[mbesto]

As a former founder (formerly living in London) trying to raise VC funding in London this is exactly what my experience.

I once did a pitch contest and they required we put together a business plan with financials. You want me to...what? Who on earth can read a pro forma for a pre-revenue SaaS business and say "ah yes this is worth of investment because this pro forma looks great".

London is all about banking and it shows.