The Founding Story of Blackbird with Niki, Rick, Mike Cannon-Brookes & Hunter
Aug 4, 2020
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The founding story of Blackbird is discussed by Niki, Rick,
Mike Cannon-Brookes & Hunter. They cover Blackbird’s origin story, investment philosophy, and the impact of COVID-19 on the tech industry. They also explore the importance of ambition, team building, and the growth of the Australian BC community. Partnership between Greenspring and Blackbird is also discussed.
Blackbird prioritizes building strong relationships with founders and believes in the power of long-term investments.
Venture capital firms, including Blackbird, are seeking entrepreneurs with ambitious visions and unique perspectives, regardless of their background or location.
Blackbird aims to create one of the best companies in Australia to work for, both in terms of supporting the companies they invest in and how they build Blackbird itself.
Deep dives
Blackbird's $500 million fund announcement
Blackbird has announced the closing of a new fund with $500 million to invest in Australian and New Zealand startups. The increased funding is a recognition of the potential for the local startup ecosystem to produce companies with global impact. Blackbird aims to invest right at the beginning of a company's journey, even before revenue or a product is established. They prioritize building strong relationships with founders and believe in the power of long-term investments. They also value the support and trust of individual and institutional investors and seek to maintain a culture of ambitious entrepreneurship at Blackbird.
The growth and globalization of the venture community
The venture community has experienced significant growth and globalization in the past eight years. Startups are now emerging from various regions around the world, not just from traditional hubs like Silicon Valley. This shift is driven by factors such as the accessibility of innovation knowledge through the internet and the reduced barriers to entry thanks to platforms like AWS. These changes have allowed for a more significant participation in entrepreneurship globally. As a result, venture capital firms, including Blackbird, are seeking entrepreneurs with ambitious visions and unique perspectives, regardless of their background or location.
Building a strong team and culture at Blackbird
Blackbird places a strong emphasis on building a great team and fostering a unique culture. They believe that a supportive and ambitious culture attracts the best people, investors, and partners to work with. Blackbird's team is dedicated to helping founders navigate the challenges of building a startup, providing support, introductions, and guidance. They also prioritize personal growth and self-discovery among founders, recognizing that the journey of entrepreneurship requires continuous development and adaptability. Blackbird aims to create one of the best companies in Australia to work for, both in terms of supporting the companies they invest in and how they build Blackbird itself.
Blackbird's Mission: Lifetime Ownership of Companies
Blackbird's mission is to be a lifetime owner of companies, rather than limited to the typical 10-year timeframe of venture capital funds. They prioritize investing in founders who are committed to building big businesses and creating long-term success. Blackbird aims to satisfy the expectations of shorter timeframes by utilizing solutions such as the secondary market and transitioning companies to the public market. They believe that startups thrive when the world is changing, making now a great time to start a business.
The Evolution of the Australian Startup Ecosystem
The Australian startup ecosystem has evolved significantly over the years. Blackbird was founded when there was a lack of venture capital in Australia, but they had the conviction that there was potential for success. They focus on supporting founders who demonstrate resilience and build customer-funded businesses. With the success of companies like Atlassian and Canva, confidence in the Australian startup ecosystem is growing. Blackbird believes that partnerships, both domestically and internationally, along with liquidity opportunities, are crucial for the continued growth and success of the ecosystem.
And so today we are going to do a deep dive into Blackbird’s founding story.
The very first believer in Blackbird was Mike Cannon-Brookes, the Co-founder and Co-Ceo of Atlassian. In this episode, we’ll unpack what excites him about the start-up ecosystem in Australia and the culture he hopes to help Blackbird build upon.
Hunter Somerville, General Partner at Greenspring Associates, will then explain his belief in ANZ’s new wave of home-grown talent building world class companies and the importance of trusted relationships between founders and investors when making venture fund decisions.
But first, I’ll be talking with Niki Scevak and Rick Baker, co-founders and Partners at Blackbird. We’ll cover Blackbird’s origin story, our investment philosophy, and what the future holds for Blackbird’s founders, the team and its investors.
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