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Summary

Dan Draper is CEO and Founder of CipherStash, a data-storage platform that helps customers keep data secure. As well as being fascinated by Cryptography and data security, for most of Dan's career he's either been a founder or worked in the leadership team of startups, so has plenty of experience in both business and getting into the nitty gritty details of technical problems. 

In this episode Dan chats with Cole Cornford about Cryptography, the challenges and rewards of founding a company, best practices for securing funding for a startup, and plenty more.

 - 2:00 - Dan's career background

 - 8:00 - Dan's lessons from working in government

 - 9:30 - When Dan became obsessed with cryptography

 - 12:40 - Reflecting on Dan's 1st failed business

 - 17:10 - The founding of CipherStash

 - 23:40 - Managing data a major challenge in large orgs

 - 28:00 - Different types of data breaches

 - 32:00 - Potential and limitations of AI in cybersecurity

 - 37:00 - Experience raising money for a startup

 - 44:10 - Dan's 3 tiers of investors

 - 46:00 - Rapid fire questions

Mentioned in this episode:

Call for Feedback

Join us as we speak with Adam Boyle, CEO of EngageRM and founder of Pegasus, an Australian tech company that started in mining safety and grew into a global player before a successful exit. We'll hear how Pegasus got its start doing labour hire and training in the mining industry before expanding into software like digital safety inductions. When the mining downturn hit, Pegasus pivoted to new industries like retail, developing contractor management portals for major companies like Woolworths. Just as the company was preparing to expand internationally, COVID-19 struck, but Pegasus was able to quickly adapt its software to help businesses manage new pandemic protocols. This agility led to continued growth and acquisition offers, culminating in a +$150 million sale to Avetta in late 2020. Tune in for the fascinating story of Pegasus' journey from local startup to global exit, how the company and its employees benefited financially, and what founder Adam Boyle is up to now as an investor and advisor in the tech sector.

• Clash between fintech industry and big banks over open banking.
• New report predicts the rise of AI jobs in Australia.
• Details of "Future Made in Australia" legislation explored.
• Notable startup capital raises, including Caresquare and Redactive AI.

In this episode of the Startup Retro podcast, the hosts delve into the biggest headlines of the week. The discussion centres around the clash between the fintech industry and big banks over open banking, as well as a new report predicting the rise of AI jobs in Australia. Will and Gem also pick their favourite startup capital raises and share intriguing insights from their reading throughout the week.

• 00:24: The clash between the fintech industry and big banks over open banking implementation in Australia reveals differing perspectives on the effectiveness and adoption of the system.
• 06:50: A new report predicts a significant increase in AI-related jobs by 2030, emphasising the need for individuals to develop AI competency to thrive in the future workforce.
• 09:48: The "Future Made in Australia" legislation introduces key pillars to promote community benefits and sector assessments for strategic investments.
• 14:00: Startup raises, like Caresquare's seed investment and Redactive AI's substantial funding round, highlight the diversity and innovation in the Australian startup scene.
• 24:53: Engaging with resources like Robotsguide.com sheds light on the wide range of robotics applications and innovations shaping the technology landscape.

To get all the links to the stories we mentioned in this episode, you can read this week’s Overnight Success newsletter: https://newsletter.overnightsuccess.vc/p/6-july-2024

Headlines

Open Banking:

• Australian Banking Association Consumer Data Right Strategic Review July 2024
• Basiq Open Banking Report July 2024

Tech Council AI Jobs

• Media Release
• Report

• Redactive AI
• Caresquare 
• Millibeam: 
• ReciMe 
• Profit Peak

• Gemma’s Pick: Robots Guide
• Will’s Pick: What you should know about SAFE notes

• Gemma LinkedIn: https://www.linkedin.com/in/gemmaclancy/
• Will LinkedIn: https://www.linkedin.com/in/williamrichards/

Thanks to our sponsors for helping to make this episode of The Startup Retro possible.

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Google for Startups AI First Accelerator The Google for Startups AI First Accelerator is a 10-week equity-free accelerator program for Seed and Series A stage Australian startups building AI&ML-driven platforms and products.

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In this episode, Cheryl Mack and Maxine Minter engage in an enlightening conversation with Bronwen Clune, discussing her journey from journalism to startups and back to media. Bronwen shares insights on the Australian startup ecosystem, the future of journalism, and the intersecting landscapes of politics, markets, and entrepreneurship. Delving into the impact of risk appetite, the tension between traditional markets and startups, and the evolving dynamics of super funds, the discussion provides a comprehensive view of the current landscape.

