In short
Podcast Summary: Brave Bold Brilliant - Episode: Screw It Just Do It: Lessons from the Festival of Entrepreneurs
Podcast Overview Host: Jeannette Linfoot Guest: Various entrepreneurs sharing insights from the Festival of Entrepreneurs Theme: Scaling startups and building international brands
This episode of the *Brave Bold Brilliant* podcast features a live panel discussion recorded at the Festival of Entrepreneurs, where entrepreneurs and business leaders gather to share experiences and insights. The conversation delves into the realities of scaling startups, emphasizing compliance, emotional resilience, and understanding market dynamics.
Key Takeaways
- Importance of Compliance
- Regulatory Compliance: Starting with full compliance is crucial, especially in regulated industries. Failing to do so can hinder growth and necessitate costly adjustments later.
- Time and Investment: Entrepreneurs often underestimate the time and resources required for compliance, which can slow down scaling efforts.
- Understanding Unit Economics
- Unit Economics: Founders should have a firm grasp of their unit economics, including costs to market and customer spending, as these factors are non-negotiable for sustainable growth.
- Resilience in Fundraising
- Rejection Rates: Successful fundraising in the startup world often involves a high rejection rate, with some entrepreneurs reporting as high as 98% rejection.
- Kissing Frogs: Founders must be prepared for numerous setbacks and failures in the fundraising process before finding the right investors.
- Flexibility in Product Development
- Adaptation: Founders in emerging markets must be willing to adapt their products and strategies based on consumer feedback rather than assuming they have all the answers from the outset.
- The Journey from Startup to Scale
- Continuous Learning: The panelists shared their experiences in transitioning from startups to more established brands, emphasizing that the journey is filled with learning opportunities and challenges.
Notable Moments
- [00:10:45] The Compliance Anchor: Discussion on the necessity of compliance from day one.
- [00:11:40] Product Evolution: Insights on how products should evolve based on market needs.
- [00:13:30] Parenting as a Transferable Skill: The unexpected transferable skills gained from parenting and how they relate to business.
- [00:19:15] Diversifying Your Cap Table: Strategies for ensuring a diverse set of investors.
Panel Highlights Entrepreneurs Featured
- Mark Rushmore - Co-founder, Suri
- Focused on building the most sustainable electric toothbrush.
- Emphasized the size of the market and key scalable systems.
- Claire Warner - Co-founder, Acorn Imperatives
- Discussed launching non-alcoholic drinks and the importance of consumer education.
- Laura - Founder, Monk
- Shared insights on product development and the importance of branding and networking.
- Melissa Snover - CEO, Remedy Health
- Highlighted the significance of understanding numbers and compliance in scaling businesses.
Insights on Fundraising
- Melissa's Experience: Raised significant funding while navigating challenges faced by female founders in securing investments.
- Mark's Perspective: Encouraged focusing on building a robust business despite a difficult fundraising environment.
- Laura’s Challenges: Shared the difficulties encountered during fundraising and the need for thorough due diligence regarding investors.
Conclusion The panel discussion serves as a reminder that while starting and scaling a business can be challenging, the right mindset, adaptability, and foundational knowledge can lead to success. The entrepreneurs assert that it’s never too late to be brave and bold in your entrepreneurial journey.
Visit [Brave Bold Brilliant](https://brave-bold-brilliant.com/) for additional resources and support in your entrepreneurial pursuits.
Written by AI. May contain mistakes. Listen to the episode to check what was said.
Chapters
Tap a time to open that second in VOConsumer Expectations and Compliance
0:09 to 0:43
Discussing the importance of understanding consumer expectations and compliance in business.
“The answers are really coming back from what the consumer's expectation of what you're creating for them and being flexible with that.”
Foundations for Scaling
0:43 to 1:40
Exploring the foundational elements necessary for scaling a business successfully.
“How do you go from startup to scale and build a real brand along the way?”
Panelist Introductions
2:03 to 2:53
Introduction of the panelists and their backgrounds.
“We're going to be talking about how do you go from a startup to a national brand?”
Mark Rushmore's Electric Toothbrush Journey
2:53 to 4:08
Mark discusses his electric toothbrush brand and its market potential.
“to smaller organizations to help them scale up.”
Claire Warner on Non-Alcoholic Revolution
4:08 to 6:06
Claire shares insights into launching non-alcoholic beverages and market challenges.
“I'm co-founder of Acorn Imperatives, which is the sister brand to Seedlip, which revolutionized the way we drink.”
Laura and Melissa's Scaling Experiences
6:06 to 10:02
Laura and Melissa share their insights on scaling their brands and products.
“Should we give them all a round of applause for their intros?”
Mark's Market Insights and Relationships
10:02 to 12:24
Mark discusses market insights and the importance of relationships in business.
“What's the standout thing that's making a difference for you and starting to scale in?”
Transferable Skills from Previous Careers
14:28 to 16:48
Exploring how past experiences shape current entrepreneurial skills.
“Mark, you mentioned about that, you know, this isn't the first business that you've been in.”
Insights from Hospitality and Branding
16:48 to 19:31
How experiences in hospitality influence branding in business.
