The findings paint a picture of relentless dedication for an idea, financial bootstrapping, and a time consuming fundraising process with handling rejection the top lesson that startups must learn.

According to the survey of 435 startup founders, two thirds (67%) of UK startup founders are over the age of 45, with one in four (24.9%) over the age of 55. Meanwhile 76% are male, versus 24% female.

The theme that unites all age groups is the passion for an idea, which was given as the main reason for launching the business by 45% of respondents, ahead of identifying a market gap (21%) and achieving financial freedom (14%.)

However, financial freedom still feels like a distant goal for many. 43% of founders report holding a full-time or part-time job to financially support themselves during the early-stages of their business. Nine in 10 (89%) have funded their business with their own savings, with other top sources being family and friends 24% and a bank loan (12%).

In terms of fundraising, the process of seeking external capital absorbs a lot of founders’ time, with 38% of respondents spending 30% or more of their week actively engaged in fundraising. Meanwhile one in five (21%) are spending more than half their week solely focused on fundraising, effectively turning it into a second job. 11% of founders say it is taking up all of their time, with a further 37% saying it is taking up so much time it is impacting their ability to run their startup.

When asked about the most significant non-financial sacrifice, sleep (21%) topped the list, followed by family (18%) and mental health (17%).

Despite the time taken on fundraising, the data shows most founders don’t spend much of that time doing due diligence on investors. 37% are doing nothing or just a cursory search. A further 29% are just doing LinkedIn and website research. Only a third are conducting serious due diligence involving founder reference checks, industry fit or founder reference checks.

From those who have successfully raised, 54% of founders reported that more than one in 10 investor meetings typically results in investment. The most crucial lesson learned was "Be prepared for rejection" (70%), followed by the importance of a strong network and resilience and persistence (61%), followed by the importance of a clear and concise pitch (54%.)

On the back of the findings, AIN is launching a new content series dedicated to improving the efficiency of fundraising, giving founders back time to focus on their business.

According to Mike Lebus, Founder of Angel Investment Network: "The idea that all successful startups are launched by 22-year-olds with immediate angel investment is a fantasy, perpetuated by TV programmes and social media often ignoring the hard-earned experience and financial stability required to take a calculated risk. Our data shows entrepreneurship is often a second-act career, requiring founders to pay their own bills while they build, using personal savings or salary as their primary initial funding source.”

He continued: “Angel investment can be a crucial source of funding as startups scale, but as our successful founders have highlighted, being prepared for rejection is key. The fundraising journey takes time and patience. By investing time in the groundwork and following best practice, founders can efficiently boost their chances of raising the capital investment to grow their business.”

For more startup news, check out the other articles on the website, and subscribe to the magazine for free. Listen to The Cereal Entrepreneur podcast for more interviews with entrepreneurs and big-hitters in the startup ecosystem.