Best of the Best: We're definitely in a bubble (and that’s okay) - Alister Coleman | Folklore Ventures

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Dec 14, 2025

Alistair Coleman, managing partner at Folklore Ventures and former startup founder, dives into the world of early-stage investing. He explores how to identify standout founders and enduring products, sharing insights from his experiences with Ansarada and Auror. Alistair discusses the current AI bubble and why he still sees opportunities amid potential risks. He highlights Australia’s strengths in frontier tech and offers valuable advice on patience and the importance of embracing uncertainty when investing in innovative ventures.

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INSIGHT

Probable Rightness Beats Crystal Balls

Venture returns require being "probably right" rather than sure you're exactly right about the future.
Venture is a long patience game where directional bets and adaptability beat crystal-ball certainty.

ADVICE

Get Mileage And Learn To Say No

See lots of companies to build pattern recognition and be ruthless at saying no.
Aim for mileage: volume of deals over time sharpens omission/commitment judgment.

ADVICE

Only Back Coachable, Technical Founders

Prioritise coachable, technical founders who can build teams and adapt.
Avoid founders who "give you cancer" — you will be working together for years.

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In this episode Alister Coleman, managing partner at Folklore Ventures, joins us to unpack how an early-stage VC identifies standout founders, world-class products and long-run opportunities (even when it’s just “two people and a laptop.”)

In this episode:

• What Ansarada taught Folklore about sticky products and misunderstood markets

• How Auror became one of NZ’s quiet breakout successes in retail loss prevention

• Why frontier tech like Hullbot and Kry10 show Australia’s edge

• The coming AI bubble… and why Alister is still leaning in

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In the spirit of reconciliation, Equity Mates Media and the hosts of Equity Mates Investing acknowledge the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respects to their elders past and present and extend that respect to all Aboriginal and Torres Strait Islander people today.

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