“And Claire, for you, you've been on a journey as well over the years.”
Lessons from Product Development
19:31 to 21:55
Navigating product development and consumer feedback in business.
“And that's the first feedback we got from Acorn.”
Show all 16 chapters
The Importance of Financial Knowledge
21:55 to 24:29
Understanding financial fundamentals crucial for entrepreneurial success.
“Yeah, I think my only employed job in my life was being a waitress, which I loved, by the way, when I was in university.”
Raising Finance and Investment Strategies
24:29 to 28:00
Exploring strategies for raising capital successfully as a founder.
“And you don't have that when you're new.”
Hedging Your Bets with Diversification
28:00 to 29:15
Learn how to navigate the challenges of raising finance and the importance of diversification.
“possibly anticipate what's going to happen.”
Building Resilience in the Face of Rejection
29:15 to 31:01
Discover the benefits of resilience and handling rejection when seeking investment.
“So one, some of the world's biggest companies, some of the world's biggest Fortune 100 companies were born out of the depression.”
Practical Insights on Fundraising Challenges
31:01 to 33:01
Gain insights into the often unglamorous side of fundraising and making strategic choices.
“can feel like they're rejecting you and your ego, and it hurts, you know.”
Creating a Brand in New Categories
33:01 to 37:59
Explore strategies for building a successful brand in emerging markets.
“And I think building that thick skin, isn't it?”
Transcript
Automatic transcript. May contain errors.0:00Music
0:09Jeannette:Don't assume that you have all the answers. The answers are really coming back from what the consumer's expectation of what you're creating for them and being flexible with that. The theme is start as you intend to carry on. A lot of, I think, smaller businesses that are in regulated industries like food and BMS, which is what we are in, will start and they will seriously underestimate the amount of time and investment that you need to put in for compliance. Putting the right foundations in in the beginning so that you can then scale up rather than having to unpick it later. We were in product development for three years, which was never the intention, it just happened.
0:47Jeannette:so we're pre-selling this product that essentially doesn't exist and you know people don't really buy products but they buy the brand they buy the story and everything focus on building really
0:56panel of entrepreneurs:great business you know being lean kiss enough frogs and you'll find the right partner welcome back to screw just do it this episode is going to be a little bit different so this was one recorded live at my event the festival of entrepreneurs at the nse in birmingham in october 2025 in a room full of founders, investors, and operators all grappling with the same question. How do you go from startup to scale and build a real brand along the way? You'll hear from a panel of exceptional founders and leaders who've done exactly that, building category-defining businesses across consumer, health, sustainability, and technology, and navigating everything that comes with growth, product, brand, funding, compliance, and leadership.
1:40panel of entrepreneurs:This conversation is about what it actually takes to scale. The foundations you need to put in place early, the mistakes you don't see coming, and the mindset required to keep backing yourself as the stakes get higher. It's honest, practical, and full of real world insight from people who are in it or have already been through it. This is Screw It, Just Do It live from the Festival of Entrepreneurs.
2:03Jeannette:We're going to be talking about how do you go from a startup to a national brand? And actually, I'd go further than that and say international as well, which is what some of the guys here have done. So I'm Jeanette Linfoot. I have got the pleasure of moderating this session today. So make sure you keep some questions as well, because we want to give these guys a good grilling as well at the end. So if you've got any questions, make some notes. But I'm the founder of Brave Bold Brilliant, which is a business where we work with organizations to help them scale up their leadership, their teams, and their strategy.
2:39Jeannette:I spent 25 years in the travel industry as the CEO of the travel division for Saga, which is their FTSE 250, and the MD of the emerging markets for TUI. So I now take what I learned in the world of big business corporate to smaller organizations to help them scale up. And I have a podcast called Brave Bold Brilliant as well, so check that out. But we're going to do introductions this way. So Mark, we're going to start with you. Give us a little bit of an introduction, then we'll go down the line and get stuck into some questions. Does that sound all right, everyone? Can I have a nod and a yes?
3:11Jeannette:Does that sound all right? Amazing. Right, Mark, over to you.
3:14panel of entrepreneurs:Can I just say, I love the audience participation. I'm going to get you to do that in two seconds. My name is Mark Rushmore. I am the co-founder of a brand called Suri. We make the most highly rated and sustainable electric toothbrush in the world. Just a quick show of hands, who here brushes their teeth? Yeah. Who here uses an electric toothbrush? Okay, and who here loves that gunk on the bottom? Oh, there's always one. Well, anyway, Artbrush gives a really great performance, has a beautiful design with features that people like, like a 40-day battery, an aluminium body, a magnetic mirrorment so you don't get the gunk, a travel case, a UV light, and that's some of the reasons why we now have 13 ,000 reviews at a 4.7 rating on Trustpilot, and one of the reasons why we're the seventh fastest growing company in the UK and expanding quickly abroad.
4:06panel of entrepreneurs:So I look forward to answering your questions.
