Robert Gelb, one of the pre-seed investors working at Techstart Ventures explained there were three propositions venture capitals don’t invest in  at the moment, stating they are: “decent, potentially great businesses that aren’t right for us in terms of scale of opportunity, ideas that are not unique, hard or valuable and possibly exceptional people who haven’t yet started testing, and iterating fast.”

The new pre-signal programme will be running as a pilot from November 18, in Edinburgh every Wednesday from 5pm to 9pm, adding that from 6pm to 7pm they will win an hour of “structured challenge” to test ideas and help people either “drop it and move on” or “move at pace”.

The programme is aimed at “smart, possibly exceptional” people that have an idea that could be big but haven’t had the chance to test it fast or get honest feedback. It is seeking people “who are open to challenge, useful to others, and serious about making progress. If you’re not, we’ll ask you to stop coming.”

In a LinkedIn post introducing the new pilot, Gelb explained, he was keen to reach the three propositions, he said: “being smart and having an idea isn’t enough without a unique ability to execute and win.
So we’re piloting Pre-Sig: a weekly, VC-run pressure test for smart people with unproven ideas.

“Every Wednesday from 5 to 9pm in-person, in Edinburgh. From 6 to 7pm we run an hour of structured challenge. That might be a hot seat on your idea, a teardown of a company or market, or a frank conversation about how VCs judge size, defensibility, and timing. The rest of the evening is space to work and make progress alongside others doing the same.”

He explained that by the end of the session attendees should either realise the “idea isn’t viable” or it will help them “build real conviction” in what is being built, “It won’t suit everyone. We want people who are serious about making progress, open to challenge, and able to challenge others. If you’re not, we’ll ask you to stop coming. And if what you want to build isn’t a fit for VC, we’ll tell you. There are plenty of places in Scotland for other kinds of business support. This isn’t one of them.”