Episode Summary:In this episode, Cheryl Mack and Maxine Minter dive into the intricate details of tax incentives and structures for angel investors in Australia. Tackling the seemingly dry topic of tax with enthusiasm, they explore how these regulations can substantially benefit early-stage investors. Cheryl brings her wealth of experience to the table, elucidating the complexities of acronyms like ESV CLP and ASIC, while Maxine peppers the conversation with insightful queries and contextual examples.Cheryl explains the criteria and benefits associated with Early Stage Innovation Companies (ESIC) and Early Stage Venture Capital Limited Partnerships (ESV CLP). She details how these structures facilitate sophisticated tax offsets and capital gains exemptions for investors. Throughout the discussion, they highlight the importance of understanding these incentives to optimize investment returns. The episode culminates with practical advice on investing via trusts and navigating the nuances of capital call schedules, reflecting the duo's deep dive into the subject matter.Key Takeaways:Understanding ESIC: Learn about the Early Stage Innovation Company (ESIC) designation in Australia, its eligibility criteria, and the significant tax benefits it offers. ESV CLP Benefits: Discover how Early Stage Venture Capital Limited Partnerships (ESV CLP) and Venture Capital Limited Partnerships (VCLP) offer substantial tax incentives, including offsets and capital gains exemptions. Investment Structures: Get insights into the complexities of investing through safes (Simple Agreement for Future Equity) and how ESIC status impacts tax benefits. Leveraging Trusts: Explore the functional benefits and considerations when investing through discretionary (family) trusts, particularly in relation to income distribution and tax efficiency. Managing Capital Calls: Understand the importance and mechanics of capital call schedules within the context of fund investments and their fiscal implications.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 - 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/

Episode Summary:In this episode of the First Cheque podcast, Cheryl Mack and Maxine Minter delve into the intricacies of early-stage investing, focusing on the importance of secondaries, the value of strong founder-investor relationships, and how to navigate high valuations. This episode is a milestone as it's entirely driven by audience questions, providing targeted insights and practical advice for investors and founders alike.Cheryl and Maxine kick off by discussing the significance of secondaries in the investment ecosystem. They explore how secondaries can provide liquidity options for founders, early employees, and initial investors, comparing the maturity of secondary markets in the US versus Australia. They touch on the role of secondary funds, the impact of early liquidity on the ecosystem, and how this federal flow of funds can encourage re-investment into new startups.Next, the duo dives into their anti-portfolios, sharing insights from companies they passed on and reflecting on biases and lessons learned. They also address gender diversity in the investment landscape, critiquing the current state of gender equity in the Australian startup ecosystem. Furthermore, Cheryl and Maxine share their strategies for balancing valuations, particularly in the context of owning small equity stakes as angel investors.Key Takeaways:Secondary Transactions: Understanding the role and impact of secondary transactions can provide essential liquidity to founders and early investors, fostering a healthier investment ecosystem.Anti-Portfolio Learnings: Reflecting on missed investment opportunities reveals biases and allows investors to refine their criteria and improve decision-making.Gender Diversity: There is a significant need to address the gender gap at all levels of the investment ecosystem, from founders to fund managers and LPs.Valuation Strategy: Evaluating whether a company can significantly grow its valuation by the next funding round is crucial in assessing high valuations.Founder-Investor Relationships: Strong relationships between founders and investors are imperative for successful fundraising and long-term collaboration.Resources:Scale Investors: led by Samar, focusing on women-led companies.EQUITY DIRECTORY: A data-focused initiative to improve reporting on gender metrics in the investment community.AirTree Pioneers Program: Supporting diverse early-stage founders.First Cheque Podcast Voicemail: Submit a questionSponsors: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/turoMentioned 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/

