First Cheque with Cheryl Mack & Maxine Minter

Episode SummaryWhat happens when hundreds of the world’s biggest capital allocators get together behind closed doors to talk about venture, private equity, and where the next $30B is going? Maxine found out firsthand at Super Returns Asia, where she chaired the LP–GP relations stage.In this episode, Cheryl turns the tables and grills Maxine on everything she learned, from why India and Japan are suddenly hot, to why Southeast Asia is struggling, and why Australia didn’t even make the winners or losers list.They break down how institutional investors really think about funds, what “look-through ownership” means for angels and VCs alike, and why co-investing has LPs hot under the collar. Maxine also shares how family offices are thriving in the current market, what mega-funds like a16z’s $30B raise mean for everyone else, and why building long-term LP relationships is the only real way to get “super returns.”Time Stamps01:00 – What Super Returns is, and why it matters for VCs and angels06:43 – The LP landscape explained: super funds, sovereign wealth funds, and family offices10:40 – Winners and losers in APAC: India, China, Japan… but not Australia18:00 – Why Australia needs a better “brand story” to attract capital19:54 – Hot topic: co-investing and why LPs love it23:39 – Look-through ownership: why everyone’s just trying to own the outliers26:43 – Why emerging managers are struggling in today’s fundraising market33:49 – Family offices having “the time of their lives” in this cycle34:23 – Mega-funds, evergreen funds, and the $30B a16z raise39:30 – Will Sequoia and a16z ever lose their dominance?42:19 – Why APAC liquidity markets matter more than ever45:30 – The question nobody asked at Super Returns49:22 – How to actually build LP relationships that work53:55 – Maxine’s big takeaway: putting Australia on the winners listSponsors:First Cheque is supported by our wonderful sponsors:Aussie Angels makes it easy for accredited investors to back early-stage startups alongside experienced syndicate leads. With no platform fees and minimum cheques from $2,500, you can build a diversified portfolio of high-growth companies with confidence.https://www.aussieangels.com/Galah 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 First Cheque is part of Day One.Day One helps founders and startup operators make better business decisions more often. To learn more, join our newsletter to be notified of new First Cheque episodes and upcoming shows. This podcast uses the following third-party services for analysis: Podtrac - https://analytics.podtrac.com/privacy-policy-gdrpSpotify Ad Analytics - https://www.spotify.com/us/legal/ad-analytics-privacy-policy/

Episode SummarySachin Bhanot leads Southeast Asia & ANZ investments at Prosus Ventures, a global fund with $100B+ in assets. Though based in Singapore, Sachin has become an “honorary Australian fund manager”, with nearly half of Prosus’s regional portfolio now in Australia and New Zealand.In this episode, Cheryl and Maxine dive into why Prosus ramped up in Australia during a downturn, what paradoxical traits they see in winning founders, and how Singapore and Southeast Asia really compare as markets for expansion.They unpack the playbook for Australian startups going regional, what Singaporean family offices are actually looking for, and why relationship-building is the real cheat code in Southeast Asia. Sachin also shares his biggest Big Chon moment, and how building coffee chains in the Philippines and Malaysia reshaped his view of what it takes to be an investor.Time Stamps02:53 – Sachin’s first and most important investment (hint: not a startup)07:31 – The paradoxical traits of winning founders10:26 – Singapore vs Southeast Asia: the tale of two ecosystems18:12 – Why Prosus doubled down on Australia in 202228:40 – Tips and traps for Aussie founders expanding regionally34:44 – When is the “right” time to enter Southeast Asia?42:11 – The rise of the Australia–India–Singapore innovation corridor48:34 – Singapore family offices and the art of relationship-driven capital51:59 – Sachin’s Big Chon moment: learning empathy by building businesses himselfResourcesResources Mentioned🙋🏻‍♂️ Sachin Bhanot - https://www.linkedin.com/in/sachin-bhanot-15551913a/💰 Prosus Ventures - https://www.prosus.com/prosus-venturesSponsors:First Cheque is supported by our wonderful sponsors:Aussie Angels makes it easy for accredited investors to back early-stage startups alongside experienced syndicate leads. With no platform fees and minimum cheques from $2,500, you can build a diversified portfolio of high-growth companies with confidence.https://www.aussieangels.com/Galah 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 First Cheque is part of Day One.Day One helps founders and startup operators make better business decisions more often. To learn more, join our newsletter to be notified of new First Cheque episodes and upcoming shows. This podcast uses the following third-party services for analysis: Podtrac - https://analytics.podtrac.com/privacy-policy-gdrpSpotify Ad Analytics - https://www.spotify.com/us/legal/ad-analytics-privacy-policy/

