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First Cheque

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Dec 29, 2024 • 53min

2024’s Most Downloaded Episode: Startmate CEO Michael Batko’s Investment Secrets (Replay)

Episode Summary:In this special replay of our most popular episode of the year, Cheryl and Maxine sit down with Michael Batko, CEO of Startmate, to explore the transformative power of early-stage investing and community-driven entrepreneurship. From hardware startups to non-alcoholic beer companies, Batko shares how Startmate pushes boundaries, backs ambitious founders, and builds a thriving startup ecosystem in Australia and New Zealand. Discover how Startmate evolved from software-focused investments to a diversified portfolio across industries, leveraging the collective power of mentors and founders. Gain practical insights into crafting investment theses, fostering innovation, and redefining venture capital through collaboration and bold thinking. Whether you’re revisiting this conversation or tuning in for the first time, get ready for plenty of actionable advice and behind-the-scenes stories that shaped one of our most downloaded episodes of 2024. Enjoy the replay!Time Stamps00:00 Introduction and background on Michael Batko and Startmate.02:36 Startmate’s investment thesis and evolution into hardware and non-traditional startups.07:59 The role of community and mentors in early-stage investing.14:19 Insights into the Continuity Fund and its benefits for alumni companies.23:09 The importance of equity and carry in the Australian startup ecosystem.34:09 Startmate’s unique approach to portfolio construction and decision-making.42:07 Lessons learned from non-consensus investments like Heaps Normal.48:36 Michael Batko’s "Big Cojones" moment and reflections on bold decisions.Notable Quotes:1. "It’s not about what’s probable; it’s about what’s possible." – Michael Batko2. "Backing the hungry, not the proven, is at the heart of what we do." – Michael Batko3. "Would you want to work for this founder? That question reveals everything." – Michael Batko4. "The biggest mistake in VC isn’t losing money—it’s missing the one company that could be massive." – Michael Batko5. "Startmate is built on two core principles: giving the community a job and skin in the game." – Michael BatkoResources MentionedNo-Code Tools:• Airtable• Notion• Softr• PoryHeaps NormalEucalyptus – Guide to Employee Share Options (ESOP)Cake Equity – Equity and ESOP CalculatorSponsors: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 - Galah CyberJune 2024 – Vanta First ChequeNovember 2024 - Rocking HorseNovember 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/
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Dec 15, 2024 • 49min

The 2024 Wrap-Up and Spicy Predictions with Cheryl & Maxine

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/
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Dec 1, 2024 • 50min

Leveraging AI to Predict Venture Success: John Sharp's Journey with Hatcher+

Episode Summary:In this episode of First Cheque, hosts Cheryl and Maxine engage in a compelling conversation with John Sharp, co-founder of Hatcher+, an innovative AI-driven venture capital platform based in Singapore. John recounts his fascinating transition from conducting orchestras to pioneering data-driven venture investing, highlighting how his early experiences with technological disruption in the music industry inspired him to embrace AI and big data. He delves into how Hatcher+ analyses over 600,000 startup deals to predict investment success, emphasising the importance of the power law and large, diversified portfolios in maximising venture returns. John also shares his insights on the future of algorithmic investing in venture capital, drawing parallels to the transformation of public equities in the 1990s. Throughout the discussion, he underscores the necessity of adapting to technological advancements and offers valuable lessons for founders, operators, and investors aiming to leverage AI for smarter investment strategies.Key Takeaways:01:39 Welcome & First Investment Question02:10 John's First Investment: Education and Orchestration05:00 Technological Disruption in the Music Industry06:14 Management Lessons from Conducting Orchestras10:47 Lessons from Past Industry Disruption15:03 Introduction to Hatcher+ and AI Venture Model17:51 Hatcher+'s Methodology & Portfolio Strategy24:01 The Power Law in Venture Capital33:33 Building Hatcher+'s AI-Driven Platform37:12 Insights from Analysing 600,000 Companies42:40 Importance of Pivots and Board Support44:31 John's Biggest Courage MomentResourcesBooks:• Orchestration by Walter Piston• The Professional Arranger Composer by Russell Garcia• Orchestration books by Nelson Riddle• Jazz Orchestration by Dick GroveNotable Quotes"If you don't understand AI, figure it out as quickly as you can. Because if you embrace the AI options that are available, you'll become expert at them." – John Sharp"To succeed in venture, you've got to truly play the odds in a very intelligent way." – John Sharp"You have to worship at the altar of the power law. It dictates everything that you do." – Maxine"Sometimes you just got to put yourself out there and follow your gut that you know how to do this." – John SharpSponsors: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 - Galah CyberNovember 2024 - Galah CyberJune 2024 – Vanta First ChequeNovember 2024 - Rocking HorseThis podcast uses the following third-party services for analysis: Spotify Ad Analytics - https://www.spotify.com/us/legal/ad-analytics-privacy-policy/
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Nov 17, 2024 • 48min

