GUEST COLUMN:
Nicola Rylett-Jones
NED and Business Advisor
The Nicola Rylett Group
In my work as a business consultant and non-executive director, I spend a great deal of time with founders and early-stage companies, helping them refine their ideas and prepare for growth.
As a director of Women Angels of Wales, I often meet female business leaders who are unsure whether they are “ready” to approach investors – and more often than not, they hold back until they believe they have ticked every possible box.
That hesitation can be a missed opportunity. In my view, it is far better to start a conversation with us before you think you are ready than to delay and risk missing your moment. We are here to support founders through the process, and the earlier we know about your business, the more we can help you prepare for a successful raise.
So, what makes a business suitable for angel investment? There are some key points to consider. The first is having a clear, compelling story – investors want to understand the problem you are solving, your vision, and what makes you different.
Secondly, you need to be confident about your numbers: your revenue, costs, forecasts, how much you are raising, and what you will use it for. Thirdly, be open to feedback. A willingness to test and adapt your business model, backed by market research and evidence of traction, shows that you are prepared for scrutiny. Finally, be ready for due diligence. Investors will want to see your plans, financials, and legal arrangements, and they will ask questions designed to test the strength of your proposition.
Beyond these points, you need to have the energy and commitment to see the process through. Raising investment takes time and focus, and it is not something you can delegate entirely. But you do not need to arrive with every element perfected. We have worked with founders who initially came to us before they were ready, took our feedback on board, and returned a few months later with a much stronger proposition. In one recent example, a founder we met earlier this year is now ready to pitch at our next event – a direct result of the support and guidance we could give once we were introduced to her business.
Approaching Women Angels of Wales is straightforward. You can apply directly via our website, or be referred through organisations with which we work closely, such as the Business Wales Accelerated Growth Programme or Tramshed Tech.
We ask for a pitch deck, a business plan, and answers to a short set of questions. A small team of members will review these materials and arrange a call, usually lasting around an hour, to get to know you and your business better. From there, we provide feedback and either invite you to pitch at our next event or suggest steps to strengthen your position before reapplying.
When I think about the founders who have stood out to me, there are some common traits. They are authentic – investors want to back the person as much as the business. They are open to coaching and willing to listen. They have a clear and compelling story, often with their own journey woven into it, and they understand their numbers inside and out.
The pitfalls tend to be the opposite. Trying to please everyone in your pitch can dilute your message. Not being able to explain clearly how your business will make money is a concern. Relying too heavily on slides full of text can obscure your key points. And underestimating the importance of understanding your competition can weaken your position.
Ultimately, our members are looking for founders they believe in – people who are passionate, prepared, and open to building a relationship. We are not just writing a cheque; we are becoming partners in your business. That is why starting the conversation early, even if you do not yet meet every criterion, can be so valuable. We can support you to get ready, and when the time comes to raise investment you will have both the confidence and the backing to move forward.
Nicola talks about this and more in The Women Angels of Wales Investment Series podcast episodes Becoming an Angel, and Investing in Women. Listen to the podcast here.
