First Cheque with Cheryl Mack & Maxine Minter

SummaryCheryl Mack and Maxine Minter reflect on the year 2023 and discuss the challenges and trends in the startup ecosystem. They talk about the tough environment for founders and investors, with many companies struggling to raise funds and facing down rounds. However, they also highlight the resilience and determination of founders who were able to survive and even thrive in the face of adversity.The hosts discuss the increase in funding for female founders, although there is still a long way to go in achieving gender parity in the industry. They also touch on the growth of climate tech and AI as key areas of investment, with these sectors propping up the funding ecosystem.Cheryl and Maxine express cautious optimism for the year 2024, noting the need for continued creativity and resilience in the face of challenges. They also highlight the importance of addressing issues of behaviour and inclusivity in the startup ecosystem.Key TakeawaysChallenges in the Startup Ecosystem (2023): The year was marked by difficulties for many companies in raising funds, with instances of down rounds reflecting a challenging environment for the startup ecosystem.Resilience of Founders: Success in these tough times was often attributed to the resilience and determination of founders, who demonstrated the ability to navigate through the demanding market conditions effectively.Funding for Female Founders: While there was a notable increase in funding for female founders, reaching a historical high, the conversation acknowledges that more efforts are necessary to achieve gender parity in funding.Growth of Climate Tech and AI: Both climate tech and AI emerged as standout sectors, drawing significant investments and spearheading innovation despite the broader economic challenges.Outlook for 2024: The year ahead is approached with cautious optimism. The emphasis is on the necessity for ongoing creativity and resilience to address and overcome upcoming challenges.Quotes- "I think ingenuity was a real theme. I'm excited to dive in today, obviously. Tis the season to be reflecting." - Cheryl Mack- "The founders that survive this are the ones that we are so excited to back as investors." - Maxine Minter- "I think optimism and holding on to a sense of optimism won this year. Pairing it with creativity, also really effective." - Maxine Minter- "I think 2024 is looking cautiously optimistic. Cautiously optimistic." - Maxine MinterChapters00:05 - Introduction to the podcast00:25 - Reflecting on the year and the challenges faced02:02 - Difficulty of raising funds and the resilience of founders04:32 - Founders' determination to survive and adapt05:08 - Employment Hero becoming a unicorn06:31 - Tentative re-entry of international investors into the Australian ecosystem07:38 - Gap between top founders and average deals narrowing08:49 - Overpaying in the early stages of funding09:05 - Australian tech facing criticism from the media10:46 - Turning point in sentiment with SVB collapse and Milk Run11:18 - Discussion about the impact of FTX and Sam Bankman-Fried's sentencing12:13 - AI and climate tech propping up the funding industry in 202313:56 - AI adoption curve and its impact on the legal tech industry15:01 - Tight capital environment in Q1 and Q2 of 202315:32 - Increase in interest and funding for climate tech17:10 - Rise of climate tech-focused funds in Australia18:19 - Lack of AI-focused funds in Australia20:06 - Creativity in funding and rise of professionalized fund management21:30 - Optimism about more fund raising in 202421:52 - Increase in funding for female founders, but still low overall22:33 - Matching population demographics22:48 - Lack of data on women-led...Mentioned in this episode:November 2024 - Galah CyberFC Vanta Ad March 2025_02FC Vanta Ad March 2025_02This podcast uses the following third-party services for analysis: Podtrac - https://analytics.podtrac.com/privacy-policy-gdrpSpotify Ad Analytics - https://www.spotify.com/us/legal/ad-analytics-privacy-policy/

Summary:Elaine Stead joins the podcast to discuss bravery and courage in the investing world, particularly as a woman in the Australian ecosystem. She shares her journey as an investor and highlights the importance of investing in education and building networks.Elaine also challenges the notion of being a contrarian investor and emphasizes the need for a high tolerance for risk. She discusses portfolio construction and the importance of managing risk and diversification.The conversation also touches on the challenges faced by women in the industry and the need for change in the ecosystem.Our supporters:Scendar - Australia's OG startup accounting firm catering to all stages of your business' life.Free 1-hour consultation about your Business' growth plans and finance needs.Contact Scendar todayTuro - The world's largest car-sharing marketplace, and it's the perfect app for travel.The booking process is so convenient, you can get the car delivered and the hosts are super friendly.Download the app today!About The Guest:Elaine Stead is a General Partner at M8 Ventures and an experienced investor in the Australian ecosystem. With nearly 100 investments under her belt, she is known for her bravery and courage in making investment decisions. She has a background in science and innovation and has built a strong network in the industry.Key Takeaways:Investing in education is a crucial investment that can change the trajectory of one's life.Building networks is essential for success in the investing world, particularly for women.Being a contrarian investor is about having a higher tolerance for risk and being able to see opportunities early.The Australian ecosystem needs more diversity in capital allocation and investment decisions.Wealth creation and equity allocation should be more inclusive to drive change in the industry.Quotes:"Being brave is about being fearful of something, but doing it anyway." - Elaine Stead"Diversity in teams signals the ability to manage conflict and work with people who think differently." - Elaine Stead"Making room for others is a show of strength and confidence." - Elaine SteadResources:M8 Ventures: Elaine Stead, the guest on the podcast, is the General Partner at M8 Ventures, a venture capital firm. (Timestamp: [00:00:49])Day One Network: The podcast is part of the Day One network, dedicated to founders, operators, and investors. (Timestamp: [00:00:08])Elaine Stead: A prominent figure in the Australian investing ecosystem, recognized for her experience and insights into investing. (Various Timestamps)Alex Rampell: Mentioned by Maxine Minter in the context of investing perspectives. (Timestamp: [00:10:15])South by Southwest Sydney: Elaine Stead mentions she will be on a panel at this event. (Timestamp: [00:25:20])Aussie Angels: Discussed in the context of making investment...Mentioned in this episode:FC Vanta Ad March 2025_02FC Vanta Ad March 2025_02November 2024 - Galah CyberThis podcast uses the following third-party services for analysis: Podtrac - https://analytics.podtrac.com/privacy-policy-gdrpSpotify Ad Analytics - https://www.spotify.com/us/legal/ad-analytics-privacy-policy/

Rayn Ong, an angel investor and founder of Archangel, shares insights on early-stage investing. He discusses building his network, compounding value, breakout companies, portfolio synergy, and evaluating opportunities. Rayn's entrepreneurial approach to investing led to his success.

Judy Anderson-Firth, Group CEO of Euphemia, shares insights into their investment strategy, focus on supporting diverse founders, and their impact on the Australian startup ecosystem. She emphasizes transparency and accessibility in the family office world, the value of building a strong network, and the concept of gracefully exiting failed startups. She introduces the Euphemia Syndicate, offering access to unique deal flow and lower check sizes for angel investors.

Dan Gavel, founder of Black Sheep Capital Fund, discusses the importance of understanding risk in investing and adapting strategies to the changing market. He shares his approach to running a fund, syndicate, and making personal angel investments simultaneously. Being a lead investor is about building relationships with founders and providing post-investment support. The podcast also explores the resistance of big firms to adopt technology and the impact on efficiency and competition.

Investor Jessy Wu discusses the importance of confidence and building a personal brand. She shares how being deeply loved by her parents instilled self-worth. Building a personal brand can differentiate a small fund and being a lightning rod can align with a fund's strategy.

Cheryl Mack and Maxine Minter open source conversations and insights from experienced investors to help emerging investors. They discuss risk, the distinction between betting and investing, and the current state of the market. This is a great time to invest in early-stage resilient companies.