R&D Advisors
March 2026

Your next raise may take
twice as long as you think.

The recently released State of Australian Start-up Funding 2025 shared that the average time from first investor conversation to receiving capital has doubled - from six months to twelve.

0mo average time to close an equity round in 2025
+0% increase in investor diligence requests vs prior year
0 total reported deals — down 20% on 2024

The founders who navigate this best are the ones who have mapped every cash inflow against every milestone, and identified the gaps before they become emergencies. We've created a template that does it for you.

‍

What the template walks you through

The 18-month capital planning framework is built specifically for R&D-intensive founders. The template will guide you through six steps to stress-test your capital position before it becomes urgent.

1
Map every cash inflow by month. Equity, RDTI, grants, revenue - all of it on one timeline.
2
Identify your earliest danger point. The gap that appears before the next inflow arrives.
3
Confirm your RDTI claim and ATO timeline. Know exactly when that cash lands - not approximately.
4
Evaluate non-dilutive options for every gap. RDTI advance, grants, venture debt - mapped against each shortfall.
5
Build a 'slow round' scenario. Model what happens if your raise takes 18 months instead of 12.
6
Set a start date for international investor relationships. The founders who close fast started early.

For R&D-intensive founders, it compounds

The twelve-month equity timeline does not sit in isolation. It stacks on top of every other cash timing mismatch in your business: your RDTI refund arriving months after financial year end, grant milestone payments in arrears, large customer contracts with 60-day payment terms.

These are not signs of a poorly run business. They are structural features of capital-intensive innovation. But they compound quickly into a cash crisis if you have not mapped them deliberately.

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