What investors see first: Anvar Bakiyev's insights for founders

Anvar Bakiyev, city — Almaty, business angel, co-founder of Chocofamily, Instagram

1. Early warning signs

There are several indicators that investors should pay attention to from the very beginning:

— too rapid growth in expenses with unclear unit economics. If a company increases spending faster than it understands how it makes money, this creates a risk to long-term sustainability
— frequent changes in focus and pivots. Startups that constantly change direction fail to consistently build their product and processes
— founders avoid specific numbers. Opaque reporting and evasion of figures hinder the ability to assess real results and forecast the future
— high employee turnover. High staff turnover can be a sign of internal problems, weak culture, or team overload.

2. Key lessons

For investors:

1. Get deeper into operational processes rather than relying solely on founders' stories.
2. Evaluate not only the product and market but also internal processes, financial discipline, and team dynamics.

For startups:

1. Honesty with investors is critical. If something goes wrong, it is better to report it early rather than trying to "make it" until the next funding round.
2. Transparency helps maintain trust and provides time to jointly find solutions.

3. How to build a sustainable financial model

1. Understand your unit economics from day one. Know how much each unit of product or service generates, and understand where the company makes money and where it loses.
   
2. Maintain a runway of at least 12-18 months. This buffer allows you to focus on growth calmly and not depend on urgent capital raises.
   
3. Do not scale losses. Rapid expansion of expenses without profitability creates risks and can lead to a crisis at later stages.