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.Timestamps00:00 Introduction & Annual Wrap-Up Setup00:21 Reflecting on Last Year's Predictions & Risk Appetite Shift01:50 Investor Sentiment & Early-Stage Deal Growth03:06 ChatGPT Adoption & AI’s Embedded Productivity Gains05:00 Liquidity’s Return: M&A, Secondaries & Early Exits07:30 Increased Angel Activity & “Learning Checks” Trend09:20 Discussing Worst Investor Terms & Founder-Friendly Boundaries10:47 The State of IPO Markets, Political Shifts & Macro Effects12:40 AI Acceleration, Productivity Tools & Future Potential14:10 Spicy 2025 Predictions: IPOs, One-Person Billion-Dollar Startups & Bubble Cycles17:00 Final Takeaways, Lessons Learned & Maintaining OptimismKey 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 MentionedPrograms 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.” – CherylSponsors: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/vantaRocking 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/rockinghorseGalah 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 HorseNovember 2024 - Galah CyberJune 2024 – Vanta First ChequeNovember 2024 - Galah CyberThis podcast uses the following third-party services for analysis: Spotify Ad Analytics - https://www.spotify.com/us/legal/ad-analytics-privacy-policy/