Episode Summary:In this episode, host Maxine Minter and co-host Cheryl Mack dive into the world of growth stage investing with guest Christina Fa from NewView Capital. They explore the reasons why ex-investment bankers transition to VC, discuss the nuances of growth-stage investing, and shed light on the importance of secondaries in the current market landscape. Christina shares insights on company scaling in different ecosystems, the impact of GenAI innovation, and the changing dynamics of venture capital.Key topics covered include the unique factors influencing growth stage investments, the difference between primary and secondary investing, and the significance of liquidity for investors and founders. The conversation delves into the evolving venture capital landscape and the role of secondary transactions in unlocking value and increasing market liquidity.Key Takeaways:Growth stage investing focuses on scaling proven products and ideas to dominate the market.Secondaries play a crucial role in providing liquidity to early investors, employees, and founders.The US offers a mature ecosystem with a deep talent pool for scaling companies, while Australia nurtures a hungry and talented workforce.Investors can access growth stage opportunities through platforms like Angellist and secondary transaction platforms.Exploring new frontiers in AI and emerging technologies drives investor interest and excitement in growth-stage companies.Notable Quotes:"Investing in the AI space is both exciting and challenging due to the rapid platform shift and exploration phase." - Christina Fa"Unlocking liquidity through secondaries is beneficial for both investors and the ecosystem as a whole." - Christina Fa"The US ecosystem offers a deep talent pool, while Australia fosters a culture of first principles thinking and innovation." - Christina FaResources:NewView CapitalNewView Capital LinkedinChristina Fa LinkedInSponsors: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/

Episode Summary:In this episode, Cheryl Mack and Maxine Minter engage in an enlightening conversation with Bronwen Clune, discussing her journey from journalism to startups and back to media. Bronwen shares insights on the Australian startup ecosystem, the future of journalism, and the intersecting landscapes of politics, markets, and entrepreneurship. Delving into the impact of risk appetite, the tension between traditional markets and startups, and the evolving dynamics of super funds, the discussion provides a comprehensive view of the current landscape.Key themes include the shifting risk perceptions in Australia, the resilience and adaptability of Australian startups, and the impact of broader economic and political factors on the ecosystem. With a focus on building stronger companies and navigating challenges, Bronwen offers valuable perspectives on driving innovation and growth in an ever-changing environment.Key Takeaways:• Risk appetite plays a fundamental role in distinguishing between traditional markets and startups.• Australia's startup ecosystem demonstrates resilience and efficiency in the face of challenges.• The housing crisis and changing economic landscapes are fuelling interest in startups and alternative investments.• Tension between super funds and risk-taking behaviours may influence the entrepreneurial landscape.• Australian founders are embracing independence and innovation, shaping the future of the industry.Notable Quotes:• "I think Australia punches above its weight in terms of producing founders that international investors are looking at favourably." - Bronwen Clune• "The housing crisis has spurred interest in alternative investments as young people seek to grow capital." - Bronwen Clune• "Risk appetite, or lack thereof, is a defining factor between traditional market players and startup enthusiasts." - Bronwen CluneResources:• Capital Brief Website• Bronwen Clune's LinkedIn ProfileSponsors: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 - 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/

Episode Summary:In this episode, Maxine Minter and Cheryl Mack delve deep into the essential considerations of portfolio allocation, focusing on diversification versus concentration in early-stage investing. They explore the concept of portfolio construction, risk management, power law dynamics, and the importance of strategy in maximizing returns while mitigating risks.Key themes discussed include the spectrum of diversification, the impact of concentrated investments, the role of informational asymmetry in decision-making, the power of outliers in generating alpha, and the influence of expertise and thesis investing on portfolio performance.Key Takeaways:Portfolio construction is crucial in early-stage investing to manage risks and optimize returns.Diversification versus concentration impacts the average quality and performance of a portfolio.Specialized first and second funds tend to outperform, emphasizing the importance of focused investment strategies.The power law concept highlights the significance of outliers in driving fund performance.Investors must strike a balance between diversification and concentration based on risk tolerance and investment goals.Notable Quotes:"Thinking about building your investment strategy and what is the right level of risk tolerance is essential for successful portfolio construction." - Maxine Minter"The power law is king in the investment landscape, emphasizing the impact of outliers on fund performance." - Cheryl MackSponsors: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% offScendar: 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/turoMentioned 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/