Key themes include the shifting risk perceptions in Australia, the resilience and adaptability of Australian startups, and the impact of broader economic and political factors on the ecosystem. With a focus on building stronger companies and navigating challenges, Bronwen offers valuable perspectives on driving innovation and growth in an ever-changing environment.

• Risk appetite plays a fundamental role in distinguishing between traditional markets and startups.

• Australia's startup ecosystem demonstrates resilience and efficiency in the face of challenges.

• The housing crisis and changing economic landscapes are fuelling interest in startups and alternative investments.

• Tension between super funds and risk-taking behaviours may influence the entrepreneurial landscape.

• Australian founders are embracing independence and innovation, shaping the future of the industry.

• "I think Australia punches above its weight in terms of producing founders that international investors are looking at favourably." - Bronwen Clune

• "The housing crisis has spurred interest in alternative investments as young people seek to grow capital." - Bronwen Clune

• "Risk appetite, or lack thereof, is a defining factor between traditional market players and startup enthusiasts." - Bronwen Clune

• Capital Brief Website

• Bronwen Clune's LinkedIn Profile

Thanks to our sponsors for helping to make this episode of First Cheque possible.

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Mentioned in this episode:

Deel x PX_Script 1

In this episode of the Unfunded podcast, Joan Westenberg interviews Aaron Cowper, the founder of ShopGrok. Aaron shares his journey of bootstrapping his business, highlighting the challenges and triumphs faced along the way. From early struggles to winning significant contracts and navigating through personal setbacks, Aaron's story showcases the resilience and dedication required to build a successful business without external funding.

Aaron delves into the importance of family, time management, and maintaining a healthy work-life balance while pursuing entrepreneurial goals. With a focus on organic growth and strategic decision-making, Aaron's insights offer valuable lessons for aspiring founders looking to embark on their bootstrapping journey.

• Aaron emphasizes the significance of cash flow management, customer acquisition, and product iteration for bootstrapping founders.
• Maintaining a balance between work and family commitments is crucial to avoid burnout and sustain long-term passion and energy.
• Building a network of mentors and peers can provide invaluable support and guidance throughout the entrepreneurial journey.
• Leveraging organic growth strategies, focusing on customer needs, and prioritising cash flow are key elements in bootstrapping success.
• Transitioning from survival mode to growth phase involves scaling the business, diversifying revenue streams, and creating a self-sustaining organisation.

• "At the end of the day, it's no more important than what your partner does or what your family's up to outside of work." - Aaron Cowper
• "Time freedom is one of the main reasons I started this journey. You get more freedom on the other side if you make it through." - Aaron Cowper

• ShopGrok Website

Unfunded is a Day One show. Day One is the podcast network dedicated to founders, investors, and operators.

Hamish McKenzie is the co-founder and Chief Writing Officer at Substack.

Substack is building a “new economic engine for culture” — enabling writers, podcasters, and now video creators to publish and monetise their content directly through subscriptions. Today, newsletter creators on Substack have over 35 million active subscriptions, including 3 million+ to paid content. The Company has gone from strength to strength, reaching near “verb” status synonymous with online newsletters— and most recently raised capital at a $650M valuation.

Before Substack, Hamish was Lead Writer at Tesla — going on to author “Insane Mode: How Elon Musk's Tesla Sparked an Electric Revolution to End the Age of Oil”, and a journalist writing for publications in New Zealand, Australia, Hong Kong, Canada, the UK, and the US. Hamish hails from Central Otago and attended the University of Otago.

In today’s episode, we discuss:

* Hamish’s journey from NZ to the US, key influences and inflection points

* Substack’s role in the future of media, and how they see the vision unfolding

* Building Substack, and challenges along the way including culture wars, content moderation, and echo-chambers.