4:08Jeannette:Amazing. Over to you, Claire. Thanks, everyone. Hello, everyone. I'm Claire Warner. Keep still. Sorry, keep doing me. Hang on. Always one, isn't there? There's always one. Thank you. Hello, everyone. I'm Claire Warner. I'm co-founder of Acorn Imperatives, which is the sister brand to Seedlip, which revolutionized the way we drink. So who here drinks? Who here loves to drink alcohol? Who here would sometimes like to not drink when they're drinking? Yeah, okay, so hello. So we kind of kicked off the non-alcoholic revolution about 10 years ago and Seedlip and Acorn were acquired by Diageo in 2020.
4:51Jeannette:And so for the last five years we've been kind of really working very hard to ensure that you've got delicious, available, yummy drinks that don't contain any alcohol. So happy to answer any questions that you might have about drinking, but maybe not if you're drinking too much. That's for somebody else perhaps to tackle, not me. Yeah, can you hear? Oh, perfect. So I'm Laura, the founder of Monk, and our mission is to be the most transformative two minutes of your day, and we do that through cold exposure. So is anyone here a fan of ice baths? A couple. Okay, normally you really over index with founders.
5:26Jeannette:We're the weird people that you know prepared to do hard things But anyway, we make beautiful tools for uncomfortable growth Wonderful, can you hear me? Oh wonderful. See only one you're okay. My name is Melissa Snover I'm the CEO and founder at remedy health. We are a Birmingham based technology developer That's building additive and advanced manufacturing Technology that we use to personalize both preventative and curative health our flagship brand is nourished started as a D2C concept, the world's first personalized gummy vitamin, and it's now launched in close to 40 ,000 stores across the globe in retail and pharmacy.
6:05Jeannette:Amazing. So what a great panel we've got, ladies and gentlemen. Should we give them all a round of applause for their intros? I think we should. Okay, so let's get stuck into this. So I really want to start off around scaling up, and what has been the sort of one big secret or the big ingredients that's made the difference for you in terms of going from starting to scaling. So Claire, I'm going to come to you first, if that's all right. Yeah, thank you. I think, look, when Seedlip was launched in 2015, it was introduced to a consumer that didn't yet understand how to drink when we're not drinking.
6:44Jeannette:And so we introduced Seedlip and then a few years later Acorn. and I think the secret for us was to really clarify the message around what to drink when you're not drinking and that was quite a functional message. It's kind of, you know, we all understand that alcohol is fantastic, it's very social but perhaps we would enjoy other ways to consume delicious drinks. So the what to drink when you're not drinking message was very clear, very targeted but then for Acorn we took that into a much more celebratory space So it was much more about what to drink when you're enjoying food, how to spritz with us, how to be social, as well as being moderate.
7:25Jeannette:So for us, it was about being very laser-focused on the issue, on the challenge, and then addressing that challenge with some delicious drinks. Wonderful. That's great. Laura, what has been your secret to success in scaling up? Do you know what? There hasn't been one single thing. I think for us, we've made a lot of strategic bets, and it's just those layering up. But also, we're not at a point where I would say we've really fully scaled. We only fully launched at the beginning of this year. And I think one of the things we realize is you have to have the right product. And our first generation one product wasn't suitable to scale.
8:00Jeannette:We're working on Gen 2, and I think that is going to be the biggest unlock for us. I actually listened to this podcast, which was like three years of therapy. It was the episode with Will Ahmed, the founder of Whoop, on how I built this. And he was talking about hardware, particularly connected hardware. And he was saying, you know, so many founders think generation one, you're going to sell 100 ,000 units. And actually, that's the wrong goal. The point of your Gen 1 is just buy you time to learn about the market, get the product right for Gen 2. And that's kind of where we are at the moment. Although we are, you know, national, we're in, we're throughout Europe in a few countries, but again, on a quite small scale.
8:36Jeannette:But with our new products, we're gearing up to go out to the Middle East later this year. So, yeah. Amazing. So watch this space. So, yeah, because scaling it means different things at different times, doesn't it? And so, Melissa, for you with Nourished, what's the sort of the one big thing that's really stood out as you've scaled the brand, would you say? Yeah, I think, you know, everyone's scale of journey will be different depending on how you have set up your business. We are a full stack manufacturer. So I think the single biggest thing that I'm glad we did and has been really crucial to our success is that we started from day one being fully compliant with the rules that we knew we would need to be compliant with if we wanted to be big.
9:18Jeannette:So I guess the theme is start as you intend to carry on. A lot of, I think, smaller businesses that are in regulated industries like food and VMS, which is what we are in, will start and they will seriously underestimate the amount of time and investment that you need to put in for compliance. And at the end of the day, if you can't be compliant and scalable, you can't grow your business past a certain point. Yeah, so it's a really interesting point there, Melissa, around putting the right foundations in in the beginning so that you can then scale up rather than having to unpick it later, which is a lot harder and probably cost you a lot more money.
9:57Jeannette:Yeah, exactly. So, yeah, great piece of advice. And Mark, for you, with Suri, I mean, you're on a very fast-track journey. What's the standout thing that's making a difference for you and starting to scale in?