Episode Summary:In this episode of First Cheque hosts Cheryl Mack and Maxine Minter sit down with the distinguished investor Ash Fontana to explore the intricacies of early-stage investing and the evolving landscape of artificial intelligence (AI). The conversation delves into Fontana's diverse experiences, ranging from his formative years building web-based marketplaces to his critical role in establishing the AI investment frontier.Fontana shares a captivating narrative of his investment philosophy, advocating for the significance of first-check investments in shaping the trajectories of startups. With an emphasis on determining the long-term competitive advantages of AI ventures, the discussion uncovers the importance of specialization and the strategic deployment of venture funds amidst a rapidly transforming technology sector. Key themes revolve around adapting venture capital models, the intersection of network building, and the fortune of investment careers, providing listeners with a wealth of actionable insights.Key Takeaways:First Cheque investments are critical in establishing a startup's potential and culture.AI investments should focus on companies that exhibit a sustainable competitive advantage, potentially characterized by data network effects.Venture Capital (VC) requires specialisation, especially in fast-evolving fields like AI, to keep pace with rapid advancements and make informed investment decisions.The traditional VC model faces criticism for its performance and lack of innovation; exploring models with lower fees and higher carry could better align incentives.Building and maintaining a robust network is essential for success and longevity in the venture capital industry.Notable Quotes:"The existence proof of adding value is that you allowed the entity through which all subsequent value is created to exist.""As soon as you're competing, you're losing. You should just aim to be in non-competitive situations.""I invest in technology cycles, not market cycles.""I find it really hard to work for other people and in big companies, but I would have worked for a big growth stage or growth stage fund, like Insight, Summit, Bain, one of them.""The bigger the network you can build, the better, the more useful you will be, and therefore, the more lucky you will get."Resources:Ash Fontana's book: "The AI-First Company"Ash Fontana's LinkedIn profileThanks 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% offScendar: 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 Download the Turo app and book cars from $38/day. https://dayone.fm/turoMentioned in this episode:November 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/

Episode Summary:In this episode of the First Cheque podcast, our co-hosts Cheryl Mack and Maxine Minter welcome venture capital trailblazer Marvin Liao to discuss the multifaceted experience of early-stage investing, the evolution of global startup ecosystems, and the profound lessons learned from economic cycles in the tech industry. The conversation kicks off with stories from Marvin's background in Silicon Valley, including his first steps into the startup world, a decade at Yahoo, angel investing experiences, and defining years with 500 Startups.Marvin delves into the intricate dynamics of venture capital, sharing his hands-on approach to international investing and offering a candid perspective on navigating competitive markets during downturns. With an emphasis on founder qualities, market-fit, and the significance of geographies like the US for ambitious startups, Marvin provides a remarkable guide for those looking to excel in the unpredictable venture capital terrain.As the dialogue unfolds, Marvin's strategic astute observations reveal practical strategies for both investors and entrepreneurs looking to leverage opportunities within the constantly shifting sands of the tech landscape.Key Takeaways:Successful early-stage investing requires engaging with 'unconventional' ventures before they gain popularity, often necessitating courage to oppose the crowd.The true test of an investor is how one navigates downturns, emphasising resilience and adhering to personal investment theses rather than market sentiment.The US remains a central hub for ambitious startup founders due to its unmatched network effects and competitive ecosystem that fosters excellence.Marvin advocates a founder-first investment philosophy, prioritizing the drive, capacity to learn, and responsiveness of founders over all else.Cultural capital, such as an appreciation for science fiction, is considered crucial for anyone investing in technology's future, as it helps shape one's vision for innovation.Notable Quotes:"Chips on shoulders, leads to chips in pockets." - Marvin quotes Josh Wolf to describe the motivation needed for successful entrepreneurship."How you do anything is how you do everything." - A philosophy Marvin adheres to when assessing founder diligence and reliability."Steel sharpens steel." - On the importance of founders being present in high-impact ecosystems to push themselves to their limits and grow.Resources:Marvin Liao's personal ventures and insights can be followed through his LinkedIn profile.Reference to Lux Capital and Josh Wolf's investment philosophy might be of interest to listeners who wish to explore further.Thanks to our sponsors for helping to make this episode of First Cheque possible:Scendar: 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 Download the Turo app and book cars from $38/day. https://dayone.fm/turoMentioned in this episode:November 2024 - Galah CyberNovember 2024 - Rocking HorseJune 2024 – Vanta First ChequeThis podcast uses the following third-party services for analysis: Spotify Ad Analytics - https://www.spotify.com/us/legal/ad-analytics-privacy-policy/

