The funding landscape is competitive, and investors are increasingly selective, data-driven, and focused on strong fundamentals. That doesn’t mean early-stage businesses in Greater Manchester can’t secure investment — it simply means founders need to understand what investors look for, and where early pitches often fall short.

The good news? The reasons behind an investor's “no” are usually predictable, and most are completely fixable with the right preparation.

Below are some of the most common challenges founders face when pitching — and practical ways to turn them into future “yes” decisions.

1. Pitching before showing real market need

Many founders are excited to share their idea as soon as possible, which is natural. But one of the main reasons pitches struggle is that investors can’t yet see evidence that customers genuinely want the solution.

This doesn’t mean the idea isn’t strong. It simply means investors need early proof of demand to feel confident in the opportunity.

What to do

• Speak directly to potential customers and gather insight
• Share early feedback, waiting lists, sign-ups, or pilot agreements
• Highlight real conversations or real problems you’ve validated

Even small signals, such as customer interviews or a confirmed pilot, can make your pitch far more compelling.

2. Financials that need more clarity

Financial planning can be challenging for early-stage businesses, and it’s common for forecasts to feel either incomplete or overly optimistic.

Investors don’t expect founders to have every detail perfectly modelled — but they do look for thoughtful assumptions and a clear understanding of costs, cashflow, and revenue potential.

What to do

• Build bottom-up forecasts based on realistic numbers
• Be clear about your cash runway and key cost drivers
• Show how the business becomes financially sustainable over time

Transparent, grounded financials reassure investors that you understand your business and how it will grow.

3. The funding ask isn’t clear enough

Some pitches describe the product and vision very well, but the details around the funding — how much is needed, what it will be used for, and what milestones it will enable — can remain unclear.

Investors need clarity on where their investment will go and what progress it will unlock.

What to do

• State the exact amount of funding you’re seeking
• Break down how the investment will be used
• Link each cost to the milestones or outcomes it will achieve

A clear funding plan makes it easier for investors to see how their support accelerates your growth.

4. The pitch doesn’t fully communicate why you’ll win

Founders often spend a lot of time explaining what their product does — which is important — but forget to emphasise the strengths that set them apart.

Investors want to understand why your approach is different and why you’re well-positioned to succeed, even in a competitive market.

What to do

• Highlight your key differentiators (insight, technology, partnerships, traction)
• Share early results, feedback, or proof points
• Explain why customers choose you over alternatives

Even a few strong, specific points about your advantage can transform your pitch.

5. The team story could be stronger

Investors place a lot of trust in the people behind the business. They don’t expect founders to have every skill from day one, but they do want to understand why your team is capable of delivering results.

What to do

• Highlight experience or expertise that strengthens your proposition
• Show complementary skills within the team
• Mention advisors, mentors, or partners who support key areas

A confident, authentic team narrative reassures investors that you can navigate challenges and deliver on your plans.

Turning a “no” into a future “yes”

An investor rejection isn’t a failure — it’s feedback. Most of the reasons behind a “no” can be addressed with preparation, guidance, and practical support.

For founders across Greater Manchester, there’s a strong ecosystem of funding advisors, workshops, networks, and peer founders ready to help you refine your pitch, strengthen your financial story, and build investor confidence.

Often, the path from “no” to “yes” is less about changing your idea — and more about sharpening the way you present the story behind it.

Next steps for founders

If you’d like support with preparing your pitch, strengthening your financials, or understanding your funding options, get in touch with our Access to Finance team.

You can also join our Funding for Growth workshops to learn from specialists, build your confidence, and take the next step towards becoming investor-ready.

For founders who want to go deeper into pitch preparation, you can also read our guide on how to get your first investment pitch deck right, which breaks down what to include and how to structure a compelling deck.