Tom Humphrey, Partner at Blackbird and a former operator, reshapes perceptions of Australia's AI landscape. He highlights the overlooked world-class talent and potential in AI, arguing against the narrative of Australia lagging behind. Discussions include the challenges of the university-to-startup pipeline, the return of skilled PhDs from top tech firms, and the effectiveness of Australia's capital-efficient model. Tom also explores how AI is redefining go-to-market strategies and emphasizes the need for local recognition to boost ambition and investment.

Episode SummaryIn this crossover episode of First Cheque and In The Blink of AI, Cheryl Mack (Aussie Angels) and Maxine Minter (Co Ventures) team up with host Georgie Healy to unpack how investors are thinking about AI, beyond the hype. From pitch decks to product demos, they reveal the frameworks and gut checks they use to spot real value in AI startups, even when they’re not technical experts themselves.You’ll also get a behind-the-scenes look at how Cheryl and Maxine are integrating AI into their own workflows, not just as investors, but as operators. From using ChatGPT to summarise founder meetings, to leveraging Prompt Cowboy and NotebookLM for due diligence and research prep, they walk through real examples of how AI is saving them time, sharpening decision-making, and helping them stay ahead in deal flow. And yes, we finally answer the question: what is an agent… and does anyone actually have one?Time Stamps02:15 – Are Cheryl and Maxine AI skeptics or advocates?06:00 – What's actually fueling the AI hype?10:45 – Are we in a bubble—or just early in the cycle?16:20 – Valuations, FOMO, and how investors are pricing AI21:00 – What angel investors should look for in AI startups27:30 – AI’s biggest red flag: When it all just sounds like magic31:00 – Are agents real or is everyone faking it?36:40 – AI in venture workflows: What Maxine actually automates41:30 – The real power of personal brand in VC44:50 – How Cheryl preps for founder calls with Google NotebookLM49:00 – Weekly AI hacks: From flat lays to voice-mode strategy sessions52:10 – Founder FOMO: Prompt Cowboy, Juno, and other hot startups54:00 – The case for non-technical founders in AI58:00 – Are one-person billion-dollar startups real?Resources😇 Angel Academy: The most comprehensive angel investing course for Australia & NZ – www.venture.academy🦘 Aussie Angels: Cheryl’s platform for angel investing – https://www.aussieangels.com/💰 Co Ventures: Maxine’s venture capital firm – https://www.coventures.vc/Sponsors:First Cheque is supported by our wonderful sponsors:Aussie Angels makes it easy for accredited investors to back early-stage startups alongside experienced syndicate leads. With no platform fees and minimum cheques from $2,500, you can build a diversified portfolio of high-growth companies with confidence.https://www.aussieangels.com/Galah 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 First Cheque is part of Day One.Day One helps founders and startup operators make better business decisions more often. To learn more, join our newsletter to be notified of new First Cheque episodes and upcoming shows. Mentioned in this episode:November 2024 - Galah CyberAngel Academy - Best online angel investing course in Australia and New ZealandDon't forget to check out the best online angel investing course in Australia and New Zealand, Angel Academy. It's fun, engaging, and packed full of insights from experienced investors to help you get started or level up your angel investing, visit www.venture.academy February 2025 - Angels AcademyThis podcast uses the following third-party services for analysis: Podtrac - https://analytics.podtrac.com/privacy-policy-gdrpSpotify Ad Analytics - https://www.spotify.com/us/legal/ad-analytics-privacy-policy/

