A lively atmosphere filled the venue as over 100 young professionals gathered, along with a queue of hopefuls waiting downstairs in case of no-shows! The excitement was further fuelled by pizza and drinks – a start-up staple – setting the stage for engaging discussions and later a fun and interactive game on one of the most pressing topics in the start-up world: how to secure funding for bold new energy ventures.

An experienced panel, balanced with the perspectives of both founders and investors, took centre stage to share their insights: Hannah-Mei Andrews, Investment Director at Climate Investment; Shashank Jasrapuria, Investment Analyst at Clean Growth Fund; Rupert Newland, CEO of Arenko; and Hassen Bali, CEO of Ion Ventures.

Moderated by Belen De Bacco, an Associate at Baker Hughes and committee member of the YPN, their discussion offered real-world lessons on navigating the complex financial landscape of energy start-ups.

One of the most prominent themes to emerge was the critical importance of financial discipline in the early stages of a start-up. Bali, a seasoned founder, shared his valuable perspective on the subject, noting: ‘The easiest thing to do as a founder is to spend money – but the hardest thing is to be disciplined in how you spend it.’

This sentiment resonated deeply with the audience, many of whom may have reflected on how this idea ties into the common perception that most start-ups fail. Bali elaborated on how many start-ups fall victim to burning through funds too quickly, focusing on growth at the expense of sustainability.

The conversation also expanded to consider the challenges associated with scaling a business too quickly, especially through rapid hiring.

Newland raised a cautionary note, emphasising how founders often underestimate the changes in internal dynamics and the strain on resources that come with a growing team. This conversation led to a key point: founders must ensure that every expenditure contributes to the long-term value of the business. As Bali put it: ‘Business fundamentals matter more now than ever. Three years ago, there was an abundance of capital. But today, investors are far more selective. If you don’t have discipline in spending, your runway will disappear faster than you think.’

‘The easiest thing to do as a founder is to spend money – but the hardest thing is to be disciplined in how you spend it.’ – Hassen Bali, CEO of Ion Ventures

The panel also underscored the importance of securing not just any investment, but the right investment partner. Bali noted: ‘You’re not just taking money. You’re entering a partnership. Your investors are going to be breathing the same risks and challenges as you, so alignment is critical.’

Hence, aligned investor-investee relationships and expectations are vital for effective risk management by start-ups. De Bacco flagged this issue as particularly relevant to start-ups in the clean tech sector, considering the ever-changing nature of renewable energy projects today and the inherent risks for operators.

Mei-Andrews and Jasrapuria then discussed how development cycles in this sector are typically around 10 years. Therefore, it is essential to engage with companies from the start and guide them through this evolving journey. Investors must be receptive to changes in the founders’ plans, which often span two, three or five years.

To build the foundation for this exchange, the panel advised founders to conduct thorough due diligence on potential investors, just as investors will scrutinise start-ups before committing funds.

Founders should ask themselves the following questions to guide their decision-making process:

• What is the investor’s track record with other start-ups?
• How do they support founders in tough times?
• Can I speak privately with CEOs from their other portfolio companies?

Perhaps one of the most striking statements of the evening came from Newland, who remarked: ‘Fundraising should be a bridge, not a pier.’ He warned against treating venture capital as an end-goal, rather than as a means to achieving long-term success. Many founders fall into the trap of seeing Series A or Series B funding as a sign of victory, overlooking the business fundamentals that ensure sustainability and growth.

Jasrapuria and Mei-Andrews echoed this sentiment from a venture capitalist perspective, noting that bringing in too much capital can lead to a loss of control and misaligned incentives. They offered the harsh reality that founders could end up as ‘employees of their own company’, with investors holding the power to replace them.

This note was a springboard for the conversation to shift to the critical importance of exit strategies, with the panel stressing that many founders fail to consider them early on. By the time investors see their returns, founders may find that they’ve worked for years without taking home much for their efforts.

Newland pointed out: ‘By taking on private equity, you’re implicitly accepting a 10% chance of success and a 90% chance of failure. That’s a tough reality, and it’s something every founder needs to internalise.’

During the Q&A session, several attendees raised questions about diversity and representation within the energy start-up ecosystem. One audience member asked: ‘Is there an optimal age to start a company? Do younger or older founders face more challenges?’ While empirical data suggests that older founders correlate with a higher likelihood of success, the panellists agreed that there is no ‘perfect’ age. They noted that younger founders may struggle with credibility, while older founders may find it more difficult to take financial risks.

Another attendee brought up the subject of gender and diversity barriers in securing investment. The panellists acknowledged that women and founders from underrepresented backgrounds often face additional challenges, as unconscious bias still exists in the venture capital world.

Mei-Andrews highlighted that some funds are actively working to address these disparities, although she admitted that progress has been slow when it comes to issues around diversity in the energy and venture capital sector. She encouraged founders to seek investors who align with their values and are committed to inclusive investment practices. Mei-Andrews also spoke passionately about the importance of diversifying the venture capital and investment sectors, noting that increasing representation in these roles can help uplift and support founders from diverse backgrounds.

Gaming the system  
Beyond the panel discussion, one of the most engaging aspects of the evening was an interactive start-up game. Attendees were assigned roles as either investors or founders and then split into 15 start-ups and three venture capital (VC) firms. The participants worked to secure and allocate limited funding for three different types of companies: seed, early-stage or start-up.

The room buzzed with excitement as start-ups, showcasing ‘groundbreaking’ technologies such as bladeless wind turbines, space station solar panels, and scalable nuclear reactors, pitched their ideas to the investor panels – one of which also included panellist Jasrapuria, who stayed back to support the game.

The game involved a challenging group activity
Photo: S Vaswani

The first-time founders faced several challenges:

• Crafting compelling pitches: Founders had just 2.5 minutes to succinctly and persuasively present their innovative ideas.
• Defending their financial plans: Participants had to justify their financial strategies and projections convincingly.
• Navigating tough investor questioning: Start-up players had to handle rigorous questions from the VC firms, testing their knowledge and resilience.

Meanwhile, the investors had to learn to judge how new business opportunities aligned with their firm’s investment mandates and return expectations. This hands-on experience vividly brought the realities of start-up financing to life, highlighting the complexities and demands of securing investment.

Attendees also benefitted from this unconventional networking opportunity, which fostered conversation, collaboration and camaraderie. The interactive game not only provided practical insights but also created a lively and engaging atmosphere. Some successful ‘start-ups’ even took their newfound connections to the pub afterwards to celebrate their wins in the game.

EI YPN’s Fuelling the Dream event delivered a powerful and unfiltered look at the realities of start-up financing. The panel offered valuable advice for aspiring entrepreneurs, from the importance of financial discipline to the need for strategic investor relationships.

Key takeaways

• Spend wisely – don’t scale too quickly or without a clear plan.
• Choose investors carefully – due diligence goes both ways.
• Fundraising is a tool, not a trophy – use it as a bridge to success, not a goal in itself.

With a fully engaged audience, insightful discussions and an innovative interactive format, the event set a high bar for EI YPN’s 2025 programme. As the energy transition accelerates, conversations like these will remain critical in shaping the next generation of energy leaders. To be part of such conversations and stay updated with EI YPN events – click here. 

• Further reading: ‘Generation 2050: When work isn’t enough’. Explore the issues faced by young professionals working in the energy sector and hear from three prominent members of the EI’s Young Professionals Networks explaining why they volunteer.
• Discover the journey being taken by five dynamic young energy professionals as they describe how they are climbing their own personal career ladder.