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.
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June 2024 – Vanta First Cheque
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.
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In this episode of First Cheque, hosts Cheryl Mack and Maxine Minter sit down with biotech investment expert Paul Kelly. The conversation demystifies the complex world of biotech investing, making it accessible for even those who are new to the field. Paul shares his journey from a practising physician to a pioneering investor in the biotech space, offering valuable insights into the industry's rapid evolution and high stakes.
Paul explains the fundamentals of biotech investing, including the typical risks and rewards, the lengthy timeframes involved, and the importance of understanding the science and market potential behind each investment. He also touches on the significant advances in genomics and synthetic biology, emphasising how technology and data analysis are accelerating innovation in the field. The discussion delves into the importance of syndication for early-stage investments, the critical milestones that de-risk investments, and the role of pharmaceutical partnerships in increasing the likelihood of success.
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In this episode, Cheryl Mack and Maxine Minter dive into the intricate details of tax incentives and structures for angel investors in Australia. Tackling the seemingly dry topic of tax with enthusiasm, they explore how these regulations can substantially benefit early-stage investors. Cheryl brings her wealth of experience to the table, elucidating the complexities of acronyms like ESV CLP and ASIC, while Maxine peppers the conversation with insightful queries and contextual examples.
Cheryl explains the criteria and benefits associated with Early Stage Innovation Companies (ESIC) and Early Stage Venture Capital Limited Partnerships (ESV CLP). She details how these structures facilitate sophisticated tax offsets and capital gains exemptions for investors. Throughout the discussion, they highlight the importance of understanding these incentives to optimize investment returns. The episode culminates with practical advice on investing via trusts and navigating the nuances of capital call schedules, reflecting the duo's deep dive into the subject matter.
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In this episode of the First Cheque podcast, Cheryl Mack and Maxine Minter delve into the intricacies of early-stage investing, focusing on the importance of secondaries, the value of strong founder-investor relationships, and how to navigate high valuations. This episode is a milestone as it's entirely driven by audience questions, providing targeted insights and practical advice for investors and founders alike.
Cheryl and Maxine kick off by discussing the significance of secondaries in the investment ecosystem. They explore how secondaries can provide liquidity options for founders, early employees, and initial investors, comparing the maturity of secondary markets in the US versus Australia. They touch on the role of secondary funds, the impact of early liquidity on the ecosystem, and how this federal flow of funds can encourage re-investment into new startups.
Next, the duo dives into their anti-portfolios, sharing insights from companies they passed on and reflecting on biases and lessons learned. They also address gender diversity in the investment landscape, critiquing the current state of gender equity in the Australian startup ecosystem. Furthermore, Cheryl and Maxine share their strategies for balancing valuations, particularly in the context of owning small equity stakes as angel investors.
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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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June 2024 – Vanta First Cheque