The History of the Australian Startup Ecosystem: Interview Series DayOne.fm

SummaryCheryl Mack and Maxine Minter reflect on the year 2023 and discuss the challenges and trends in the startup ecosystem. They talk about the tough environment for founders and investors, with many companies struggling to raise funds and facing down rounds. However, they also highlight the resilience and determination of founders who were able to survive and even thrive in the face of adversity.
The hosts discuss the increase in funding for female founders, although there is still a long way to go in achieving gender parity in the industry. They also touch on the growth of climate tech and AI as key areas of investment, with these sectors propping up the funding ecosystem.
Cheryl and Maxine express cautious optimism for the year 2024, noting the need for continued creativity and resilience in the face of challenges. They also highlight the importance of addressing issues of behaviour and inclusivity in the startup ecosystem.
Key TakeawaysChallenges in the Startup Ecosystem (2023): The year was marked by difficulties for many companies in raising funds, with instances of down rounds reflecting a challenging environment for the startup ecosystem.Resilience of Founders: Success in these tough times was often attributed to the resilience and determination of founders, who demonstrated the ability to navigate through the demanding market conditions effectively.Funding for Female Founders: While there was a notable increase in funding for female founders, reaching a historical high, the conversation acknowledges that more efforts are necessary to achieve gender parity in funding.Growth of Climate Tech and AI: Both climate tech and AI emerged as standout sectors, drawing significant investments and spearheading innovation despite the broader economic challenges.Outlook for 2024: The year ahead is approached with cautious optimism. The emphasis is on the necessity for ongoing creativity and resilience to address and overcome upcoming challenges.
Quotes- "I think ingenuity was a real theme. I'm excited to dive in today, obviously. Tis the season to be reflecting." - Cheryl Mack
- "The founders that survive this are the ones that we are so excited to back as investors." - Maxine Minter
- "I think optimism and holding on to a sense of optimism won this year. Pairing it with creativity, also really effective." - Maxine Minter
- "I think 2024 is looking cautiously optimistic. Cautiously optimistic." - Maxine Minter
Chapters00:05 - Introduction to the podcast
00:25 - Reflecting on the year and the challenges faced
02:02 - Difficulty of raising funds and the resilience of founders
04:32 - Founders' determination to survive and adapt
05:08 - Employment Hero becoming a unicorn
06:31 - Tentative re-entry of international investors into the Australian ecosystem
07:38 - Gap between top founders and average deals narrowing
08:49 - Overpaying in the early stages of funding
09:05 - Australian tech facing criticism from the media
10:46 - Turning point in sentiment with SVB collapse and Milk Run
11:18 - Discussion about the impact of FTX and Sam Bankman-Fried's sentencing
12:13 - AI and climate tech propping up the funding industry in 2023
13:56 - AI adoption curve and its impact on the legal tech industry
15:01 - Tight capital environment in Q1 and Q2 of 2023
15:32 - Increase in interest and funding for climate tech
17:10 - Rise of climate tech-focused funds in Australia
18:19 - Lack of AI-focused funds in Australia
20:06 - Creativity in funding and rise of professionalized fund management
21:30 - Optimism about more fund raising in 2024
21:52 - Increase in funding for female founders, but still low overall
22:33 - Matching population demographics
22:48 - Lack of data on women-led...

🌶️🌶️🌶️🌶️🌶️ episode. Yaniv and Chris are fired up about bad VC investors, and they can't hold it in any longer!
Good Venture Capitalists help founders make the impossible, possible. They are the fuel that allows rocketships to defy gravity.
But bad VC investors will take a founder's dream and grind it into dust.
In this episode, Chris and Yaniv share the ways in which bad investors often undermine a founder's ability to pursue their vision. They then share tips how as a founder to look out for and defend against this type of "dumb money" investor, and how to show traction that is beyond just revenue.
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Mentioned in this episode:
This episode is sponsored by NTP
This episode is sponsored by NTP

NTP is the technology recruitment company that values community and who are invested in seeing the growth of Australia's local tech community.


This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy
Podder - https://www.podderapp.com/privacy-policy

This special bonus episode was recorded live at Fishburners as part of the Spark Festival in October 2022, to celebrate the launch of The History of the Australian Startup Ecosystem documentary. The event included a panel of eight guests, each representing a different corner of the startup ecosystem:
 - Malcolm Turnbull, former Prime Minister
 - Michelle Deaker, Founding Partner of OneVentures 
 - Larry Marshall, CEO of CSIRO 
 - Marina Wu, Co-founder of Earlywork 
 - Niki Scevak, Co-founder of Blackbird
 - Cheryl Mack, CEO of Aussie Angels 
 - Preethi Mohan, Founder of Niceto 
 - Alan Jones, General Partner at M8 Ventures
 - Panel host: Simon Thomsen, editor of Startup Daily
The episode also includes a short panel with members of the Day One.FM team, Adam Spencer, Andy Jones and William Tjo, in which they discuss the creation of the documentary. 
Mentioned in this episode:
NTP Technology Recruitment Company
NTP is the technology recruitment company that values community and who are invested in seeing the growth of Australia's local tech community.