* How AI is changing content creation, and how they’re gearing up to support creators in a future dominated by

* lessons, insights from his time at Tesla, working with Elon Musk, and authoring “Insane Mode”

Where to find Hamish McKenzie:

* LinkedIn: https://www.linkedin.com/in/hamishmckenzie/

* Substack: https://substack.com/@hamish

* Website: https://hamishmckenzie.com/

Timestamps:

(00:00) Intro

(00:57) Building “a new economic engine for culture”

(02:29) Hamish’s journey from Otago to journalism

(05:57) Covering China, the Olympics, and Tencent

(06:51) The disruption of social media

(09:15) How Substack started

(12:20) Substack’s business and pricing model

(19:26) Winning culture wars

(22:50) The controversy of content moderation

(26:24) Why Elon tried to nuke Substack

(28:50) Working for Elon and Tesla

(30:00) Substack’s thesis

(32:17) Solving echo-chambers

(33:23) How Notes is taking on Twitter/X

(34:16) Why AI won’t replace content creators

(35:49) How to help Hamish

(37:06) Hamish’s recommended Substacks

(38:14) Outro

Some of Hamish’s recommended Substacks for Kiwis

In this episode of Fintechfun, Chris Titley chats with Anson Parker, the Chief Product Officer at Up, about his journey in the fintech industry and the evolution of Up as a leading digital banking platform. From the early days of conceptualizing a new kind of banking experience to the current focus on innovative features like “pull to save” and the upcoming subscription offering “Up High,” Anson shares insights on how Up is redefining the future of banking.

• Anson’s background in software development and the founding of Up.
• The importance of user feedback and balancing creativity in product development.
• The introduction of unique features like “pull to save” and “Maybuy” to enhance the banking experience.
• The upcoming subscription offering “Up High” and its potential to revolutionize banking fees and customer benefits.

• Anson’s journey from software development to reimagining the banking industry with Up.
• The focus on user-centric product development and the balance between innovation and customer feedback.
• The impact of features like “pull to save” and “Maybuy” in creating engaging and personalized banking experiences.
• The introduction of the subscription offering “Up High” as a new way to provide additional value and benefits to customers.
• The importance of transparency, collaboration, and customer engagement in shaping the future of banking.

1. “The experience is the product. It’s not about the financial products, it’s about what those do for people and how they relate to them.” - Anson Parker
2. “Can we make something compelling enough that customers choose to pay for it? It’s effectively flipping the idea of bank fees on its head.” - Anson Parker

• Upbank Website

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• Latest news and $100 million deal in Australian startups
• Interview: Kim Hansen on ESOP clawback clauses
• Major headlines: Future Made in Australia legislation
• Telstra rebrands venture fund to Titanium
• Notable venture raises: Tenacious Ventures, Aquila, Samsara Eco
• Rampersand insights on startup investments

In this episode of Startup Retro, hosts Will and Gemma discuss the latest news and funding events in the Australian startup ecosystem, including the significant $100 million deal and an in-depth interview with Kim Hansen from Cake Equity about ESOP clawback clauses. 

Hosts, Will & Gemma cover major headlines such as the Future Made in Australia legislation, Telstra rebranding its venture fund to Titanium, and several notable venture raises. They also highlight Tenacious Ventures' latest funding and delve into the week's interesting startup raises, with a focus on Aquila and Samsara Eco. The episode concludes with a knowledge-sharing segment featuring insights from Rampersand on how they invest in startups.

• 00:00 Welcome to the Startup Retro
• 00:41 Top Startup News Headlines of the Week
• 03:23 New Venture Funds and Rebranding
• 05:55 Adelaide's Space Machines Company
• 07:37 Weekly Startup Raises
• 15:13 Interview with Kim Hansen on ESOP Clawback Clauses
• 25:33 Knowledge as a Service: Rampersand's Investment Insights
• 29:29 Wrapping Up and Feedback

To get all the links to the stories we mentioned in this episode, you can read this week’s Overnight Success newsletter

• Aquila
• Samsara Eco
• Klean
• Diraq
• Affinda
• National Renewable Network 

• Kim Hansen (Cake Equity) LinkedIn

• Rampersand article

• Gemma on LinkedIn
• Will on LinkedIn

Thanks to our sponsors for helping to make this episode of The Startup Retro possible.

Are you a founder overwhelmed by HR, payroll, onboarding, and IT tasks? Simplify with Rippling: an all-in-one platform for your global workforce.

Get 3 Months Free 

Google for Startups Cloud Program Get up to US$350,000 of Google Cloud and Firebase credits for two years for your startup plus technical, business and financial support through the Google for Startups Cloud Program. 