10:09panel of entrepreneurs:I am just a very basic person, I think, and this is going to sound absolutely ridiculous probably compared to these much better answers, but just lots of people brush their teeth. I mean, it is a genuinely enormous market. You know, there's not many categories. You know, I think everyone here brushes their teeth. dare I say not everyone takes vitamins every day or non-alcoholic drinks or you know what I mean and so we just we're sort of lucky in that we have this absolutely enormous market the electric toothbrush portion of it is in double digit growth so you've kind of got this organic momentum and then just when you look at the market dynamics there's also really only two players who've got an 80 % market share and so you know we don't have to have a huge market share in the market to have a sizable business.
10:56panel of entrepreneurs:You take a 10 % share of a$13 billion category, you can build a sizable business. So that's kind of the core. But then absolutely the scalable systems. From day one we knew that given the size of the business, if we're going to build this so that everyone in the world can buy one of our products, what does that look like from a systems perspective, from a compliance perspective, from a scaling operations, finance, team, everything. And so we had some experience in building and selling companies before this. And so I think we basically made a lot of errors and continue every day to make errors.
11:34panel of entrepreneurs:And it's sort of through those very painful moments that you learn how not to do things. Fortunately, we've got some great partners as well. There's Troy, if you put your hand up, coming here to support us. you know, iFulfillment are our 3PL and you know, when I remember going down and they didn't want to necessarily work with us to begin with because we just had an idea, we hadn't sold a single product but fortunately you know, given that they were, you know, a decent sized 3PL they took a risk on us and you know, from day one I think actually sold out like immediately and they went from zero sales to 5 ,000 units in the first week.
12:13panel of entrepreneurs:And so fortunately, we've had a good partner who's been able to scale with us.
12:17Jeannette:And we're going to talk about the power of relationships and how important that has been in all of our business journeys over time. So good shout out to Troy over there. Well done.
12:26panel of entrepreneurs:You can tell you a thing or two about relationships as well.
12:29Jeannette:What type? No, we'll come to you later, Troy. That's off the stage conversation. But before we continue, you, I want to speak directly to those of you who are listening and thinking, I know I'm capable of more, but I need structure. I need some help. Because here's what I've actually learned after, gosh, more than three decades in business. You know, ambition without clarity creates frustration and motivation without structure. It really does fade very, very fast. So that's exactly why we creative Rise Academy. And Rise Academy is not theory. It isn't fluffy motivation, although you will be motivated.
13:16Jeannette:And it certainly isn't another online course that you never finish. It's actually a fully structured growth environment for ambitious entrepreneurs, leaders and founders who absolutely are ready to do all of these things, sharpen their strategy, elevate their leadership, increase revenue with intention, and build businesses that actually support the life that they want. And inside Rise Academy, we focus on the foundations most people skip, leading yourself, leading your teams, and leading the business. It's about clarity, standards, decision making, commercial intelligence, and execution. Because scaling, it really isn't about doing more.
14:01Jeannette:It's actually about doing the right things and doing the things right consistently. So if you're serious about stepping up into your next level of your leadership, your business life, you know, and not just consuming content, but actually implementing it, then Rise Academy was absolutely built for you. So you can find all the details on our website, go to www.brave-bold-brilliant.com. And now, let's get back to the show. Mark, you mentioned about that, you know, this isn't the first business that you've been in. Everyone here on the stage had live prior to their existing business today. And I think sometimes we forget how transferable our skills are, actually, from our previous sort of experiences, whether it it was in corporate, whether it was with other startups.
14:55Jeannette:So for you, with your background, what have been the things from your earlier career that you kind of brought into Surrey that have really helped you in terms of transferable skills from life pre-Surrey, if you like?
15:11panel of entrepreneurs:So interesting, you know, because definitely there's things I brought from business. But actually, like a key message I'd say to anyone is like, there's also a lot of lessons from outside of business. Like, I mean, God, if you want to be humble, try looking after two children on your own who are under the age of six. You know, I learned, you know, a lot about, you know, sleep deprivation, extreme stress, anger, emotional issues, just from, you know, this morning. But actually, like, an example who, you know, in my life is my mother was a stay-at-home mother, and then she became a marriage counsellor for Relate, which is a charity, and she spent 20 years working for not for money.
15:57panel of entrepreneurs:And through that, she kind of learned, you know, about asking me interesting questions. You know, if someone would act in a certain way, she'd say, oh, why do you think they did that? And I'd be like, I don't know, because they're a dick. But she'd say, well, you know, what's about their day? What's happening? And it's sort of just those questions got me to think in a slightly different way. You know, like, oh, maybe there's another reason. or I wonder why or like actually how can I respond differently how can I adapt my response and then I think she then went on to work in business and was very successful but I think my point is it doesn't matter if you don't come from a big company background if you haven't worked before I think you know the fact that you know my mother can do it you know from the age of 40 having never worked before or you know I really just think anyone can be an entrepreneur
16:40Jeannette:Yeah, and great example of a role model actually there and those important questions of start with why. Simon Sinek, start with why. Why do you exist? What's the purpose of your business? So yeah, some great advice there. And Claire, for you, you've been on a journey as well over the years. Anything that you carried from your sort of earlier professional life into the businesses and where you are today actually within that Diageo world, shall we say? Yeah, so I spent, so I studied law, and then I didn't want to be a lawyer, so I became a bartender instead, which still upsets my father today. That was 25 years ago.