Navigating the Hype Cycles and Early-Stage Deep Tech Investing with Emily

Emily Rich, an angel investor with a rich background in AI and computer vision, shares her transformative journey from high school dropout to venture capital player. She discusses the intricacies of early-stage deep tech investing, particularly through the lens of hype cycles affecting technologies like the metaverse and blockchain. Emily reflects on the unique relationship between founders and investors, emphasizing the bravery required in supporting ambitious ideas. Packed with personal stories and industry insights, this conversation is both inspiring and educational.
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Nov 4, 2024 • 49min

Navigating Early-Stage Investing and Scaling with Tim from Turo

Episode Summary:Join Cheryl Mack and Maxine Minter on First Cheque as they chat with Tim from Turo, one of Australia's pioneering operator angels. Tim shares his journey from working at Uber to his current role at Turo, detailing the insights and risks involved in being an early-stage investor. The conversation covers Tim's first investment, his transition from medicine to business, and the challenges of balancing operator and investor roles. They discuss the Australian tech ecosystem, liquidity issues, and policy needs, along with the significance of strong talent and multicultural acceptance. Tim also shares a personal story about leading a national campaign against antisemitism in Australia. This episode is rich with practical advice for budding angel investors and insights into the growth of Australia's tech landscape.Key Takeaways:Importance of Top-Tier Talent: Emphasising that success is driven by individuals who are in the top 1% of their field, Tim focuses on investing in founders and teams that demonstrate exceptional capabilities.Building and Utilising Networks: The "ex-Uber mafia" and connections from his professional journey have been instrumental in providing deal flow and collaborative opportunities in both his operating and investing roles.Interplay Between Operating and Investing: While Tim views operating and investing as distinct activities, he acknowledges cross-pollination in networking and strategic opportunities, such as recruiting talent through connections made in the investment community.Successful Launch Strategies: Sharing the story of Turo's launch in Australia, Tim highlights the effectiveness of building hype and the importance of a well-executed go-to-market strategy, even when facing competition from established players like Uber CarShare.Leadership Beyond Business: In response to rising antisemitism, Tim organised an open letter from Australian business leaders condemning hate and promoting multiculturalism, demonstrating his commitment to societal impact.Advice for Aspiring Angels: Tim advocates for a balanced approach to angel investing—being available and supportive without overwhelming founders, and recognising when to offer help based on founders' requests.Sponsors: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 HorseJune 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/
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Oct 27, 2024 • 2min

[TRAILER] In the Blink of A.I-Conversations with AI Innovators - In The Blink of A.I.

Episode SummaryIn the Blink of AI: Conversations with AI Innovators Join Georgie Healy on 'In the Blink of AI', your weekly guide to the dynamic world of artificial intelligence. Each episode features interviews with the founders of top AI startups, creative product builders, and industry leaders. With 20 years in engineering and technology, Georgie aims to distill complex AI concepts into engaging stories. The show covers business building, cutting-edge AI technology, and guests' approaches to developing AI products, finishing with rapid-fire questions for quick insights. Connect with Georgie on LinkedIn, Instagram, or via email to share your thoughts and suggestions for future guests. Timestamps00:00 Introduction to In the Blink of AI 00:10 Meet Your Host: Georgie Healy 00:56 Podcast Format and Content 01:11 Engage with UsThe Day One NetworkIn The Blink of A.I. 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 In The Blink of A.I. episode is available, join the Blink of A.I. newsletter. Sponsors:In The Blink of A.I. is supported by our wonderful sponsors:Rocking 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/rockinghorse Mentioned in this episode:Rocking Horse - November 2024
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Oct 17, 2024 • 40min

