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In this insightful episode of First Cheque, hosts Cheryl Mack and Maxine Minter have a raw conversation with Elicia McDonald, a venture capital expert renowned for her remarkable work at Airtree Ventures. Elicia's holistic approach to early-stage investing and her deep commitment to nurturing founder relationships are at the forefront of this discussion.

Opening with an introduction that paints Elicia as a superhuman in her work-life balance, the episode delves into the intricacies of venture capital investing. With Elicia's insightful anecdotes and experiences, this podcast provides an intimate look at the dynamics of the VC world, particularly in uncovering what makes an early-stage investor successful. The conversation spans various subjects, including the principles of investment, fostering resilience, and the importance of embracing constant industry change.

Elicia McDonald is a prominent figure in the venture capital industry, mainly known for her work at Airtree Ventures, where she has made a significant impact through her skills in early-stage investing. Elicia is known for her keen ability to identify and invest in promising startups, contributing to various successful ventures. Regrow (formerly known as Fluorosat) is among her notable investments, reflecting her knack for spotting early potential in innovative companies. Besides her professional achievements, Elicia is recognised for her leadership in balancing family life with a demanding career, setting an empowering example for professionals, especially women in the tech industry.

• Resilience and founder empathy are vital traits Elicia values in herself and the founders she invests in.
• Thorough decision-making and maintaining high-quality standards are pivotal points in Elicia's approach to investing and entrepreneurship.
• Building trusted relationships within the startup ecosystem significantly contributes to successful sourcing and working with founders.
• Parenthood and career balance is a personal challenge that Elicia navigated with bravery, setting a progressive example for others in the industry.
• The venture capital industry is marked by constant change, and embracing this dynamism is crucial for long-term success.

• "Life is 10% what happens to your 90% how you respond to it." - Reflexive insight on the importance of perspective.
• "Everything is a multi-shot game." - Maxine Minter on the long-term nature of venture investing.

• Elicia McDonald's LinkedIn profile
• Airtree Ventures website for more information on Elicia's investment firm.

Listen in to this enlightening episode to hear Elicia McDonald's full insights on venture capital, founder relationships, and building resilience amid industry fluctuations. Stay tuned to First Cheque for more captivating discussions with leading figures shaping the tech and investment world.

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In the latest compelling episode, we delve into the investment philosophy and keen insights of Trang Nguyen, a trailblazing figure in venture capital. Nguyen shares her journey from placing an early bet on Tesla to her current efforts in redefining the startup ecosystem. She outlines her criteria for backing emerging fund managers and underscores the importance of founders who aim to build venture firms that transcend personal branding and leave a lasting impression.

Nguyen advocates for a platform approach where venture firms offer scalable services to startups, akin to corporate giants like Apple or Amazon. She argues this is crucial for a venture firm's sustainability and ability to scale, detailing why simply being a good investor isn't always enough. Moreover, Nguyen provides a peek into the future of startups, highlighting the potential for AI to revolutionize the way companies are founded and grown.

Hosted by Cheryl Mack & Maxine Minter, First Cheque is a Day One show. Day One is the podcast network dedicated to founders, investors, and operators.

Trang Nguyen is a pioneering investor with a bold approach to venture capital. She has made notable investments in transformative companies, including an early investment in Tesla. Trang is known for her long-term vision and commitment to supporting ambitious entrepreneurs in creating impactful venture firms and startups. Her work revolves around the principles of venture as a future-facing and influential asset class, embracing the role of technology in shaping investment paradigms.

• Trang Nguyen made a pivotal early investment in Tesla, signifying her long-term investment mindset and dedication to visionary founders.
• Nguyen emphasizes the necessity for venture capital firms to build platforms that deliver scalable services to startups, not just make investments.
• The future startup landscape, according to Nguyen, will be heavily influenced by AI, possibly becoming co-founders alongside human entrepreneurs.
• Nguyen believes venture capital is deeply intertwined with technology and will continue to be a critical asset class for the foreseeable future.
• Despite current market sentiments, Nguyen is bullish on venture capital and its role in driving innovation across all sectors.

• "Venture is in every single asset class."
• "In order to identify the future of venture capital, ... you just need to go and look really stupid in front of a lot of people for a long period of time."
• "Everything you do is venture. It's just whether you recognize it."