17:27Jeannette:And I became a bartender because I just thought I'd stay in hospitality until I figure out what I'm going to do. And that's how many people get into hospitality, which is fundamentally an industry built on relationships. and from there I then joined LVMH and I spent 15 years at LVMH so very much in the business of luxury spirits, luxury brands and we were instilled with an entrepreneurial spirit so that was how we did business to be imaginative, to be innovative, to work with smaller budgets to think about how you can take legacy brands and interpret them for generations of new consumers So I was already sort of taught how to be entrepreneurial, but with brands that already had a legacy.
18:16Jeannette:And so when I wanted to create my own brand, I assumed wrongly that whatever we created would automatically be attracted to a consumer because that's the way that Dom Perignon works or Crude works or Veve Clico works. You know, from a luxury brand perspective, you're already ahead of what the consumer is looking for. But when you're creating something in the non-out space, in a category that's nascent and actually probably really didn't even exist, the humble moment for me was whatever we created needed to really meet the consumer's need. That perhaps they weren't aware that they needed, but still needed to kind of tap into some emotional need around wanting to feel part of the party, feel part of the social engagement.
19:05Jeannette:And so the first iteration of Acorn we created and we shared it with our bartender friends. And they were like, this is delicious. And then we shared it with consumers and they said, this tastes awful. And I don't know if everyone remembers during COVID when we were all drinking Negronis. When was the first time you had a Negroni? Does anybody remember? And who here has had a Negroni? What was your thought the first time you had a Negroni? It's disgusting. Why am I drinking this? It tastes like medicine. And that's the first feedback we got from Acorn. It's so bitter. Oh, my God, how do I drink this?
19:42Jeannette:And we had to do a big job of education, big job of kind of building confidence around why Acorn was relevant. And I think that, for me, was a long learning journey. Don't assume that you have all the answers. The answers are really coming back from what the consumer's expectation of what you're creating for them and being flexible with that. From a luxury perspective, there's less flexibility. From a new consumer brand perspective, you have to be much more flexible and reactive. So that's the journey I'm still going on, I think. Yeah, amazing. So we're going to talk about brand and products and distribution in a little bit more detail.
20:20Jeannette:But for you, Laura, what sort of stood out for you in terms of your lessons from early business to the business you're in now with Monk? I think probably two things that really came from like previous career one of those being branding and marketing like back when I had like a real career I was working in advertising for agencies like Saatchi and just building brands was something I loved and that was so important for Monk because we were in product development for three years which was never the intention it just happened so we're pre-selling this product that essentially doesn't exist and you know people don't really buy products but they buy the brand they buy the story and everything and also So it's interesting with a product like an ice bath because very few people actually enjoy using it.
21:04Jeannette:You know, if you're saying to someone, hey, do you want to use this product? You're going to hate it. Every cell in your body is screaming at you to get out. So we're not selling that, but we're selling like the transformation that comes with cold water therapy. So the storytelling was such a cool part of it. And then the second thing, it sounds so cliche, but it's network. I think in the two previous businesses I had, I spent a lot of time and effort really building up network. and you know even if you can always buy access to them like Mark and I actually met on an island in Croatia as part of this um this group called Baby Bathwater and they used to hire out this whole island it was just like what one two hundred founders just partying for three days but like it's the connections you just get from that you know there are there's another one in London I joined called Dorian which again was brilliant met loads of my investors there uh but yeah I'd say branding and network were two big factors yeah amazing and Melissa from your point of view you You obviously have multiple businesses.
22:00Jeannette:You've started, exited, started again. Absolutely. Yeah, I think my only employed job in my life was being a waitress, which I loved, by the way, when I was in university. I started my first company when I was still in my MBA. And I have had four very different businesses, actually. The first one was in finance. that was extremely good as was my university education in accounting and finance if you can't understand your numbers doesn't matter how good your idea is unfortunately that is the facts you will not be able to make it and so many great ideas fail because the entrepreneur does not understand the cost to get to market or the customers propensity to spend so that's something that is foundational for any business, I think.
Read the full transcript
22:51Jeannette:My next company, I didn't manufacture it, but I came up with a brand. I had to learn how to do packaging. I had to learn how to do labeling compliance and international shipping. And I had to learn how to pitch retailers. And I had no idea what I was doing. My first ever retail pitch, I brought a 29-slide page deck. And the buyer was so kind that by the end of the meeting, He said, just so you know, most of the time, those decks are around five slides. And luckily, maybe he felt bad for me, but he gave me a listing in 800 stores and stop and shop in the U.S. and allowed me to use the order to invoice factor the manufacturing.