Episode Summary:In this thought-provoking episode of First Cheque experienced investors Cheryl Mack and Maxine Minter delve into the meticulous world of follow-on investment strategies. The episode serves as a beacon for those who wish to refine their approaches in early-stage investing, especially as they grapple with the decision of whether to follow on or not in subsequent investment rounds. The conversation explores the intricate balance between optimizing returns and supporting growing companies at various funding stages.Cheryl represents the school of thought advocating for doubling down on winners, focusing on reserving funds for follow-on investments based on the company's performance. Maxine, on the other hand, takes a contrarian view, emphasizing the importance of an initial strong pre-seed commitment without reserving for follow-on. Together, they unpack the underpinnings of each method, providing listeners with an insightful analysis centred on investment strategy, fund management, and the implications of the power-law in startup investing.Key Takeaways:A follow-on investment strategy involves investing additional funds in a company during later financing rounds, usually at a different share price.Traditional wisdom encourages investors to reserve funds to double down on winning companies, but Maxine challenges this idea, promoting initial, larger investments at the pre-seed stage.Discussion on the importance of pro rata rights and the potential signaling risks associated with not following on in subsequent rounds.Cheryl shares her angel investment approach, which emphasizes growth metrics evaluation, fund allocation decisions against other opportunities, and backing companies that have shown significant progress.The conversation highlights the need for personalized investment strategies that reflect individual goals and resources, as well as the potential influence of received wisdom on investment decisions.Notable Quotes:"The conventional wisdom... you want to reserve follow on money in order to double down on your winners." - Cheryl Mack"If you want to maximize IRR, then it's deploying all of your capital in that first check." - Maxine Minter"The power law operates in our industry... it's not necessarily a one for one trade off... you need to make resource allocation trade offs." - Maxine Minter"I really have to believe that I'm still going to get outsized value from this valuation further on." - Cheryl Mack"The only thing that stops you from getting squeezed out over time is adding enormous value and having a great relationship with the founders." - Maxine MinterThanks to our sponsors for helping to make this episode of First Cheque possible:Scendar: 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 Download the Turo app and book cars from $38/day. https://dayone.fm/turoMentioned in this episode:November 2024 - Galah CyberNovember 2024 - Rocking HorseJune 2024 – Vanta First ChequeThis podcast uses the following third-party services for analysis: Spotify Ad Analytics - https://www.spotify.com/us/legal/ad-analytics-privacy-policy/