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After working as a cybersecurity consultant in Europe for over a decade, Jacqui Loustau was struck by how cybersecurity professionals in Australia were overwhelmingly male. This led Jacqui to found the Australian Women in Security Network (AWSN), a not-for-profit association and network with the goal of increasing the number of women in the security community. 

In this episode, Jacqui chats with Cole Cornford about how businesses can change their approach to hiring to improve diversity, the importance of supporting kids and students of all backgrounds who have an interest in the field, as well as some of her thoughts on the future of the industry.

Secured by Galah Cyber with Cole Cornford website

4:30 - Jacqui’s career background.

9:30 - How Jacqui became inspired to tackle the issue of diversity within cyber.

10:00 - At Jacqui’s first cyber event in Aus, struck by a sea of men.

13:00 - Achievements Jacqui is proud of from the last 10 years.

15:20 - What can businesses do to encourage diversity.

19:00 - Cole: what are some systemic issues we need to tackle?

22:00 - Jacqui: you can always teach technical skills.

23:00 - How we can support kids & students to move into cyber.

25:00 - Rapid fire questions.

27:10 - What will be the theme in cyber for 2024.

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Episode Summary:

In this enlightening episode of the podcast, co-hosts Cheryl Mack and Maxine Minter engage with venture capital veteran Craig Blair to unpack the intricacies of successful early-stage investing. From sage wisdom to navigating the ever-evolving VC landscape, this conversation is a trove of insights for aspiring and seasoned investors alike.

Craig discusses his journey starting from an entrepreneurial venture in the Czech Republic to establishing AirTree Ventures, which has shaped the Australian investment scene. With a particular emphasis on strategic risk-taking and intuition in investment, the episode dissects the balance between data-driven decision-making and the human element in evaluating startups. Craig also shares his pivotal ‘big cajones’ moment—a personal story of bravery and recovery.

Craig Blair is a seasoned venture capitalist with an entrepreneurial background and a track record of successful investments in the tech industry. With a career spanning over two decades, Craig has become a distinguished figure in the VC market since 2002. He co-founded AirTree Ventures, a leading Australian venture capital fund dedicated to investing in visionary technology entrepreneurs. With his expertise, Craig has developed a reputation for making strategic and often contrarian investment decisions that have significantly impacted the Australian ecosystem. His risk-taking prowess isn't limited to investments though; he's also known for engaging in adventurous activities such as ocean sailing.

• A founding partner of AirTree Ventures, Craig Blair emphasizes the importance of being contrarian in investment decisions.
• The discussion reveals the significance of developing investment theses and being prepared with better information about verticals or opportunities.
• Avoiding the herd mentality and challenging personal biases are vital for successful VC investments, underscoring the need for continuous learning.
• Craig shares a personal anecdote of tenacity, underlining the importance of dedication and resilience in the face of adversity.
• Discipline surrounding fund size and alignment with LPs helps maintain investment theses, ensuring the sustainability of both venture funds and startups.

• "If everyone in VC, for example, is going into something right now, I don't want to be there. I want to be somewhere outside that."
• "It's a humbling experience to see a company and be like, oh, it's not going to work for these reasons, or it hasn't worked in the past, and therefore it's not going to work again in the future, and then it really works in the future."
• "It's very dangerous if you start morphing your investment plan to suit your LPs."
• "You might not work before, but why would it work now?"
• "I've done a lot of adventurous things. I do a lot in my previous...well, probably still do a lot of crazy stuff. I love risk."

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

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While working as Head of Cyber Security Business Services at Australia Post, Susie Jones worked on a product that was designed to support small businesses that had suffered a data breach. Susie came to believe that existing cybersecurity tools and support was generally either too expensive for Australian small businesses, or didn’t suit their needs. And so she co-founded Cynch Security, which aims to fill this gap. 

In this conversation Susie chats with Cole Cornford about Susie’s career, the benefits of coming from a non-technical background, and they do a deep dive on the security needs of small businesses in Australia.