Episode SummarySome investor phrases sound helpful. Others feel like a riddle. In this episode, Cheryl and Maxine crack open the language investors use when talking to founders, and translate what’s actually being said behind phrases like “not a fit,” “too early,” or “let’s have one more meeting.”They walk through the subtle (and not-so-subtle) cues that signal a pass, explain what “conviction” actually means in VC-speak, and share tactics founders can use to get clearer answers during fundraising. You’ll also hear the behind-the-scenes realities of ghosting, deal timelines, internal partner politics, and why “we’d love to stay close” usually means… they won’t.Plus: a rapid-fire rundown of the weirdest (and most cringe) investor slang, from “due dilly” to “foundies.”Whether you’re raising your first round or managing investor relationships post-close, this episode helps you spot the signals, ask better questions, and avoid wasting time.Time Stamps01:45 – “Not a fit”: Why investors love this vague phrase03:40 – What they mean when they say “you’re too early”08:30 – “You’re too late”, how stage mismatches work both ways15:30 – “We’ll circle back” and other signs of a slow no17:10 – How long does VC diligence really take?19:15 – Why June 30 is a terrible time to raise24:10 – Optionality: The excuse behind “we love what you’re doing”28:00 – “Let the lawyers sort it out”: A red flag or not?30:15 – The weirdest investor slang (please don’t say “due dilly”)33:30 – Term sheet vs. side letters: what’s actually worth negotiating36:00 – Understanding info rights vs. investor updates38:50 – How to share bad news without burning relationships45:20 – The shifting goalposts of traction and growth metrics47:00 – Spotting investor doubts through team questions48:10 – Final thoughts for both founders and investorsResources😇 Angel Academy: The most comprehensive angel investing course for Australia & NZ – www.venture.academy🦘 Aussie Angels: Cheryl’s platform for angel investing – https://www.aussieangels.com/💰 Co Ventures: Maxine’s venture capital firm – https://www.coventures.vc/Sponsors:First Cheque is supported by our wonderful sponsors:Aussie Angels makes it easy for accredited investors to back early-stage startups alongside experienced syndicate leads. With no platform fees and minimum cheques from $2,500, you can build a diversified portfolio of high-growth companies with confidence.https://www.aussieangels.com/Galah 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 First Cheque is part of Day One.Day One helps founders and startup operators make better business decisions more often. To learn more, join our newsletter to be notified of new First Cheque episodes and upcoming shows. This podcast uses the following third-party services for analysis: Podtrac - https://analytics.podtrac.com/privacy-policy-gdrpSpotify Ad Analytics - https://www.spotify.com/us/legal/ad-analytics-privacy-policy/

Episode SummaryCharles Hudson is the Founder and Managing Partner at Precursor Ventures, a solo GP fund that has backed over 450 startups across five funds, including dozens of category-defining companies led by underrepresented founders. In this episode, Maxine and Cheryl sit down with Charles to explore how he built one of the most successful high-volume venture strategies in the world, all while staying a solo decision-maker.They dive deep into what being a “solo GP” actually means, how Charles balances scale with intimacy across a massive portfolio, and why trust, not likability, is his north star when supporting founders. You’ll also hear his first-ever investment, the courage it took to leave a top-tier firm to start Precursor, and how he still handpicks every company Precursor backs, often long before they’re obvious.Time Stamps03:20 – Charles’s first investment: ExxonMobil shares… mailed by cheque06:50 – What is a solo GP fund, and how Precursor operates with one partner and 14 staff10:28 – The pros and cons of solo decision-making in venture12:50 – How Precursor supports 450+ companies (and avoids “orphaned” portfolios)15:44 – Why Charles shifted from unlimited founder support to intentional check-ins19:18 – Trust vs likability, and why real feedback matters more than being liked24:25 – How Charles handles saying “no” to follow-ons, and still earns trust29:31 – The case for “challenger” VCs over cap-table cheerleaders32:11 – What Precursor looks for in a founder: not great employees, but great CEOs36:39 – High volume investing: Why meeting 2000+ startups matters39:00 – Global allocation: why Charles bet early on African and LatAm FinTech42:30 – The return of themes (like AI & Women’s Health), and why they can kill judgment47:52 – When Precursor steps in (and when they don’t): being the “surgeon, not the bandaid”54:04 – Charles’s biggest Big Cojones moment: leaving Uncork to build Precursor from scratch56:15 – Why most fund managers are “post-employment” and proud of itResources👤 Charles Hudson LinkedIn - https://www.linkedin.com/in/chudson/🌎 Precursor Ventures – https://precursorvc.com/First Cheque is part of Day One.Day One helps founders and startup operators make better business decisions more often. To learn more, join our newsletter to be notified of new First Cheque episodes and upcoming shows. Mentioned in this episode:Aussie Angels - the preferred fund and syndicate admin platform for emerging managers in AustraliaShow Notes: If you’re an investor or keen to write your first angel check, please check out some of the syndicate tickets on www.aussieangels.comFebruary 2025 - Aussie AngelsThis podcast uses the following third-party services for analysis: Podtrac - https://analytics.podtrac.com/privacy-policy-gdrpSpotify Ad Analytics - https://www.spotify.com/us/legal/ad-analytics-privacy-policy/

