in the cycle.

“There is no piece of advice that is going to obviate the need for hard work and good investment.”

Henri @ The Conscious Fund