Win $2,000 in credits with the Day One Network — take our 2-minute audience survey before 30 June: dayone.fm/survey Episode Summary:Having a clear investment thesis helps you make better decisions, improve your deal flow, and maximise your returns. Cheryl and Maxine break down exactly what an investment thesis is, why it matters, and how to structure one that fits your risk appetite, interests, and long-term goals. They explore the core elements of an investment thesis, including industry focus, stage, business model, and geography. Plus, they highlight key company criteria investors should consider, from strong founding teams and large market opportunities to traction and defensibility. Beyond just what to invest in, this episode also covers how to stand out as an investor, build a strong value proposition, and get access to the best deals. They wrap up with an essential discussion on portfolio construction, time horizons, and risk management, so you don’t run out of money before your portfolio has a chance to deliver returns. If you're looking to sharpen your investing strategy and back better startups with confidence, this episode is a must-listen. Key Takeaways:00:00 – Introduction: Why your investment thesis matters 01:49 – Defining an investment thesis: What it is & why it's essential 04:49 – How to break down your thesis into clear categories 05:16 – Industry focus: Verticals, horizontals, and emerging trends 07:05 – Stage focus: Pre-seed, seed, growth—how to pick your sweet spot 08:24 – Business model focus: B2B SaaS, marketplaces, and beyond 10:01 – Geography: The pros and cons of investing locally vs globally 14:29 – Key questions every investor should ask themselves 17:24 – Company-specific criteria: How to create your investment checklist 22:33 – Evaluating market size and growth potential 25:39 – Pain vs pleasure: Investing in painful problems vs unmet desires 29:54 – Unique or niche theses: Second-time founders, alumni networks, and more 33:46 – Access and deal flow: How to attract great opportunities 38:35 – Understanding your personal risk profile & timeline expectations ResourcesAngel Academy – 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:Deel: Founders scale faster on Deel. Set up payroll for any country in minutes, hire anyone anywhere, and get visas handled fast, so you stay focused on scaling. Deel takes care of onboarding, HR, IT, EOR, benefits, and compliance, so your team can grow without borders. It’s why more than 40,000 fast-growing companies trust Deel to move fast. Visit https://www.deel.com/dayone ___ Pear Tree: Pear Tree helps Australian and New Zealand founders build high-performing offshore teams without the agency middleman. As local hiring becomes more expensive and harder to fill, many operators are turning to offshore talent across engineering, development, marketing, accounting and operations at a fraction of local salary costs. The offshore horror stories you hear usually aren’t a talent problem. They’re the result of outsourcing agencies that overcharge clients while underpaying staff. Pear Tree takes a different approach through a direct, transparent model where your team is paid fairly, fully compliant, and focused entirely on your business. As part of the Day One community, you’ll receive a free team audit to identify where offshore talent could move the needle in your business, plus 20% off your first hire. Learn more at http://dayone.fm/peartree 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: Deel x PX_Script 1 This podcast uses the following third-party services for analysis: Podtrac - https://analytics.podtrac.com/privacy-policy-gdrp Spotify Ad Analytics - https://www.spotify.com/us/legal/ad-analytics-privacy-policy/