Secured by Galah Cyber with Cole Cornford website

4:36 - Susie’s career background

5:40 - benefits of coming from a non-technical background

7:15 - Challenges of running your own business

7:40 - Cole: you’re selling protection, it’s a pure cost

8:10 - Susie’s motivation to become a founder

9:00 - Consequences of breaches “the worst working day of their life”

10:30 - Most common  security challenges for small businesses

13:00 - Big businesses that work with small businesses share cyber risk

14:40 - Supply chains and small businesses in Australia

17:20 - 90% of employers in Aus aren’t served by our current cyber solutions

18:00 - Worst examples of advice not suited to small business

19:20 - Tips Susie would give to small businesses

21:20 - Password managers are a no brainer

25:00 - Rapid fire questions

26:10 - One cybersecurity myth Susie would like to debunk

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Summa ry:

In this insightful episode of the podcast, listeners are introduced to the world of venture capital through the lens of Sam Wong, a seasoned Partner at Blackbird Ventures. Delving into her journey from the early investments to scaling venture funds across markets, this conversation provides an intimate look at what it means to both contribute to and grow within a startup ecosystem. Sam shares her experiences in identifying alpha opportunities, scaling venture fund operations, and the unique challenges and triumphs found in burgeoning markets like New Zealand.

As the podcast unfolds, Sam recalls her first investment and the lessons learned from its considerable return, offering a gateway to discussions on angel investing, ecosystem building, and the dedication needed to manage venture funds successfully. She provides a clearer understanding of the nuanced journey from fund one to the subsequent funds, highlighting the responsibilities of fund managers to their LPs and the critical considerations leading up to successful fund raises. This episode is not just about past decisions but also the leveraging of opportunities, strategizing for long-term outcomes, and the bold moves that define a venture capital career.

• The transition from angel investing to venture capital management involves long-term commitment and strategic relationship building with founders and LPs.
• The phenomenon of market asymmetry can provide disproportionate access to quality deals, creating opportunities for generating alpha in venture capital investments.
• Scaling a venture fund from one iteration to the next requires more than historical performance; it necessitates team growth, market positioning, and an alignment with LP expectations.
• Early-stage ecosystems, like New Zealand's, possess unique characteristics such as strong vertical SaaS and deep tech capabilities, influenced by successful local companies and founder backgrounds.
• Personal conviction and the ability to take calculated risks, as demonstrated by Sam's decision to relocate and spearhead Blackbird's New Zealand fund, are essential traits for success in venture capital.

• "I think that [small checks] are actually more about the relationship. And can a founder be bothered giving you a line on their cap table when the money doesn't even cover a week of Runway?" - Sam Wong
• "You can't just profit from the ecosystem, you have to take responsibility for building it too, and building it in a certain way." - Sam Wong
• "That asymmetry of capital supply to founder talent is what creates alpha opportunities, right? And you just don't get many of those in a venture lifetime." - Sam Wong
• "It didn't really take very long before I only grew in conviction that there was a sort of Australia 2013 esque opportunity where you had...a real scarcity of quality options for capital" - Sam Wong
• "I think starting New Zealand has probably been the biggest, big cojones thing because I felt it at the time too. It did feel very risky at the time." - Sam Wong

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

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

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In this episode Cole Cornford chats with Nathan Morelli, Head of Cyber Security and IT Resilience at SA Power Networks, which is the sole electricity provider for the entire state of South Australia. Making sure that 1.7 million people have electricity is a pretty important job, and Nathan shares his perspective on how the organisation maintains resilience in the face of potential breaches.

They also discuss the importance of financial management skills in a management role, the Australian government’s updates to the Essential 8 and the national Six Shields cyber strategy, the importance of work life balance, and plenty more.

Secured by Galah Cyber with Cole Cornford website

4:00 - Nathan’s career overview

8:00 - “Not if, but when” and the principle of acting like a breach has already occurred

10:40 - Cyber resilience is critical

11:00 - Finding value in the impact of your work

15:00 - Matching cybersecurity strategy to the resources available

17:20 - High regulation/barriers to entry restrict quality security advice

19:00 - Importance of access to affordable cybersecurity tools

19:30 - Australian government “Six shields” update

23:50 - Australian government update to “Essential 8”

27:40 - Why Nathan adopted financial management concepts in his cybersecurity work

31:10 - Cybersecurity decisions are made for financial reasons

33:10 - Typical career trajectory: follow money, then people, then problems

35:40 - Importance of work-life balance

40:40 - Rapid fire questions

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Summary

In this episode, Maxine Minter and Cheryl Mack discuss their journeys into angel investing and share valuable insights for aspiring investors. They highlight the importance of community and learning in the early stages of angel investing and provide guidance on different investment strategies. Maxine and Cheryl also emphasize the need for diversity in the investor landscape and discuss the changing dynamics of the startup ecosystem. They address common misconceptions about angel investing and offer practical advice for those looking to get started in the field.

Key topics discussed in this episode include the different paths to angel investing, the role of education and community in learning about investing, the significance of diversity in the investor landscape, and the challenges and rewards of angel investing.

• Angel investing can be approached through various paths, including direct investments, syndicates, and investing in funds. Each approach offers unique benefits and learning opportunities.
• Building a strong community of fellow investors is crucial for learning and making informed investment decisions. Angel groups and syndicates provide valuable platforms for collaboration and knowledge sharing.
• Diversity in the investor landscape is essential for supporting underrepresented founders and driving innovation. Investors should actively seek out opportunities to invest in diverse founders and contribute to a more inclusive startup ecosystem.
• Angel investing requires a willingness to take risks and a long-term perspective. It is important to be prepared for potential losses and understand that returns may take time to materialize.
• Continuous learning and staying informed about the latest trends and developments in the startup ecosystem are key to becoming a successful angel investor.

• "There is nothing more powerful than being the 'dumbest' person in the room. Give yourself permission to ask all the 'stupid' questions and learn as much as possible." - Maxine Minter
• "Investing in startups is a riskier asset class, and it's important to have a stomach for potential losses. But it also offers the potential for outsized returns and the opportunity to support innovative companies." - Cheryl Mack

• The Council: An organisation mentioned by Maxine Minter, formed by a group of friends from a coworking space who started an angel investing group. It has scaled into a larger organisation now.
• Zeta: The first company Maxine Minter invested in. It’s led by a founder named Aditi.
• Aussie Angels: Mentioned as a platform for angel investing in various identity groups.
• University Programs on Angel Investing:
• UQ (University of Queensland) has an angel investing program.
• UNSW (University of New South Wales) offers an angel investor course.
• Wade Institute runs the VC Catalyst course.
• Southern Angels in SA (South Australia) is reportedly working with the University of South Australia on a similar program.
• First Believers and Explorers Program: Both Cheryl Mack and Maxine Minter mention participating in this program.

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In this episode, Cole Cornford chats with Mat Franklin, founder and managing director of the consulting firm MF & Associates. Founded in 2019, Mat has quickly grown the company to be 70 or so employees, with their largest team being a cybersecurity team. With a focus on diversity and representation, MF & Associates are made up of approx 70% women, as well as having strong representation of LGBTQ+ and people with disabilities.

In the conversation, Cole and Mat chat about the importance of diversity and representation in tech and cybersecurity, what Mat looks for in a potential employee, what lessons cybersecurity professionals can learn from other industries like health and law, and plenty more.

Secured by Galah Cyber with Cole Cornford website

14:40 - How to improve diversity within a team

17:00 - What Mat looks for in a potential employee during a job interview

19:40 - The stereotype of cybersecurity professionals

20:00 - The movie The Web, and portrayal of cyber in film

24:00 - Cole: example of bad behaviour at a cybersecurity expo

26:30 - How did Mat build his business?

30:40 - Taking inspiration from how other industries operate

31:40 - Mat’s company targeting ex-nurses for employees

33:30 - The importance of brevity in corporate communication

35:50 - It’s not possible or useful to try and know everything in cyber

37:20 - Rapid fire questions

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This episode of the NTP Podcast features Brett Thomas, COO of The Melt. Brett recounts his journey from aspiring professional soccer player to founding The Melt, a hardware startup accelerator. After a leg injury ended his soccer career, Brett backpacked internationally for a year before working in surveying and offshore hydrographic positioning. He later helped build out the internet's fiber optic infrastructure during its rapid growth. Brett then joined mining supply chain software startup Qmaster with his current business partner Trent Bagnell. After Qmaster's acquisition, Trent founded the Slingshot startup accelerator. Inspired by Slingshot's success, Brett and Trent opened The Melt's first prototyping lab to support hardware startups. They have since expanded The Melt's network and facilities with various partnerships and grants.