23:32Jeannette:And that was the beginning of a brand that I was able to grow to a really substantial size. So each of those experiences gave me different amounts of knowledge and confidence around different areas. but every single one of them I've had to learn new things. In this business I had to learn how to build 3D printing technology, use G-code, and set up my own manufacturing site. And I think this one is the most complex by a country mile. But I think in general, all of those things are just individual pieces of knowledge. Knowledge is available to you. It's more available to you now than it ever has been.
24:09Jeannette:I mean, I think a lot sometimes, what would I have done if I had to chat GPT at my fingertips at the very beginning? I mean, it's a fun thought exercise. But what is more important is the confidence that I have built in myself and my team that no matter what comes at us and the challenges are huge and different, we will be able to overcome it. And you don't have that when you're new. And every issue is life or death. Yeah, so there's a lot in there around mindset, around surrounding yourself with the right people. But Melissa, I just want to loop back around to you around the finance side. Because you said basically if you don't know your numbers, you're dead in the water as a business owner, founder, whatever.
24:48Jeannette:So 100 % agree with that. It's so important. But I want to talk about raising finance as well, which would be good to get everyone's perspective on this. But Melissa, you know, from a female perspective, you have gone out, you have raised finance. For those that were here this morning listening to Liam Fox on the opening panel, it was all a lot of it was around the blockers for access to capital right that we that we face as founders so melissa for you how have you managed to raise the finance that you needed and were there any nuances as a from a female perspective sorry mark but we i'll touch on it because i know there's a very limited proportion of vc capital goes to female founders versus men right so i don't want us to have a big gender discussion but i think it is a relevant point about generally raising finance and two as a female founder how were you successful and any tips for anyone here thinking I need to raise some capital what's the best way to go about it yeah so raising money is really difficult regardless of whether you're a female male underrepresented founder regardless of industry the amount of change that has happened in the funding markets in the last six or seven years is momentous when I raised my first round which was the highest ever female founder seed round in UK history in 2019, which is not a lot of money and someone should have already beat me, but that just shows that it is true because no one has.
26:15Jeannette:It was so much easier to raise money. I have to be honest in 2019 it was much easier to raise money even when all I had was a really pretty slide deck and a great idea and a bit of experience proving that I had executed and exited businesses in the past. When we raised our Series A in 2021, in the middle of COVID, I did not meet a single investor face to face. I did the entire round, which was eight million pounds, and I also took in another six to secondary out my seed round. I didn't meet a single one of them. Again, it was a lot easier to raise money in 2021. Since 2021, the entire venture capital market has completely been flipped on its face, and it is starting to rebound slowly, but the rate at which capital is being deployed has completely changed.
27:05Jeannette:So I could do a whole panel on this topic. So I think my one piece of advice to you is vet your investors or your potential investors the same way you would vet a new employee. The relationship is two ways and you owe it to yourself to do that. Those relationships are not short term and you need to be sure that you know the people that you're going to be working with. The second really big thing I would say is diversify your cap table the same way you would diversify your commercial opportunities and your pipeline. I have CVCs, VCs, angel investors, family offices, each one of them has a different view on valuation, has a different access to capital, has a, when all the VCs had to sit on their hands when the financial market collapsed, the corporate venture didn't care at all.
27:56Jeannette:Nothing changed for them. They're part of a big company. So make sure you diversify your cap table because you can't possibly anticipate what's going to happen. And the best way to do that is to hedge your bets with diversification. Yeah. Brilliant advice, actually. And it's not easy because you've got to put yourself out there, right? And you do have to be prepared for the no's and the knockbacks. And absolutely. Anyone else want to chip in on the panel about raising finance? Mark, Laura, But anyone else?
28:25panel of entrepreneurs:I just find you so compelling. Oh, thank you. I just give you money. I don't know if anyone, I've never met someone where I'm just like, I just know you're going to make me more money. So if you need any money, I don't have any, but I'll give it to you. Thank you.
28:41Jeannette:I have a sorry toothbrush, by the way. I didn't even know that it was the same company. But yes, I definitely do.
28:46panel of entrepreneurs:Let's definitely sort each other out. I think we... I've got a couple of thoughts on this because it's absolutely true that, you know, 2021 and prior, it was much easier to raise. And since then, it's been harder to raise. We have only raised subsequent to 2021. And a lot of people, you know, like, oh, wow, how did you do that? And in each round, we've had more investors wanting to put money in than we had available slots. And I think there's a couple of comments that make on it. So one, some of the world's biggest companies, some of the world's biggest Fortune 100 companies were born out of the depression.
29:24panel of entrepreneurs:And when times are hardest, there's this weird correlation where some of the best companies are founded. And I think the reason, actually I don't know the reason. My guess for the reason is that when times are hard, you really have to like really lean in and be very, very focused on building a sustainable, profitable, scalable company. And you have to operate like, you know, in a tighter way. Now, building that muscle and building a company that can grow in a lean, sustainable way, I think it's actually a good thing for like the long run. And there's a lot of companies who did raise a lot of money prior to 2021 who, guess what?
