First Cheque with Cheryl Mack & Maxine Minter

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: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 CyberFC 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/

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: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_02November 2024 - Galah CyberThis 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/

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.

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: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 CyberFC 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/

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 Us✨ Connect with Georgie HealyLinkedin: https://www.linkedin.com/in/georginahealy/Instagram: https://www.instagram.com/georgina_healy/Twitter: https://x.com/georgina__healy?lang=enThe Day One NetworkIn The Blink of AI is part of Day One, the podcast network dedicated to founders, operators & investors.Sign up to get your weekly insights into the up-and-coming AI startups: https://dayone.fm/newsletter In the Blink of AI is made possible by our wonderful partners Vanta🦙Vanta is the all-in-one solution for startups to become compliant quickly and build a security foundation with ease. Startup customers get $1000 off Vanta at http://dayone.fm/blink Mentioned in this episode:PMB TrailerPMB Trailer

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: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 CyberFC 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/

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: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_02November 2024 - Galah CyberThis 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 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:November 2024 - Galah CyberFC 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/

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:FC Vanta Ad March 2025_02FC Vanta Ad March 2025_02November 2024 - Galah CyberThis 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 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:FC Vanta Ad March 2025_02FC Vanta Ad March 2025_02November 2024 - Galah CyberThis 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/