Angel investors commonly invest stakes as low as £10,000. While they may be prepared to wait longer for the ‘exit’ when they take their return on investment, they are usually looking for companies that offer a ten-times return – so that at exit, that initial £10,000 stake would be worth £100,000.

All investors we spoke with stressed two key principles they invest by. First, they are looking for a business model that offers scale. Secondly, they invest as much in the individuals involved and their ambition and ability to deliver growth as in the business idea.

So for an investor, the lack of a steady revenue stream at the outset is not necessarily off-putting, although they will be looking for evidence that there is a market for what the company is making.

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