Grab your copy of the Dealroom and SideStage Ventures report we talked about on the show with Cheryl Mack and Maxine Minter here - https://www.sidestage.vc/outliers-report-2025Episode SummaryBen Grabiner is the Co-founder and General Partner at Side Stage Ventures, and the author of a landmark new report in collaboration with Dealroom and AWS. In this episode, Cheryl and Maxine sit down with Ben to unpack the data behind Australia’s rapid rise as one of the most efficient and exciting venture ecosystems in the world.They explore how Australia produces more unicorns per dollar invested than any other country, what makes the ecosystem so resilient and capital-efficient, and why the next decade might belong to Aussie tech. From funding gaps to founder grit, from global capital flows to angel investor opportunities, this is essential listening for allocators, founders, and emerging fund managers alike.You’ll also hear Ben’s story, from buying Tottenham Hotspur shares as a teenager, to moving across the world mid-COVID, to becoming a key builder in Australia’s startup ecosystem.Time Stamps04:49 – Ben’s first investment: £250 in Tottenham Hotspur06:34 – What makes Australian unicorns so capital-efficient?09:14 – Unicorn efficiency vs gross unicorn creation: what matters more13:15 – How Australia quietly matches Israel and India on decacorn creation14:35 – Why foreign investors see the opportunity more clearly than locals18:41 – The power of local exits like Afterpay, and how they inspire allocation21:19 – Can Aussie startups scale globally from home? Or must they go abroad?23:40 – Why this next wave of operators will be our ecosystem’s secret weapon25:54 – What global LPs need to understand about Australian venture30:17 – Why pre-seed funds and angel investors matter more than everResources🙋🏻‍♂️ Ben’s LinkedIn - https://www.linkedin.com/in/bengrabiner/💳 Side Stage Ventures - https://www.sidestage.vc/🦘 Aussie Angels makes it easy for accredited investors to back early-stage startups alongside experienced syndicate leads. With no platform fees and minimum cheques from $2,500, you can build a diversified portfolio of high-growth companies with confidence.https://www.aussieangels.com/First Cheque is part of Day One.Day One helps founders and startup operators make better business decisions more often. To learn more, join our newsletter to be notified of new First Cheque episodes and upcoming shows. This podcast uses the following third-party services for analysis: Podtrac - https://analytics.podtrac.com/privacy-policy-gdrpSpotify Ad Analytics - https://www.spotify.com/us/legal/ad-analytics-privacy-policy/

Episode SummaryNnamdi Okike is the Co-founder and Managing Partner at 645 Ventures, known for his early, contrarian bets on overlooked verticals and non-obvious industries. In this episode, Nnamdi shares how he leveraged a data-driven sourcing model to identify breakout companies like Squire and Goldbelly, and why seemingly small or niche markets often produce the biggest wins. Maxine and Cheryl dive deep into Nnamdi’s journey from Insight Partners analyst sourcing deals via cold calls, to launching his own fund and achieving a remarkable hit rate, landing him on the Midas Brink List. They explore how he evaluates founder insights, measures market inflection points, and strategically navigates the power law dynamics in venture capital. Packed with strategic insights and candid reflections, this episode is essential listening for emerging investors, fund managers, and founders curious about building defensible businesses in non-obvious spaces.Time Stamps04:34 – Nnamdi’s first investment during the dotcom boom06:52 – Defining “non-obvious industries” and spotting hidden TAM10:40 – Squire: From barbershop bookings to vertical SaaS OS13:20 – Goldbelly, marketplaces, and the power of founder insight17:58 – Algorithmic sourcing meets founder conviction21:30 – What 645 Ventures learned from missing Facebook26:46 – Building a fund around risk profiles, not just stages30:34 – Why the power law should shape every VC decision35:16 – Does 2024 echo 2002? A macro take on the downturn42:41 – The rise of zombie funds and quiet closures45:20 – Bootstrapped AI startups and the future of defensibility52:54 – When vertical AI gets sticky—and when it doesn’t57:20 – Nnamdi’s Big Cojones moment: from Insight to starting freshResources🙋‍♂️ Nnamdi Okike on LinkedIn – Follow Nnamdi’s updates and insights. https://www.linkedin.com/in/nnamdiokike💰645 Ventures – A VC firm investing in early-stage, non-obvious software winners. https://645ventures.com/First Cheque is part of Day One.Day One helps founders and startup operators make better business decisions more often. To learn more, join our newsletter to be notified of new First Cheque episodes and upcoming shows. This podcast uses the following third-party services for analysis: Podtrac - https://analytics.podtrac.com/privacy-policy-gdrpSpotify Ad Analytics - https://www.spotify.com/us/legal/ad-analytics-privacy-policy/