Mastering Early-Stage Investing: From Checklists to Decision Diaries

Episode SummaryJoin Cheryl and Maxine on an insightful journey into early-stage investing in this episode of First Cheque. The discussion covers the transition from basic checklists to more sophisticated decision diaries, emphasizing structured evaluation and the importance of capturing and analysing decision-making processes over time. Key topics include understanding founder commitment, market size evaluation, and the balance between intuition and quantitative analysis. The episode offers practical advice on refining investment strategies through critical thinking, timely decision-making, and mitigating biases. Additionally, it explores the qualitative nature of early-stage investments and the value of leveraging instincts effectively. Tune in to transform your investment decisions with proven frameworks and mental models.Key Takeaways00:00 Welcome to First Cheque: Your Guide to Early-Stage Investing00:22 Diving into Decision-Making and Mental Models02:05 From Checklists to Decision Diaries07:20 Evaluating Founders and Market Size16:28 The Importance of Timing in Investment Decisions20:13 Understanding Mid to Late-Stage Investing20:56 The Role of Intuition and Quantitative Measures22:38 Challenges of Data-Driven Investment Matching23:17 Personal Experience with Investment Matching25:49 The Potential and Limitations of AI in Investing28:35 Decision Diaries: A Tool for Better Investment Choices35:03 Key Questions for Investment Decisions37:14 Reflections on Decision-Making and Instincts37:38 Conclusion and Call for FeedbackResourcesMaxine's Decision Diary TemplateSponsors: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:June 2024 – Vanta First ChequeNovember 2024 - Rocking HorseNovember 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/
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Oct 6, 2024 • 53min

From Zero to One: Why Founders Make Exceptional Early Stage Investors with Matthew Browne

Episode Summary: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.Key Takeaways:Thematic Investment Strategy: Matthew Browne emphasizes investing in enterprise SaaS that is mission-critical to operations, underscoring the intrinsic value and longevity of such investments.Importance of Execution: His first investment’s failure taught the importance of knowing how to effectively acquire customers and sticking to one's domain expertise.Transition from Entrepreneur to Investor: Browne shares his journey into VC, stating the unique challenges of fund management compared to traditional business operations.B2B SaaS Success Factors: Long-lived customer relationships and LTV are key, with an enterprise focus often yielding higher customer loyalty and lower competitive pressures.Sponsors: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 HorseJune 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/
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Sep 15, 2024 • 46min

Navigating Venture Capital: Aligning Incentives and Realistic Outcomes with Georgie Turner

Episode Summary: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.Key Takeaways:Cross-Border Investment: Georgie Turner discusses the importance of having a cross-border investment strategy, particularly focusing on the differences between the Australian and US venture capital ecosystems.Capital Management: Insightful exploration into how proactive capital management and accurate valuation alignment can significantly impact the success of early-stage investments.AI Investment: Detailed discussion on how AI is transforming the tech landscape and what investors should look for in AI-driven companies.Scaling Challenges: The episode highlights the challenges of scaling companies in different markets and the importance of market timing, product quality, and operational expertise.Bravery in Venture Capital: Reflections on the inherent bravery required in the venture capital profession, given its optimistic and sometimes illogical nature.Sponsors:Thanks to our sponsors for helping to make this episode of First Cheque possible.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/vantaTuro: Turo is the world's largest carsharing marketplace and it's the perfect app for travel.Download the Turo app and book cars from $38/day. https://dayone.fm/turoThe 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:June 2024 – Vanta First ChequeNovember 2024 - Rocking HorseNovember 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/
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Aug 25, 2024 • 1h

From Scalpel to Syndicate: Paul Kelly's Guide to Navigating Biotech Investing

Episode Summary: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.Key Takeaways:Understand the Risks and Rewards: Biotech investing involves a high level of risk and typically long hold periods, but the potential rewards can be substantial.Syndicate Investments: Due to the complexity and capital intensity of biotech, syndicating with experienced investors and funds is crucial for mitigating risk.Stages of Investment: Key milestones in biotech investing include achieving safety and efficacy in clinical trials, with significant value inflections at each stage.Technological Impact: Advances in genomics, AI, and data analysis are revolutionizing the speed and accuracy of biotech innovations.Healthcare Economics: Understanding the economic impact and potential reimbursement scenarios is essential for assessing biotech investments.Sponsors:Thanks to our sponsors for helping to make this episode of First Cheque possible.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/vantaScendar: Scendar is the OG startup accounting firm in Australia. Free 1-hour consultation about your Business' growth plans and finance needs. https://dayone.fm/scendarTuro: Turo is the world's largest carsharing marketplace and it's the perfect app for travel.Download the Turo app and book cars from $38/day. https://dayone.fm/turoThe 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:June 2024 – Vanta First ChequeNovember 2024 - Galah CyberNovember 2024 - Rocking HorseThis podcast uses the following third-party services for analysis: Spotify Ad Analytics - https://www.spotify.com/us/legal/ad-analytics-privacy-policy/

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