30:05panel of entrepreneurs:Still aren't profitable, have gone under, wasted investors' money, wasted their time. And I think actually that's almost like a downside of some of the VC industry. It's like companies who shouldn't really have money get money. So I just say to anyone in the crowd, just build a really good company. You know what I mean? Like that if you focus on that if you're not getting funding chances are You maybe don't have a really great company go back and like work out how to make it better and less risky And it is difficult, you know people. Oh, how do you get that? We had 98 % rejections, you know Fortunately, I've spent the better part of my late teenage years and early 20s getting rejected by a lot of people in nightclubs I had it, you know By the time we came to funny, I was like, what, you don't want that?
30:54panel of entrepreneurs:Don't worry, next. And so I think the trick is, though, to try and not take it personally, which is really difficult, you know, because someone rejecting your idea can feel like they're rejecting you and your ego, and it hurts, you know. But it doesn't hurt if you're kind of used to it. And also if you realize that, like, you know, just because the girl or man at the bar isn't interested, it doesn't deplete your value as a person. you know you just haven't met your right person and so fortunately you know by not taking it too personally we managed to find the right investors and and when you meet the one you know who writes the big checks then you kind of you know that's all it takes so I just say you know focus on building really great business you know being lean and and kiss enough frogs and then you'll find the
31:41Jeannette:right partner yeah great advice there Mark actually and then coming back to the the advice from your mom right start with why is your compelling is your business case compelling enough that people want to invest and sorry I'm
31:53panel of entrepreneurs:just this is so so crucial in all our rejections again I'm not trying to give dating advice but it was the same way you know if someone rejects you don't be like you're an idiot I hate you say like okay cool like maybe I'll see you again sometime and then guess what when you're a bit rich and you're a bit more successful suddenly oh no now you're interested in me and so without without Like, it's so, in every round, we raise three rounds, someone who rejected us in the prior round has come in because I would say to them, in the next 12 months, we're going to do this, this, this, and this. And they'd be like, oh, well, we can't invest in this round.
32:31panel of entrepreneurs:Okay, cool. And then in 12 months' time, I'd be like, we did all those things, and we surpassed all of it by 50%, and we're going to raise again. I don't mind whether you invest in me now at this valuation or whether you invest when it's more expensive. The only difference to me is that you're going to make less money. So you're cool. And it's worked like a charming time.
32:51Jeannette:Well, great dating advice from Mark. Great chat-up advice at the bar. And also great advice on how to raise finance. So there we are. That's a triple whammy.
33:01panel of entrepreneurs:I'm terrible at dating advice. But, yeah.
33:05Jeannette:No, that's really interesting. And I think building that thick skin, isn't it? That, you know, a knockback. It might be a not right now or it might be a no. but actually it's one step closer to the yes because you've had a chance to practice as well and learn through the experience. So coming to Claire and to Laura, any perspectives for you on either raising finance or choosing when to invest in a project, a product, a new development? Because that's the other side. It's great to get the money, but what are you going to spend it on, right? So maybe coming from a slightly different angle rather than raising the finance, choosing when to invest and what to invest and how best to select that so whichever one of you wants to go first well I'll just jump in and say we were we were very fortunate in the seed lip already had a relationship with Diageo when it was launched and Ben was very clear about not wanting to be the only brand in that new category and that he wanted to develop a huge non-out portfolio and so diajo was was already our investor uh when it came to developing acorn so we we were we were very much kind of very fortunate in that respect and then um when covid hit we were again very fortunate in that seed lip had reached its kind of volume and and diajo then decided to acquire both seed lip and acorn at that time whether or not that was right for acorn at that time because we were still so small is still a question but um but ultimately we we i have not had to go through the dating challenges that mark has had to with with various investors so we were very lucky okay great laura your perspective yeah i just the thing i want to add is that there's also a really unsexy side of fundraising um we've raised two rounds the first one was in 2021 and it was easy it was so much easier we didn't actually have a product it was just you know i was raising on an idea but when it came to the next round our seed round it was it took us so long to do it and i think you know you made a really great point earlier that you don't want to just take anyone's money and it's hard when your back's against the wall and you're like we need a check but you've got someone that like i've now started to always do dd on the investor there was one i had just a little bit of a weird gut feeling about and i hopped on a call with another company he invested in and the lady was being kind of cagey and i was just like just just give it to me and she just said run so I didn't didn't take his money but it's difficult you know I've been in a situation where I've slept on a on the airport floor in LAX I don't know if anyone's been there at night time it is a sketchy place but I had to go there in order to have a meeting with an investor and I just couldn't afford a hotel room and then it turned out this investor he actually just wanted a date he didn't even want to invest and I don't know whether maybe guys have this too but yeah it's uh it's a tough world out there it's not all just like you know we raised 10 million and life's great it's it can be brutal yeah so it's not all glamour is it let's face it it's not all glamour and we have got a load of questions but i'm conscious of the time so we could be here for hours actually but we i'm gonna i'm gonna skip a few and i just want to come to the how do you create a brand in a category that doesn't exist i'm going to come to you Claire for this because as you said you know non-alcoholic drink is is the norm really now we see so much around but back when you started that wasn't the case and you alluded to it earlier so yeah how do you build a brand in a category that doesn't exist that people don't necessarily know they even have a need right now yeah I mean look we don't have a crystal ball but I would say in the last 10 years that non-alcohol category has gone from one brand to over 500 and that category is now worth over 10 billion dollars globally so for for 10 years that's that's very very quick and there's still so much headroom and i think the drivers of that are all down to our fascination obsession with health and longevity we all want to live forever now and those drivers were in place way before seedlip was introduced in 2015 and so i think part of ben's skill at that time was being able to create something that tapped into the the mindset around drinking moderation we were more visible than ever so you know social media was a thing so nobody really wanted to be seen drunk on Facebook at the time so so his his ability to maybe I just tap into that and then be very very clear on what problem what challenge Seedlip and then latterly Acorn was trying to solve.