Episode SummaryPocket Sun is the Founding Partner at SoGal Ventures, the first female-led, millennial VC firm investing in the future of living, working, and staying healthy. In this episode, she shares how she made her first angel investment at just 24, and how her early bets like Everly Health and Lovevery reflected a conviction in underrepresented founders well before it was a trend. Cheryl and Maxine explore how Pocket launched SoGal’s debut fund, built a deal pipeline through global pitch comps and community, and mastered the art of getting onto oversubscribed cap tables. They also unpack her consumer investing thesis, how she’s navigating fund two with more geographic focus, and what it means to lead recaps and board restructures when the power law turns brutal. For anyone curious about building a fund from scratch, going global with limited resources, or backing change-makers the market misses, this episode is packed with both tactics and courage.Time Stamps00:00 – Pocket’s first angel check: $1K into an AI startup05:30 – Angel investing isn’t just for the ultra-wealthy09:45 – From building a global pitch comp to proving LP credibility14:20 – Early wins: Everly Health, Lovevery, and chasing allocation23:35 – “Land and expand”: getting on cap tables and earning super pro-rata27:10 – Leading recaps and fighting for underestimated founders35:00 – SoGal’s thesis: The future of living, working, and staying healthy40:30 – Entering new verticals without prior expertise46:00 – Pocket’s take on the Vancouver vs. Toronto startup ecosystems53:00 – Betting on design-led, intentional consumer businesses59:10 – Why consumer startups often graduate into enterprise giants01:03:00 – Pocket’s Big Cojones moment: moving solo to the U.S. at 18Resources🙋‍♀️Pocket Sun on LinkedIn – Connect with Pocket and follow her updates. https://www.linkedin.com/in/pocket💰SoGal Ventures – A VC firm backing diverse founders in the future of living, working, and staying healthy. https://www.sogalventures.com/Sponsors:First Cheque is supported by our wonderful sponsors:Aussie Angels makes it easy for accredited investors to back early-stage startups alongside experienced syndicate leads. With no platform fees and minimum cheques from $2,500, you can build a diversified portfolio of high-growth companies with confidence.https://www.aussieangels.com/Galah 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 First Cheque is part of Day One.Day One helps founders and startup operators make better business decisions more often. To learn more, join our newsletter to be notified of new First Cheque episodes and upcoming shows. Mentioned in this episode:FC Vanta Ad March 2025_02FC Vanta Ad March 2025_02This podcast uses the following third-party services for analysis: Podtrac - https://analytics.podtrac.com/privacy-policy-gdrpSpotify Ad Analytics - https://www.spotify.com/us/legal/ad-analytics-privacy-policy/

What drives bold decisions, intentional leadership, and the courage to create something entirely new?In Perspective X, host Pauline Fetaui dives deep into conversations with extraordinary entrepreneurs and leading innovators to explore not just their successes—but the overlooked decisions, mindset shifts, and personal turning points that sparked their greatest breakthroughs.This show is about the ripple effect of choice: how deep accountability enables us to respond intentionally to life's challenges, rather than simply reacting. If you're curious about the inner journey behind meaningful achievements and how leaders evolve through adversity, this podcast is for you.Join us on Perspective X, where we move beyond the highlight reel and into the pivotal moments that changed everything.Launching on the 12th of May, wherever you get your podcasts.Mentioned in this episode:Day One sting