This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy
Podder - https://www.podderapp.com/privacy-policy

What does the future hold for the Australian startup ecosystem? After five episodes focused on the past, this episode will finally be tackling that question and look towards the future. What are our unique strengths and weaknesses as a country? What are the key challenges and opportunities we face?
From investors, to academics, to government, to corporates and finally, to entrepreneurs - we highlight a variety of perspectives, looking at the individual roles each of us can play. Regardless of what seat we occupy on the bus, there is a place for people of all backgrounds in Australia’s startup community.
This series was made possible by our sponsors and partners.
Thanks to MYOB, AWS Startups, Investment NSW & CSIRO. 
We would like to acknowledge our earliest sponsors who decided to get involved with this story when it was just an idea on a piece of paper. 
Special thanks to UTS Startups & Murray Hurps for being our first sponsor, Western Sydney University’s LaunchPad and the Guild of Entrepreneurs.
ANSTO, Canberra Innovation Network, Curtin University, University of South Australia, LaunchVic, The South Australian Government's Department of Industry, Innovation & Science, The University of Adelaide’s ThincLab, The University of Newcastle’s Integrated Innovation Network, Flinders University’s New Venture Institute, UNSW Founders, UQ Ventures & James Cook University.
And to our promotional partners who have helped get this series in front of the startup community.
Startup Daily, Fishburners, Spark Festival, River City Labs, Stone & Chalk and Spacecubed.
Mentioned in this episode:
NTP Technology Recruitment Company
NTP is the technology recruitment company that values community and who are invested in seeing the growth of Australia's local tech community.


This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy
Podder - https://www.podderapp.com/privacy-policy

Episode 5 begins during the onset of the Coronavirus Pandemic which disrupted every facet of life as we knew it. As lockdowns and other measures were enacted throughout the country, different markets and industries were affected in different, and sometimes unexpected ways.
We explore the good, the bad and the ugly, looking at the unprecedented ways in which the Australian startup ecosystem grapples with the global pandemic. From frozen immigration and talent, to remote working and digitisation, to impacts on diversity and much more, finally bringing our story to the present day. We briefly look at the identity of our startup ecosystem and current, ongoing events.
This series was made possible by our sponsors and partners.
Thanks to MYOB, AWS Startups, Investment NSW & CSIRO. 
We would like to acknowledge our earliest sponsors who decided to get involved with this story when it was just an idea on a piece of paper. 
Special thanks to UTS Startups & Murray Hurps for being our first sponsor, Western Sydney University’s LaunchPad and the Guild of Entrepreneurs.
ANSTO, Canberra Innovation Network, Curtin University, University of South Australia, LaunchVic, The South Australian Government's Department of Industry, Innovation & Science, The University of Adelaide’s ThincLab, The University of Newcastle’s Integrated Innovation Network, Flinders University’s New Venture Institute, UNSW Founders, UQ Ventures & James Cook University.
And to our promotional partners who have helped get this series in front of the startup community.
Startup Daily, Fishburners, Spark Festival, River City Labs, Stone & Chalk and Spacecubed.
Mentioned in this episode:
NTP Technology Recruitment Company
NTP is the technology recruitment company that values community and who are invested in seeing the growth of Australia's local tech community.


This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy
Podder - https://www.podderapp.com/privacy-policy

This episode kicks off in September 2015, when Malcolm Turnbull was elected as the 29th Prime Minister of Australia. Unveiling the National Innovation and Science Agenda as the cornerstone of his "Ideas Boom", we unpack the contents of this policy and explore the myriad of ways it impacted the startup ecosystem.
The Australian startup ecosystem continued to enjoy significant growth in the second half of the 2010’s. We look at the increasing visibility of startups during this time, the establishment of prominent diversity and impact-focused organisations, startup conferences and many more.
This series was made possible by our sponsors and partners.
Thanks to MYOB, AWS Startups, Investment NSW & CSIRO. 
We would like to acknowledge our earliest sponsors who decided to get involved with this story when it was just an idea on a piece of paper. 
Special thanks to UTS Startups & Murray Hurps for being our first sponsor, Western Sydney University’s LaunchPad and the Guild of Entrepreneurs.
ANSTO, Canberra Innovation Network, Curtin University, University of South Australia, LaunchVic, The South Australian Government's Department of Industry, Innovation & Science, The University of Adelaide’s ThincLab, The University of Newcastle’s Integrated Innovation Network, Flinders University’s New Venture Institute, UNSW Founders, UQ Ventures & James Cook University.
And to our promotional partners who have helped get this series in front of the startup community.
Startup Daily, Fishburners, Spark Festival, River City Labs, Stone & Chalk and Spacecubed.
Mentioned in this episode:
NTP Technology Recruitment Company
NTP is the technology recruitment company that values community and who are invested in seeing the growth of Australia's local tech community.


This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy
Podder - https://www.podderapp.com/privacy-policy