For Innovator Founder Visa holders, demonstrating significant progress is about much more than simply showing that a business still exists. In our latest webinar, we explored what progress looks like in practice and how founders can demonstrate that they have genuinely moved their business forward against their endorsed business plan. The key message was that progress needs to be considered in the context of the individual business: what you originally said you would do, what has actually happened since endorsement, and whether there are sensible explanations for any changes along the way.
A major theme of the session was the importance of evidence. Financial performance can be demonstrated through a range of information, including accounts, management accounts, bank statements, invoices and agreements, alongside comparisons between original forecasts and actual revenue and profit. The appropriate evidence will vary depending on the type and structure of the business, but founders should be building a clear record of what they have achieved rather than trying to reconstruct that evidence when they reach a checkpoint or make a future application.
We also discussed the relationship between product development and commercial progress. Developing technology, a platform or a service is important, but development alone does not necessarily demonstrate that there is a viable business behind it. Founders should be engaging with potential customers, testing demand and developing a sales pipeline alongside building their product. As we put it during the session: “It’s better to sell something you haven’t yet made, than it is to make something you can’t sell.” Selling should therefore be viewed as a process that starts well before the first payment arrives.
Importantly, progress does not always mean following the original business plan word for word. Markets change, opportunities emerge and founders may make legitimate commercial decisions about where to focus their efforts. For example, a business that originally anticipated overseas sales may ultimately find stronger demand in the UK. Where plans have changed, founders should be able to explain why the decision was made and demonstrate the progress achieved as a result. The underlying question is whether the business has continued to develop in a credible and sustainable direction.
Ultimately, founders should think about significant progress as an ongoing process rather than something to address shortly before a checkpoint. Keep good records, understand the commitments made in your endorsed plan, gather evidence as the business develops and be prepared to explain both what has gone according to plan and what has changed. Regular coaching and checkpoint discussions can then be used not simply as an assessment exercise, but as an opportunity to review progress, identify gaps and keep the business moving towards its longer-term objectives.
You can watch the full session here:
