Episode Summary:

In this episode of First Cheque, hosts Cheryl and Maxine delve into the critical topic of liquidity within the venture capital ecosystem. They explore why IPOs (Initial Public Offerings) and M&A (Mergers and Acquisitions) are essential for investors and startups alike. The conversation covers the current state of the IPO market, the challenges of companies staying private longer, and how these factors impact investment strategies and returns. They also discuss the role of secondaries as a solution to liquidity issues, the potential effects of proposed regulatory changes in Australia, and the importance of proactive engagement from the tech community to address these challenges. Cheryl and Maxine offer insights into navigating the evolving landscape, emphasising the need for transparency, standardisation, and inclusive wealth creation in the venture space.

Key Takeaways:

00:00 - Introduction to Cheryl and Maxine; overview of the episode

01:03 - Discussion on liquidity, IPOs, and M&A in the venture ecosystem

02:07 - Defining liquidity, IPOs, and M&A for the audience

05:21 - Importance of IPOs in venture capital and why they matter

09:30 - Impact of the health of IPO markets on investment strategies

14:56 - Investment strategies during different market cycles; being contrarian

16:14 - Exploring opportunities in secondaries amidst liquidity challenges

21:13 - Reasons companies are staying private longer; regulatory influences

26:43 - Regulatory clampdown on M&A and its effects on the tech ecosystem

31:45 - Closing remarks; encouraging solutions for liquidity issues

Resources Mentioned:

SecondQuarter Ventures: An Australian secondary fund involved in facilitating liquidity through secondaries.

Airtree Ventures and Canva: Airtree's secondary transaction involving Canva as an example of internal liquidity solutions.

Instacluster: An Australian company acquired by a U.S. firm, highlighting international M&A activity.

Mr Yum and me&u: Example of Australian companies merging to navigate market challenges.

Australian Securities Exchange (ASX): Discussed as an option for listing, particularly for small-cap companies.

Jim Chalmers: Australian Treasurer proposing reforms on M&A regulations that could affect the tech ecosystem.

Tech Council of Australia (TCA): Suggested as a body to engage with and advocate on behalf of the tech community regarding regulatory changes.

Sponsors:First Cheque is supported by our wonderful sponsors:

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https://dayone.fm/rockinghorse

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https://dayone.fm/galah

The Day One NetworkFirst Cheque is part of Day One, the podcast network dedicated to founders, operators & investors.

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

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Mentioned in this episode:

November 2024 - Galah Cyber

November 2024 - Rocking Horse

June 2024 – Vanta First Cheque

November 2024 - Galah Cyber

This podcast uses the following third-party services for analysis:

Spotify Ad Analytics - https://www.spotify.com/us/legal/ad-analytics-privacy-policy/

Episode Summary:

In this special replay of our most popular episode of the year, Cheryl and Maxine sit down with Michael Batko, CEO of Startmate, to explore the transformative power of early-stage investing and community-driven entrepreneurship. From hardware startups to non-alcoholic beer companies, Batko shares how Startmate pushes boundaries, backs ambitious founders, and builds a thriving startup ecosystem in Australia and New Zealand. Discover how Startmate evolved from software-focused investments to a diversified portfolio across industries, leveraging the collective power of mentors and founders. Gain practical insights into crafting investment theses, fostering innovation, and redefining venture capital through collaboration and bold thinking. Whether you’re revisiting this conversation or tuning in for the first time, get ready for plenty of actionable advice and behind-the-scenes stories that shaped one of our most downloaded episodes of 2024. Enjoy the replay!

Time Stamps

00:00 Introduction and background on Michael Batko and Startmate.

02:36 Startmate’s investment thesis and evolution into hardware and non-traditional startups.

07:59 The role of community and mentors in early-stage investing.

14:19 Insights into the Continuity Fund and its benefits for alumni companies.

23:09 The importance of equity and carry in the Australian startup ecosystem.

34:09 Startmate’s unique approach to portfolio construction and decision-making.

42:07 Lessons learned from non-consensus investments like Heaps Normal.

48:36 Michael Batko’s "Big Cojones" moment and reflections on bold decisions.

Notable Quotes:

1. "It’s not about what’s probable; it’s about what’s possible." – Michael Batko

2. "Backing the hungry, not the proven, is at the heart of what we do." – Michael Batko

3. "Would you want to work for this founder? That question reveals everything." – Michael Batko

4. "The biggest mistake in VC isn’t losing money—it’s missing the one company that could be massive." – Michael Batko

5. "Startmate is built on two core principles: giving the community a job and skin in the game." – Michael Batko

Resources Mentioned

No-Code Tools:

• Airtable

• Notion

• Softr

• Pory

Heaps Normal

Eucalyptus – Guide to Employee Share Options (ESOP)

Cake Equity – Equity and ESOP Calculator

Sponsors:First Cheque is supported by our wonderful sponsors:

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 https://dayone.fm/vanta

Rocking Horse: Rocking Horse helps startups access their R&D tax rebate early. Get up to $3M in non-dilutive finance, solve cash flow challenges, and accelerate growth. Easy application, fast approval. Smart investment for innovative startups.

https://dayone.fm/rockinghorse

Galah Cyber: Galah Cyber are perfect for founder-lead and SAAS businesses. Galah provides advice, education, and training. Get in touch with Galah Cyber for a complimentary call to make sure you’re secured.

https://dayone.fm/galah

The Day One NetworkFirst Cheque is part of Day One, the podcast network dedicated to founders, operators & investors.

To learn more, join our 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 First Cheque episode is available, join the First Cheque newsletter.

Mentioned in this episode:

November 2024 - Galah Cyber

June 2024 – Vanta First Cheque

November 2024 - Rocking Horse

November 2024 - Galah Cyber

This podcast uses the following third-party services for analysis:

Spotify Ad Analytics - https://www.spotify.com/us/legal/ad-analytics-privacy-policy/

Episode Summary:

In this year-end wrap-up, Cheryl and Maxine reflect on 2024’s venture landscape, from shifting investor sentiment to the lingering effects of the zero-interest era. They dig into the rise in early-stage investments, the resurgence of AI enthusiasm, and the cautious optimism permeating the ecosystem. With equal doses of hindsight and foresight, they offer spicy predictions for 2025: from a potential surge in IPOs to the possibility of a one-person billion-dollar startup. If you’re looking for unfiltered commentary on liquidity, the fate of AI hype, and what lies ahead for the Australian and global tech markets, this episode covers it all—plus a healthy side of debate and laughter.

Timestamps

00:00 Introduction & Annual Wrap-Up Setup

00:21 Reflecting on Last Year's Predictions & Risk Appetite Shift

01:50 Investor Sentiment & Early-Stage Deal Growth

03:06 ChatGPT Adoption & AI’s Embedded Productivity Gains

05:00 Liquidity’s Return: M&A, Secondaries & Early Exits

07:30 Increased Angel Activity & “Learning Checks” Trend

09:20 Discussing Worst Investor Terms & Founder-Friendly Boundaries

10:47 The State of IPO Markets, Political Shifts & Macro Effects

12:40 AI Acceleration, Productivity Tools & Future Potential

14:10 Spicy 2025 Predictions: IPOs, One-Person Billion-Dollar Startups & Bubble Cycles

17:00 Final Takeaways, Lessons Learned & Maintaining Optimism

Key Takeaways:

• Gradual Investor Confidence Rebuild: Despite a tough few years, investor sentiment improved slightly in 2024, with more early-stage deals and smaller check sizes indicating a return of risk appetite.
• More Angels, More Checks: The Australian ecosystem saw a surge in angels writing “learning checks,” reflecting a more portfolio-minded approach among first-time investors.
• AI’s Permanent Footing: AI is here to stay, with everyday products increasingly integrating it for productivity gains. While some skeptics remain, the hosts firmly believe AI isn’t a passing fad.
• M&A and IPO Prospects: Early-stage M&A activity is up and liquidity events may increase if certain geopolitical and economic shifts occur. While 2024 saw incremental gains, 2025 may bring either a return to “bubble” conditions or a more measured growth environment.
• Spicy Predictions for 2025: From a potential billion-dollar one-person startup to a high-profile AI company collapse, the hosts don’t hold back on bold forecasts.

Resources Mentioned

Programs like the Climate Salad Global Growth Program and BuildClub (discussed as ecosystem examples)

Notable Quotes

“We are seeing a lot more risk appetite at the earlier stages, which tells me there are more early stage companies getting funded.” – Cheryl

“I think we will see a high profile AI company collapse next year.” – Cheryl on her bold 2025 prediction

“My spicy take: You cannot build a generational company in a year.” – Maxine

“AI is here to stay—it's not a fad, it’s going to be integrated into everything.” – Cheryl

Sponsors:First Cheque is supported by our wonderful sponsors:

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

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Rocking Horse: Rocking Horse helps startups access their R&D tax rebate early. Get up to $3M in non-dilutive finance, solve cash flow challenges, and accelerate growth. Easy application, fast approval. Smart investment for innovative startups.

https://dayone.fm/rockinghorse

Galah Cyber: Galah Cyber are perfect for founder-lead and SAAS businesses. Galah provides advice, education, and training. Get in touch with Galah Cyber for a complimentary call to make sure you’re secured.

https://dayone.fm/galah

The Day One NetworkFirst Cheque is part of Day One, the podcast network dedicated to founders, operators & investors.

To learn more, join our 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 First Cheque episode is available, join the First Cheque newsletter.

Mentioned in this episode:

November 2024 - Rocking Horse

November 2024 - Galah Cyber

June 2024 – Vanta First Cheque

November 2024 - Galah Cyber

This podcast uses the following third-party services for analysis:

Spotify Ad Analytics - https://www.spotify.com/us/legal/ad-analytics-privacy-policy/

Episode Summary:

In this episode of First Cheque, hosts Cheryl and Maxine engage in a compelling conversation with John Sharp, co-founder of Hatcher+, an innovative AI-driven venture capital platform based in Singapore. John recounts his fascinating transition from conducting orchestras to pioneering data-driven venture investing, highlighting how his early experiences with technological disruption in the music industry inspired him to embrace AI and big data. He delves into how Hatcher+ analyses over 600,000 startup deals to predict investment success, emphasising the importance of the power law and large, diversified portfolios in maximising venture returns. John also shares his insights on the future of algorithmic investing in venture capital, drawing parallels to the transformation of public equities in the 1990s. Throughout the discussion, he underscores the necessity of adapting to technological advancements and offers valuable lessons for founders, operators, and investors aiming to leverage AI for smarter investment strategies.

Key Takeaways:

01:39 Welcome & First Investment Question

02:10 John's First Investment: Education and Orchestration

05:00 Technological Disruption in the Music Industry

06:14 Management Lessons from Conducting Orchestras

10:47 Lessons from Past Industry Disruption

15:03 Introduction to Hatcher+ and AI Venture Model

17:51 Hatcher+'s Methodology & Portfolio Strategy

24:01 The Power Law in Venture Capital

33:33 Building Hatcher+'s AI-Driven Platform

37:12 Insights from Analysing 600,000 Companies

42:40 Importance of Pivots and Board Support

44:31 John's Biggest Courage Moment

Resources

Books:

• Orchestration by Walter Piston

• The Professional Arranger Composer by Russell Garcia

• Orchestration books by Nelson Riddle

• Jazz Orchestration by Dick Grove

Notable Quotes

"If you don't understand AI, figure it out as quickly as you can. Because if you embrace the AI options that are available, you'll become expert at them." – John Sharp

"To succeed in venture, you've got to truly play the odds in a very intelligent way." – John Sharp

"You have to worship at the altar of the power law. It dictates everything that you do." – Maxine

"Sometimes you just got to put yourself out there and follow your gut that you know how to do this." – John Sharp

Sponsors:First Cheque is supported by our wonderful sponsors:

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 https://dayone.fm/vanta

Rocking Horse: Rocking Horse helps startups access their R&D tax rebate early. Get up to $3M in non-dilutive finance, solve cash flow challenges, and accelerate growth. Easy application, fast approval. Smart investment for innovative startups.

https://dayone.fm/rockinghorse

Galah Cyber: Galah Cyber are perfect for founder-lead and SAAS businesses. Galah provides advice, education, and training. Get in touch with Galah Cyber for a complimentary call to make sure you’re secured.

https://dayone.fm/galah

The Day One NetworkFirst Cheque is part of Day One, the podcast network dedicated to founders, operators & investors.

To learn more, join our 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 First Cheque episode is available, join the First Cheque newsletter.

Mentioned in this episode:

November 2024 - Galah Cyber

November 2024 - Galah Cyber

June 2024 – Vanta First Cheque

November 2024 - Rocking Horse

This podcast uses the following third-party services for analysis:

Spotify Ad Analytics - https://www.spotify.com/us/legal/ad-analytics-privacy-policy/

Episode Summary:

Join Emily Rich and hosts Maxine and Cheryl in this episode where they explore the dynamic world of early-stage and deep tech investing. Emily shares her unconventional journey from being a high school dropout to making a decisive investment in her own education, a move that transformed her path and led her to become a significant player in the venture capital scene. The conversation delves into the thrills of pre-seed and seed investing, the art of identifying and navigating hype cycles in technology—including discussions on the metaverse and blockchain—and the profound impact of backing founders in their earliest stages. Emily also reflects on her transition from founder to angel investor, highlighting the importance of supporting ambitious ideas and the courage it takes to step into the unknown. Packed with personal anecdotes, industry insights, and plenty of laughs, this episode offers both inspiration and practical advice for anyone interested in the highs and lows of venture capital.

Key Takeaways:

00:00 Introduction and Emily's first investment in her own education

04:29 Discussing being bad at being told what to do; founders as bad employees

06:12 Emily on why she invests in pre-seed and seed stages

13:14 Navigating hype cycles; the Metaverse example

18:14 Thoughts on blockchain and crypto as hype cycles

22:26 Understanding and identifying hype cycles in investing

29:28 Changes in AI over the past decade; Emily's background in AI

32:31 Public perception of AI and fear of job loss

37:39 Tips for non-technical investors to understand AI

40:40 Emily's Big Kahuna moment—leaving a safe job to start angel investing

44:44 Closing remarks and thank you

Notable Quotes

"You know it's gone mainstream when my mum is using it for knitting tips." - Cheryl

"The Metaverse is my favourite hype cycle because it was so overhyped and no one is spending time in the Metaverse." -Emily Rich

"There is some suggestion and quite a lot of research that founders are really bad employees—great founders are really bad employees." - Maxine

"If you're hyping someone from the sidelines, it's like cheering on an athlete—they're probably going to run faster." -Cheryl

"I started investing in myself, in my education—not from a university perspective, but from schooling in general." - Emily Rich

Resources

Thought Leaders to Follow:

• Fei-Fei Li – Renowned for her work in AI and computer vision.
• Timnit Gebru – Noted for her contributions to AI ethics.

Reports and Articles:

• Sequoia Capital's Articles on AI: Maxine mentions that Sequoia published insightful pieces examining whether AI infrastructure can generate significant revenue, specifically questioning the potential for $600 billion in revenue.
• Bain & Company's Report on the Jagged Edge of Technology: Referenced by Maxine, this report discusses the adoption of AI, its impact on productivity, and how businesses are integrating AI into operations.

Books and Quotes:

• Charlie Munger's Investment Advice: Maxine recalls his quote, "If your shoeshiner starts giving you stock tips, sell," as a metaphor for identifying when a market might be overheated.

Sponsors:First Cheque is supported by our wonderful sponsors:

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 https://dayone.fm/vanta

Rocking Horse: Rocking Horse helps startups access their R&D tax rebate early. Get up to $3M in non-dilutive finance, solve cash flow challenges, and accelerate growth. Easy application, fast approval. Smart investment for innovative startups.

https://dayone.fm/rockinghorse

Galah Cyber: Galah Cyber are perfect for founder-lead and SAAS businesses. Galah provides advice, education, and training. Get in touch with Galah Cyber for a complimentary call to make sure you’re secured.

https://dayone.fm/galah

The Day One NetworkFirst Cheque is part of Day One, the podcast network dedicated to founders, operators & investors.

To learn more, join our 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 First Cheque episode is available, join the First Cheque newsletter.

Mentioned in this episode:

November 2024 - Galah Cyber

June 2024 – Vanta First Cheque

November 2024 - Rocking Horse

November 2024 - Galah Cyber

This podcast uses the following third-party services for analysis:

Spotify Ad Analytics - https://www.spotify.com/us/legal/ad-analytics-privacy-policy/

Episode Summary:

Join Cheryl Mack and Maxine Minter on First Cheque as they chat with Tim from Turo, one of Australia's pioneering operator angels. Tim shares his journey from working at Uber to his current role at Turo, detailing the insights and risks involved in being an early-stage investor. The conversation covers Tim's first investment, his transition from medicine to business, and the challenges of balancing operator and investor roles. They discuss the Australian tech ecosystem, liquidity issues, and policy needs, along with the significance of strong talent and multicultural acceptance. Tim also shares a personal story about leading a national campaign against antisemitism in Australia. This episode is rich with practical advice for budding angel investors and insights into the growth of Australia's tech landscape.

Key Takeaways:

• Importance of Top-Tier Talent: Emphasising that success is driven by individuals who are in the top 1% of their field, Tim focuses on investing in founders and teams that demonstrate exceptional capabilities.
• Building and Utilising Networks: The "ex-Uber mafia" and connections from his professional journey have been instrumental in providing deal flow and collaborative opportunities in both his operating and investing roles.
• Interplay Between Operating and Investing: While Tim views operating and investing as distinct activities, he acknowledges cross-pollination in networking and strategic opportunities, such as recruiting talent through connections made in the investment community.
• Successful Launch Strategies: Sharing the story of Turo's launch in Australia, Tim highlights the effectiveness of building hype and the importance of a well-executed go-to-market strategy, even when facing competition from established players like Uber CarShare.
• Leadership Beyond Business: In response to rising antisemitism, Tim organised an open letter from Australian business leaders condemning hate and promoting multiculturalism, demonstrating his commitment to societal impact.
• Advice for Aspiring Angels: Tim advocates for a balanced approach to angel investing—being available and supportive without overwhelming founders, and recognising when to offer help based on founders' requests.

Sponsors:First Cheque is supported by our wonderful sponsors:

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 https://dayone.fm/vanta

Rocking Horse: Rocking Horse helps startups access their R&D tax rebate early. Get up to $3M in non-dilutive finance, solve cash flow challenges, and accelerate growth. Easy application, fast approval. Smart investment for innovative startups.

https://dayone.fm/rockinghorse

Galah Cyber: Galah Cyber are perfect for founder-lead and SAAS businesses. Galah provides advice, education, and training. Get in touch with Galah Cyber for a complimentary call to make sure you’re secured.

https://dayone.fm/galah

The Day One NetworkFirst Cheque is part of Day One, the podcast network dedicated to founders, operators & investors.

To learn more, join our 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 First Cheque episode is available, join the First Cheque newsletter.

Mentioned in this episode:

November 2024 - Rocking Horse

June 2024 – Vanta First Cheque

November 2024 - Galah Cyber

This podcast uses the following third-party services for analysis:

Spotify Ad Analytics - https://www.spotify.com/us/legal/ad-analytics-privacy-policy/

Episode Summary

In the Blink of AI: Conversations with AI Innovators Join Georgie Healy on 'In the Blink of AI', your weekly guide to the dynamic world of artificial intelligence. Each episode features interviews with the founders of top AI startups, creative product builders, and industry leaders. With 20 years in engineering and technology, Georgie aims to distill complex AI concepts into engaging stories.

The show covers business building, cutting-edge AI technology, and guests' approaches to developing AI products, finishing with rapid-fire questions for quick insights. Connect with Georgie on LinkedIn, Instagram, or via email to share your thoughts and suggestions for future guests.

Timestamps

00:00 Introduction to In the Blink of AI

00:10 Meet Your Host: Georgie Healy

00:56 Podcast Format and Content

01:11 Engage with Us

The Day One NetworkIn The Blink of A.I. is part of Day One, the podcast network dedicated to founders, operators & investors.

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

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Sponsors:In The Blink of A.I. is supported by our wonderful sponsors:

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https://dayone.fm/rockinghorse

Mentioned in this episode:

Rocking Horse - November 2024

Episode Summary

Join Cheryl and Maxine on an insightful journey into early-stage investing in this episode of First Cheque. The discussion covers the transition from basic checklists to more sophisticated decision diaries, emphasizing structured evaluation and the importance of capturing and analysing decision-making processes over time. Key topics include understanding founder commitment, market size evaluation, and the balance between intuition and quantitative analysis. The episode offers practical advice on refining investment strategies through critical thinking, timely decision-making, and mitigating biases. Additionally, it explores the qualitative nature of early-stage investments and the value of leveraging instincts effectively. Tune in to transform your investment decisions with proven frameworks and mental models.

Key Takeaways

00:00 Welcome to First Cheque: Your Guide to Early-Stage Investing

00:22 Diving into Decision-Making and Mental Models

02:05 From Checklists to Decision Diaries

07:20 Evaluating Founders and Market Size

16:28 The Importance of Timing in Investment Decisions

20:13 Understanding Mid to Late-Stage Investing

20:56 The Role of Intuition and Quantitative Measures

22:38 Challenges of Data-Driven Investment Matching

23:17 Personal Experience with Investment Matching

25:49 The Potential and Limitations of AI in Investing

28:35 Decision Diaries: A Tool for Better Investment Choices

35:03 Key Questions for Investment Decisions

37:14 Reflections on Decision-Making and Instincts

37:38 Conclusion and Call for Feedback

Resources

Maxine's Decision Diary Template

Sponsors:First Cheque is supported by our wonderful sponsors:

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 https://dayone.fm/vanta

Rocking Horse: Rocking Horse helps startups access their R&D tax rebate early. Get up to $3M in non-dilutive finance, solve cash flow challenges, and accelerate growth. Easy application, fast approval. Smart investment for innovative startups.

https://dayone.fm/rockinghorse

Galah Cyber: Galah Cyber are perfect for founder-lead and SAAS businesses. Galah provides advice, education, and training. Get in touch with Galah Cyber for a complimentary call to make sure you’re secured.

https://dayone.fm/galah

The Day One NetworkFirst Cheque is part of Day One, the podcast network dedicated to founders, operators & investors.

To learn more, join our 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 First Cheque episode is available, join the First Cheque newsletter.

Mentioned in this episode:

June 2024 – Vanta First Cheque

November 2024 - Rocking Horse

November 2024 - Galah Cyber

This podcast uses the following third-party services for analysis:

Spotify Ad Analytics - https://www.spotify.com/us/legal/ad-analytics-privacy-policy/

Episode Summary:

Join Cheryl Mack and Maxine Minter for an engaging session as they delve into the world of early-stage investing with Matthew Browne from Black Nova Venture Capital. This episode offers an intimate look into Browne's journey from a founder's seat to a leading venture capitalist's role, with a focus on thematic investing in what he calls "boring B2B SaaS." Browne unravels the nuances of mission-critical software that businesses cannot operate without, discussing why such investment strategies are both conservative and highly lucrative.

The episode highlights Browne's investment philosophy—characterized by rigorous thematic focus, underscoring software's unturnoffable nature in various enterprise settings. He shares insights from his venture fund experiences, discussing the competitive dynamics of boring businesses and the journey of transitioning from an entrepreneur to a fund manager. Throughout the conversation, Browne also provides valuable advice to those considering venturing into fund management, emphasizing the importance of sticking to areas of known expertise and understanding the role's demands.

Key Takeaways:

• Thematic Investment Strategy: Matthew Browne emphasizes investing in enterprise SaaS that is mission-critical to operations, underscoring the intrinsic value and longevity of such investments.
• Importance of Execution: His first investment’s failure taught the importance of knowing how to effectively acquire customers and sticking to one's domain expertise.
• Transition from Entrepreneur to Investor: Browne shares his journey into VC, stating the unique challenges of fund management compared to traditional business operations.
• B2B SaaS Success Factors: Long-lived customer relationships and LTV are key, with an enterprise focus often yielding higher customer loyalty and lower competitive pressures.

Sponsors:First Cheque is supported by our wonderful sponsors:

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 https://dayone.fm/vanta

Rocking Horse: Rocking Horse helps startups access their R&D tax rebate early. Get up to $3M in non-dilutive finance, solve cash flow challenges, and accelerate growth. Easy application, fast approval. Smart investment for innovative startups.

https://dayone.fm/rockinghorse

Galah Cyber: Galah Cyber are perfect for founder-lead and SAAS businesses. Galah provides advice, education, and training. Get in touch with Galah Cyber for a complimentary call to make sure you’re secured.

https://dayone.fm/galah

The Day One NetworkFirst Cheque is part of Day One, the podcast network dedicated to founders, operators & investors.

To learn more, join our 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 First Cheque episode is available, join the First Cheque newsletter.

Mentioned in this episode:

November 2024 - Rocking Horse

June 2024 – Vanta First Cheque

November 2024 - Galah Cyber

This podcast uses the following third-party services for analysis:

Spotify Ad Analytics - https://www.spotify.com/us/legal/ad-analytics-privacy-policy/

Episode Summary:

In this engaging episode, the hosts Cheryl Mack and Maxine Minter are joined by Georgie Turner, a partner at Tidal, to delve into the nuances of early-stage investing, cross-border strategies, and the evolving landscape of venture capital. The episode opens with a lively introduction to Georgie's background and her journey from Bailador to founding Tidal, a fund focused on B2B SaaS and AI. The hosts discuss the challenges and rewards of building a fund, the intricacies of capital management, and the importance of alignment between founders and investors.

Throughout the conversation, the trio explores the differences between the Australian and US venture capital ecosystems, touching on themes such as market size, customer sophistication, and the importance of domain expertise in founding teams. Georgie also shares insights on navigating the AI revolution and its impact on the tech stack and business models. The episode concludes with a reflective discussion on bravery in the venture capital space, emphasizing the optimistic and sometimes illogical nature of the industry.

Key Takeaways:

• Cross-Border Investment: Georgie Turner discusses the importance of having a cross-border investment strategy, particularly focusing on the differences between the Australian and US venture capital ecosystems.
• Capital Management: Insightful exploration into how proactive capital management and accurate valuation alignment can significantly impact the success of early-stage investments.
• AI Investment: Detailed discussion on how AI is transforming the tech landscape and what investors should look for in AI-driven companies.
• Scaling Challenges: The episode highlights the challenges of scaling companies in different markets and the importance of market timing, product quality, and operational expertise.
• Bravery in Venture Capital: Reflections on the inherent bravery required in the venture capital profession, given its optimistic and sometimes illogical nature.

Sponsors:

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 https://dayone.fm/vanta

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Mentioned in this episode:

June 2024 – Vanta First Cheque

November 2024 - Rocking Horse

November 2024 - Galah Cyber

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