What We're Learning

April reinforced something we keep seeing across the portfolio and the wider network:

The product isn't the product. The narrative is the product.

This came up repeatedly — in conversations with advisors, in what we're building at GeneFuel (PrimeStart portfolio company), and in how we're rethinking The GP Service's (PrimeStart portfolio company) digital infrastructure.

Here's what that looked like this month.

Learning 1: The Narrative Is Worth More Than The Ingredients

Dr Jahan Mahmoodi, one of our NED advisors, put it directly this month:

"The value in being able to describe the benefits of the product is, if not more important, than the actual products themselves."

He used the example of how pharmaceutical companies position products. Most people focus on the obvious benefit. But the real clinical value often sits elsewhere — and the companies that understand how to communicate that value create something defensible.

The same principle applies to supplements, to cosmetics, to any commodity product. Magnesium is magnesium. Anyone can sell it. But if you can tell the story of why this formulation, for this person, at this moment — you've created differentiation.

What this means for GeneFuel (PrimeStart portfolio company):

GeneFuel's focus is on connecting blood results, genetic data, and symptoms to a personalised protocol — and helping people understand why they're feeling the way they do. The differentiation isn't the molecules. It's the ability to connect data to outcomes in a way that makes sense to the individual.

That narrative layer is what we're building.

Learning 2: Build Around What Customers Search For — Not What You Want To Say

Most companies build websites around what they want to say. Customers search for what they need to solve.

What we did at The GP Service (PrimeStart portfolio company):

Ali Abbas Jaffari led the team to rebuild the entire GP Service website — not based on what looked good, but based on what patients actually type into Google.

300+ landing pages. Each one built around a specific medication or condition. Each one answering the question a patient is actually asking.

"Can I get antibiotics for a UTI online?"

"How do I get a fit note without seeing my GP?"

"Can I get my blood pressure medication delivered?"

If you're not answering those questions, you don't exist to the patient searching for them.

The learning:

In digital health, discoverability is clinical access. This isn't SEO as marketing. It's SEO as infrastructure — data-led, customer-first, built around intent.

Learning 3: Structure Before Scale — The £1-10m Wall

Founders at £1-10m revenue are often hitting the same wall. Revenue is growing. But so is headcount. And the margin isn't improving.

The instinct is to hire more. The reality is often that the structure isn't there yet.

What we did:

On 23rd April, PrimeStart hosted a webinar for Blackfinch portfolio companies — founders navigating exactly this challenge.

Suleman Sacranie was joined by Nirmani De Alwis (CEO, Your Team in Asia) and Constantine Karampatsos (Co-Founder, Good Life Sorted) to share what's working:

— Structured offshore execution vs. unmanaged outsourcing

— AI-trained hires changing the output equation — same cost, more output

— When to systematize before you hire

The learning:

Founders who build execution layers early tend to move faster and spend less. Skipping that step often costs more later — in margin, in complexity, in time.

Result: Multiple Blackfinch founders requested team audits within 48 hours of the session.

Learning 4: Founders Don't Need More Success Stories

Across the PrimeStart network, founders keep asking for something different:

"Should I even raise VC?"

"What do the pivots that didn't work actually look like?"

"How do I stay focused when everything is pulling me in different directions?"

What we're building:

We're evolving Inside the Founder's Mind into The Founders Playbook — conversations built around the decisions that actually shape outcomes.

Not success stories. The pivots. The hiring mistakes. The capital decisions that changed everything.

This month we recorded:

Hussein Kanji (Partner, Hoxton Ventures) — on whether founders should raise VC at all, and why growth without structure is where problems often begin. Hoxton backed Deliveroo, Darktrace, and Babylon Health at the earliest stages.

Malar Velaigam (Founder & CEO, Boardwise Technologies) — on the pivots that didn't work, the decisions that nearly broke the business, and staying focused when every direction looks urgent.

Coming soon:

Felix Danczak (Pembroke VCT) — why founders often over-hire before they systematize.

Gemma Bloemen (Systemiq Capital) — building credibility when the market is flooded with noise.

Learning 5: Single-Service Platforms Are Evolving

Patients increasingly want fewer touchpoints, not more.

What we're doing:

The GP Service (PrimeStart portfolio company) is exploring integration of TympaHealth's hearing assessment technology into the clinical pathway.

The trend we're seeing across the portfolio: single-service platforms moving towards integrated clinical pathways. Fewer steps. More value per interaction.

Learning 6: Relationships Built Early Compound Later

Ian Mattioli MBE started Mattioli Woods from a garage in Leicester in 1991. It took 14 years before the world noticed. Today: £15bn assets under management, approximately 900 employees, LSE-listed.

What stands out isn't the numbers. It's that after three decades, he still shows up for founders.

The learning:

The relationships that change outcomes are often built long before they're needed. Show up consistently. Deliver value before you need anything. Let results speak.

This month, PrimeStart attended Aston Villa's match against Sunderland (4-3) — continuing to build relationships across the ecosystem.

April at a Glance

— GeneFuel (PrimeStart portfolio company): Narrative and positioning development with advisory input

— The GP Service (PrimeStart portfolio company): New website live — 300+ pages built around patient search intent, led by Ali Abbas Jaffari

— Blackfinch webinar hosted: Structure before scale — multiple audits requested

— The Founders Playbook launched: Practical conversations, not success stories

— Two episodes recorded: Hussein Kanji (Hoxton Ventures), Malar Velaigam (Boardwise Technologies)

— Two trailers coming: Felix Danczak (Pembroke VCT), Gemma Bloemen (Systemiq Capital)

— TympaHealth partnership: In progress with The GP Service

— Ian Mattioli MBE: Featured on PrimeStart network

— Aston Villa ecosystem event: Relationship building across sectors

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