37:44Jeannette:And so I think for today, for those brands in this space who perhaps are thinking, is there any more room? I would say yes, absolutely. And the room for me is around luxury. Luxury, longevity, plus moderation. I think there's so much opportunity for non-alc in that space. We've seen the category grow exponentially. And there was a lot of conversation around why we're spending so much money around something that doesn't have alcohol in it. Today, those conversations are shifting into give me something that's well made consistent good for me functional looks beautiful it's part of my lifestyle meets my sort of status cues and that for me is where non-app is or moderation is set to kind of uh grow even more exponentially i really hope you've enjoyed this episode of Brave Bold Brilliant.
38:37Jeannette:Remember, check out our new website, www.brave-bold-brilliant.com. You're going to find loads of resources on there that's going to help you with your leadership journey and with the businesses that you're trying to scale up and grow. So take care, everyone. And remember, there are no limits to your growth, but it is by being brave and bold that you're going to unlock your brilliant.
39:05Thank you.
From the publisher
In this very special recording Jeannette finds herself in an entrepreneur panel powerhouse, moderating an impactful, insightful conversation from the Festival Of Entrepreneurs
Together, they pull back the curtain on the gritty reality of scaling a startup into an international brand, discussing everything from the necessity of regulatory compliance to the emotional resilience required to survive the "frogs" and rejections of the fundraising world.
You’ll Learn Why:
Starting with full regulatory compliance from day one is essential for businesses in regulated industries
Understanding your unit economics, cost to market, and customer spend is non-negotiable
Successful fundraising often requires kissing a lot of frogs, with some founders reporting a 98% rejection rate
In new categories, founders must move away from having all the answers and instead remain flexible
This episode is living proof that no matter where you’re starting from — or what life throws at you — it’s never too late to be brave, bold, and unlock your inner brilliant.
Visit https://brave-bold-brilliant.com/ for free tools, guides and resources to help you take action now
📩 Want extra support? Email info@brave-bold-brilliant.com to book your free mentoring session with Jeannette.
Let’s make your next move your bravest yet.
KEY MOMENTS
[00:10:45] The Compliance Anchor
[00:11:40] Product Evolution
[00:13:30] The Transferable Skill of Parenting
[00:19:15] Diversifying Your Cap Table
CONNECT WITH JEANNETTE:
Jeannette’s linktree - https://linktr.ee/JLinfoot
https://www.jeannettelinfootassociates.com/
YOUTUBE - https://www.youtube.com/@braveboldbrilliant
LinkedIn - https://uk.linkedin.com/in/jeannettelinfoot
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Tiktok - https://www.tiktok.com/@brave.bold.brilliant
VALUABLE RESOURCES
Brave Bold Brilliant - https://brave-bold-brilliant.com/
Brave, Bold, Brilliant podcast series - https://podcasts.apple.com/gb/podcast/brave-bold-brilliant-podcast/id1524278970
ABOUT THE GUEST
Pablo Gómez is the CEO of Holafly, the global leader in eSIMs for travellers. With more than 20 years of experience in digital innovation, fintech, and business development, Pablo brings a strategic, data-driven mindset to Holafly’s international expansion and product evolution.
Before being appointed CEO in 2024, Pablo served as Holafly’s CFO, where he played a key role in strengthening the company’s financial structure and growth strategy. Prior to joining Holafly, he held senior leadership roles at CaixaBank, Bankia, and Sanitas, leading open innovation programs and digital banking transformation.
ABOUT THE HOST
Jeannette Linfoot is a highly regarded senior executive, property investor, board advisor, and business mentor with over 30 years of global professional business experience across the travel, leisure, hospitality, and property sectors. Having bought, ran, and sold businesses all over the world, Jeannette now has a portfolio of her own businesses and also advises and mentors other business leaders to drive forward their strategies as well as their own personal development.
Jeannette is a down-to-earth leader, a passionate champion for diversity & inclusion, and a huge advocate of nurturing talent so every person can unleash their full potential and live their dreams.
Podcast Description
Jeannette Linfoot talks to incredible people about their experiences in business and life, gaining first hand insight into how they unleashed their potential to become Brave Bold Brilliant.
From the boardroom tables of big international businesses to the exciting world of entrepreneurs it's all about stepping up to the next level while staying true to yourself.
This Podcast has been brought to you by Disruptive Media. https://disruptivemedia.co.uk/