Episode Summary:In the latest instalment of our podcast series, Cheryl Mack and Maxine Minter delve into the intricate world of early-stage investing, shedding light on the varied approaches to gaining investment conviction. This episode serves as a guide for both novice and experienced investors who aim to refine their decision-making strategies when backing new ventures.As Cheryl and Maxine unravel the decision-making fabric of early-stage investing, listeners are taken on a journey through the critical thought processes that investors employ. From angel investing intuition to fund management rigour, the diverse strategies and considerations are laid bare. Key topics such as founder assessment, market sizing, and investment criteria are explored in detail, offering a valuable distilled wisdom that promises to enhance the listener's own perspective on startup investment.Key Takeaways:Every investor has a unique process for achieving conviction in startup investments, which can evolve over time through experience and iterative learning.The consideration of factors like founder qualities, market potential, and existing competition varies between individual investors and forms the basis of their investment decisions.Portfolio construction and risk assessment play significant roles in an investor's decision to back a company, mainly when operating within a fund structure.Intuition and instinct also influence investment choices, sometimes siding with conviction even when faced with incomplete or ambiguous information.The balance between personal investment ethos and the structured approach required by funds highlights the complexity and art form of early-stage investing.Notable Quotes:"It's a process...an invitation to iterate your way to a successful process and continue to measure yourself." - Maxine Minter"The nature of especially early stage investing is that it's risky." - Maxine Minter"For me, it's founder... I need to feel like this is the right founder for the...market problem space." - Cheryl Mack"It's really rare, if ever, that you get to a...definitely yes...always no questions." - Maxine Minter"The spectrum of yes to hell yes...there are so many different ways of doing it and so many different timescales to be considering on." - Maxine MinterThanks to our sponsors for helping to make this episode of First Cheque possible:Scendar: 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 Download the Turo app and book cars from $38/day. https://dayone.fm/turoMentioned 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/

Episode Summary:In this insight-packed episode, Cheryl Mack and Maxine Minter sit down with Michael Batko, the driving force behind Startmate, to explore the intricacies of early stage investing and the power of community in the startup realm. Batko shares his journey, starting from his first investment to steering one of the most active seed stage investing funds in the industry. This episode offers a behind-the-scenes look at how Batko and his world-class team utilize a community-driven approach to identify, select, and uplift transformative business ideas across Australia and New Zealand.Diving into the Startmate selection process, Batko reveals the operational complexities of coordinating a vast network of mentors and how their personal investment in the fund aligns interests and boosts engagement. The conversation also uncovers the evolution of Startmate's investment thesis, its expansion into diverse industries, and Batko's approach to encouraging non-consensus thinking to unlock extraordinary potential. The episode delves into the significance of carry in VC funds, the strategic role of a continuity fund, and the decision-making framework for follow-on investments, all while reflecting on Batko's philosophy of betting on the hungry rather than the proven.Michael Batko began his career in corporate finance and consulting before contributing to the growth of two major Australian marketplaces, MadPaws and also played a pivotal role in Expert360's $14 million Series B funding round. After joining as Head of Operations, Batko quickly became CEO of Startmate which is now ANZ’s largest community driven seed fund raising ~$3 million from 100+ investors every 6 months.Key Takeaways:Startmate's success is rooted in a mentor-driven model, where community engagement and personal investment are key to its decision-making process.Batko emphasizes the importance of looking beyond what's probable and considering what's possible when evaluating investment opportunities.The alignment of mentor incentives with fund performance, through carry, is highlighted as a significant motivational factor.A robust debate around investment thesis expansion led to backing diverse ventures, including non-software startups like non-alcoholic beer brand Heaps Normal.The establishment of a continuity fund at Startmate allows for continuous support of alumni companies, signaling strong belief in their ongoing success.Notable Quotes:"I remember this entire thread coming up and everybody discussing whether or not we should invest in that non-alcoholic beer company. And it was at that time when I jumped in as start mate CEO and actually had to be like, 'Hey, we can't just rest on our laurels and do things the way we've always done them.'""We've expanded the investment thesis a lot around, essentially always doubling down on people and what they care about.""One of my favorite questions is, and I always keep coming back to it whenever I critically assess a company for myself, is rather than what is probable... what is possible?""One thing I love about being a microfund is that we only invest $120,000 into companies, but at that stage, it actually makes such a massive difference."Resources:Startmate website for more insights into their accelerator programs. StartmateMichael Batko's professional background and contributions, visit LinkedInDiscussion of eucalyptus's ESOP primer and equity importance. EucalyptusEncouraging all curious investors and founders to tune in and glean actionable insights from Michael Batko's valuable experiences in this episode, as well as to keep an ear out for more enriching discussions in the upcoming sessions.Mentioned in this episode:November 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/