A new survey of UK startup founders by the Angel Investment Network, the world’s largest online angel investment platform, challenges the pervasive stereotype of the twenty-something entrepreneur working from their parents’ garage.

The AIN Founder Survey 2025 reveals that the median founder is now middle aged, often relying on external employment to keep their ventures afloat. 

The findings paint a picture of relentless dedication for an idea, financial bootstrapping, and a time consuming fundraising process with handling rejection the top lesson startups must learn.

According to the survey of 435 startup founders, two thirds (67%) of UK startup founders are over the age of 45, with 1 in 4 (24.9%) over the age of 55. Meanwhile 76% are male, versus 24% female. 

The theme that unites all age groups is the passion for an idea, listed as the main reason for launching the business by 45% of respondents ahead of identifying a market gap, (20.6%) and achieving financial freedom (14%.)

However financial freedom still feels like a distant goal for many. 43% of founders report holding a full-time or part-time job to financially support themselves and their businesses. 9 in 10 (89%) have funded their business with their own savings, with other top sources being family and friends 24% and a bank loan (12%).

In terms of fundraising, the process of seeking external capital is absorbing founders’ time, with 38% of respondents spending 30% or more of their week actively engaged in fundraising. Meanwhile 1 in 5 (21%) are spending more than half their week solely focused on fundraising, effectively turning it into a second job.

When asked about the most significant non-financial sacrifice, sleep (21%) topped the list, followed by family (18%) and mental health (17%).

Despite the time taken on fundraising, the data shows most founders are spending minimal time researching investors. 37% are doing nothing or a cursory search. A further 29% just doing LinkedIn and website research. Only a third are conducting serious due diligence involving founder reference checks, industry fit or founder reference checks.

From those who have successfully raised, 54% of founders reported that more than 1 in 10 investor meetings typically results in investment. The most crucial lesson learned “Be prepared for rejection” (70%), followed by the importance of a strong network and resilience and persistence (61%), followed by the importance of a clear and concise pitch (54%.)

On the back of the findings AIN is launching a new series dedicated to improving the efficiency of fundraising giving founders back time to focus on their business.

According to Mike Lebus, co-founder of Angel Investment Network: “The idea that all successful startups are launched by 22-year-olds with immediate angel investment is a fantasy, perpetuated by TV programmes ans social media often ignoring the hard-earned experience and financial stability required to take a calculated risk. Our data shows entrepreneurship is often a second-act career, requiring founders to pay their own bills while they build, using personal savings or salary as their primary initial funding source.”

He continued: “Angel investment can be a crucial source of funding as startups scale, but as our successful founders have highlighted, being prepared for rejection is key. The fundraising journey takes time and patience. By investing time in the groundwork and following best practice, founders can efficiently boost their chances of raising the capital investment to grow their business.”

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