Don’t settle for being “left on read”
By Anders Månsson, Senior Advisor at Ventures Accelerated
Oct 6, 2025
Anders Månsson — Photo by Millianne Jabol
Raising funds is a relentless and often exhausting journey for biotech companies, even more so in recent years, and the volatility of today’s geopolitical dynamics is certainly not helping. Progressing innovative scientific discoveries from laboratory breakthroughs to life-saving therapies requires robust capital injections and unwavering investor belief. And yet, perhaps one of the most painful and challenging experiences is when potential investors leave you hanging, showing interest but never committing. This limbo of uncertainty can erode momentum, morale, and precious time. For biotech entrepreneurs, recognizing when and how to move on from non-committing investors is vital to survival and success.
Biotech startups and growth phase companies occupy a demanding niche characterized by long research timelines, stringent regulatory hurdles, complex science, and high capital needs. Investors, naturally cautious given the high failure rates and uncertain times, undergo rigorous due diligence and may hesitate to commit until clinical proof-of-concept data or other confirming data points appear. Economic shifts and sector volatility, especially pertinent in today’s market, add further complexity, often tightening funding availability.
This dynamic creates unpredictable funding cycles. A lead investor may flirt with your company for months, perhaps years, providing hope only to withdraw or, worse, remain silent when decisive financing is needed. Such “hanging” can stall development milestones, delay trials, and jeopardize partnerships. Therefore, moving on and not pinning ones hopes to a non-committing “flirter” is essential not least for the following reasons:
Time is the Most Precious Commodity: In biotech, valuable time cannot be regained, and every delay erodes precious patent life and risks market relevance through speedy competitor advancement.
Momentum Drives Success: Continuous progress with enthusiastic partners attracts more investors, builds credibility, and success breeds success.
Focus on Active Partners: Biotech funding often requires savvy storytelling, clinical validation, and strategic alignment. Investors who signal genuine interest contribute more than capital. They provide guidance, connections, and credibility. Shaving down your investor pool to active, engaged parties enhances chances of closing successfully.
Psychological Resilience: Encountering investor indifference can emotionally drain founders and CEOs. Moving on is not conceding defeat but exercising strategic agility. Pivoting your approach, expanding networks, and refining your pitch inspire renewed motivation.
Suspecting that the above statements echo a lot of common sense, the crux of the issue is perhaps how to do this gracefully and strategically. I would view the following as key learnings from my own experience:
Seek Clear Communication: Politely seek clarity about timelines and intentions. If investors waver indefinitely, take it as freedom to explore other opportunities.
Expand Your Horizons: Broaden your investor search beyond traditional biotech VCs. Look to corporates, family offices, impact investors, grants, and government funding.
Refine Your Story: Use the pause to polish your pitch to highlight clinical data milestones, market potential, and regulatory progress compellingly.
Build Relationships for Later Rounds: Don’t burn bridges. Keep distant investors updated periodically for possible future re-engagement.
Stay Patient-Centric: Reaffirm your mission to improve patient lives. This purpose galvanizes your team and convinces investors who share your vision.
Never forget that ultimately your mission to develop therapies for patients depends on decisiveness. When investors leave you hanging, moving on is not surrender, but the smartest progression toward success.
Gen Z has eloquently coined the catch phrase “left on read” signifying the “diss” experienced when a message has been received and read, but when a response does not seem to be forthcoming. I guess the implicit advice from Gen Z is to not settle for being “left on read” like a boomer who does not understand dynamics of today’s investor market situation, and I think that is generally good advice.
At Ventures Accelerated our suggestion is certainly to constantly keep moving, while taking the above bullet points into consideration. Finding the right investors is a question of both scale and proper targeting. And if you need assistance on the demanding quest for funding from a team with experience, skills, and targeting tools, coupled with a vast investor network, and a thorough understanding of the need to keep up momentum, our company is here to help!