Apply now

Google for Startups AI First Accelerator The Google for Startups AI First Accelerator is a 10-week equity-free accelerator program for Seed and Series A stage Australian startups building AI&ML-driven platforms and products.

Apply now 

Build a top-notch team fast with Teamified. Teamified offers fractional CTOs, contractors, and remote team members from the Philippines, India, or Sri Lanka. Cut hiring times by 50%.

Get started 

To learn more, join the Day One newsletter to be notified of new and upcoming shows. The only content we create is content that will help Australian founders.

If you want to learn about upcoming guests and when a new episode from The Startup Retro is available, join the Overnight Success Newsletter.

Want to become a sponsor? Send us an email.

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In this episode, Maxine Minter and Cheryl Mack delve deep into the essential considerations of portfolio allocation, focusing on diversification versus concentration in early-stage investing. They explore the concept of portfolio construction, risk management, power law dynamics, and the importance of strategy in maximizing returns while mitigating risks.

Key themes discussed include the spectrum of diversification, the impact of concentrated investments, the role of informational asymmetry in decision-making, the power of outliers in generating alpha, and the influence of expertise and thesis investing on portfolio performance.

• Portfolio construction is crucial in early-stage investing to manage risks and optimize returns.
• Diversification versus concentration impacts the average quality and performance of a portfolio.
• Specialized first and second funds tend to outperform, emphasizing the importance of focused investment strategies.
• The power law concept highlights the significance of outliers in driving fund performance.
• Investors must strike a balance between diversification and concentration based on risk tolerance and investment goals.

• "Thinking about building your investment strategy and what is the right level of risk tolerance is essential for successful portfolio construction." - Maxine Minter
• "The power law is king in the investment landscape, emphasizing the impact of outliers on fund performance." - Cheryl Mack

Thanks to our sponsors for helping to make this episode of First Cheque possible.

Vanta: Join 7,000 global companies like Atlassian and Dovetail that use Vanta to build trust and prove security in real-time.

Get 10% off

Scendar: Scendar is the OG startup accounting firm in Australia. Free 1-hour consultation about your Business' growth plans and finance needs. https://dayone.fm/scendar

Turo: Turo is the world's largest carsharing marketplace and it's the perfect app for travel.

Download the Turo app and book cars from $38/day. https://dayone.fm/turo

Mentioned in this episode:

Deel x PX_Script 1

In this episode of Unfunded, host Joan Westenberg delves into a conversation with Sheree Rubinstein, the founder of One Roof. Sheree shares her journey from corporate law to founding a co-working space dedicated to women-led businesses and the subsequent pivot to a digital business membership platform post-Covid. The episode explores the challenges, successes, and insights gained from bootstrapping, fundraising, and making difficult decisions as a founder.

Sheree's experience exemplifies the importance of adaptability, community building, and resilience in navigating the ever-changing landscape of entrepreneurship. Listeners are treated to a candid discussion on the trials and triumphs of building a business from the ground up, offering valuable lessons and inspiration for aspiring entrepreneurs.

• Sheree's innovative approach to testing the concept of a co-working space through pop-up locations and the pivot to a digital membership platform post-Covid demonstrates the power of adaptability in entrepreneurship.
• Building strong community relationships and fostering collaborations have been instrumental in the growth and success of One Roof, highlighting the significance of networking and community engagement in business development.
• The decision to return capital to investors during challenging times showcases Sheree's commitment to the long-term sustainability and growth of the business, emphasizing the value of honest and transparent leadership.
• Embracing a sales mentality and being actively involved in sales efforts as a founder is essential for building relationships, exploring new opportunities, and driving revenue growth.
• Sheree's focus on creating an "elephant business" centred on sustainable, steady growth, and profitability over a "unicorn" startup model underscores the importance of building a resilient and long-lasting business foundation.

• "Entrepreneurship is an incredible pathway for women to create their own workplaces, build businesses on their terms, and address diverse needs." - Sheree Rubinstein
• "Building an elephant business works well for me. It's about sustainable growth and profitability, not just being the best in the industry." - Sheree Rubinstein
• "Every business decision I've made comes from seeking advice and feedback from those around me. Building relationships is crucial." - Sheree Rubinstein

• One Roof Website: Oneroof
• Kate Kendall's Profile: LinkedIn - Kate Kendall

Unfunded is a Day One show. Day One is the podcast network dedicated to founders, investors, and operators.