First Cheque

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First Cheque

First Cheque is dedicated to open-sourcing conversations with experienced investors globally. Our aim? To enhance the craft of early-stage investors, from those writing their first cheques to the veterans in the game. First Cheque is supported by our wonderful sponsors: 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/vanta Rocking Horse: Rocking Horse helps startups access their R&D tax rebate early. Get up to $3M in non-dilutive finance, solve cash flow challenges, and accelerate growth. Easy application, fast approval. Smart investment for innovative startups. https://dayone.fm/rockinghorse 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 Hosted by Cheryl Mack & Maxine Minter, First Cheque is a Day One show. Day One is the podcast network dedicated to founders, investors, and operators. Tune in for an enriching experience as we uncover the secrets to becoming a skilled early-stage investor. First Cheque on Day One https://dayone.fm/shows/first-cheque Sign up to get your weekly insights into the inner workings of early-stage investing. https://dayone.fm/newsletter/ 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/

  1. How James Tynan from Square Peg Invests in EdTech

    APR 6

    How James Tynan from Square Peg Invests in EdTech

    Episode Summary:In this episode of First Cheque, Cheryl and Maxine sit down with James Tynan of Square Peg to explore why EdTech might be one of the most misunderstood (and underinvested) sectors in venture capital. James recounts his early days bootstrapping a startup in Australia’s tough 2001 tech climate, and the lessons he took with him to Khan Academy—where he witnessed firsthand how technology, when done right, can revolutionise education. Together, they dive into the massive shifts happening in learning today: how kids are skilling up at breakneck speed thanks to platforms like Scratch, YouTube, and AI tutors; why the “Prussian model” of schooling persists; and where personalisation, assessment, and vocational learning could unlock new investment opportunities. James also offers candid advice for early-stage investors trying to spot the next breakout idea in an era of AI-fueled growth—and shares why stepping away from the “prestige path” (like skipping Stanford) was one of his biggest and bravest decisions. Whether you’re an EdTech founder, an investor, or just intrigued by how fast education is evolving, this episode is a must-listen. Key Takeaways:00:00 – Intro 02:16 – James’s first big bet – Starting a company in Australia’s early 2000s “hellscape” and the lessons learned 07:18 – Why MOOCs weren’t the answer – The early EdTech hype, misconceptions about online courses, and how Khan Academy did things differently 11:12 – Assessment as the control point – How exams and credentials shape mainstream education and what might disrupt that model 15:08 – AI’s impact on education – Could personalized, AI-driven learning (and cheating) force schools to rethink how we test knowledge? 18:20 – Kids, dopamine, and the next-gen learning paradox – Balancing entertainment and deep learning, and why “edutainment” rules 24:00 – VC skepticism vs. reality – Why it’s so hard to invest in K–12 EdTech, and where vocational and adult learning might be more promising 32:00 – Rapid AI adoption – From legal tech to healthcare, how ambient tools are skyrocketing and what it means for founders 37:00 – Wedges, moats, and growth – The playbook for AI startups moving from “just a feature” to a sustainable product 42:00 – James’s “big kahunas” moment – Choosing Khan Academy over Stanford and why walking away from “prestige” can change everything 47:07 – Wrap-up – The future of EdTech, AI’s role, and parting wisdom for founders and investors Resources MentionedJames Tynan on LinkedIn – Partner at Square Peg and former operator at Khan Academy. - https://www.linkedin.com/in/james-tynan-ba54b93/ Square Peg – The VC firm James Tynan is a Partner at. - https://www.squarepeg.vc/ Khan Academy – Free world-class education for anyone, anywhere. College Board + Khan Academy Partnership – Free SAT and AP test prep. Ambience Healthcare – AI for clinical documentation and patient notes. Harvey AI – Legal AI platform disrupting law firm workflows. Sponsors:First Cheque is supported by our wonderful sponsors:Vanta automates up to 90% compliance, getting you audit-ready quickly and saving you up to 85% of associated costs. Join 10,000 global companies like Cipherstash, Handle and Indebted that use Vanta to build trust and prove security in real-time. Get 10% off http://dayone.fm/vanta/cheque 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

    53 min
  2. Crafting Your Investment Thesis: How to Decide What to Invest In

    MAR 23

    Crafting Your Investment Thesis: How to Decide What to Invest In

    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:Vanta automates up to 90% compliance, getting you audit-ready quickly and saving you up to 85% of associated costs. Join 10,000 global companies like Cipherstash, Handle and Indebted that use Vanta to build trust and prove security in real-time. Get 10% off http://dayone.fm/vanta/cheque 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: Angel Academy - Best online

    47 min
  3. Decoding Startup Investment: SAFE Notes, Convertible Notes & Priced Rounds

    MAR 9

    Decoding Startup Investment: SAFE Notes, Convertible Notes & Priced Rounds

    Episode Summary:Understanding how to invest in startups requires more than just writing a cheque. Cheryl and Maxine break down the legal structures behind startup investing, covering SAFE notes, convertible notes, and priced rounds. Whether you're a seasoned investor or just starting out, this episode unpacks the key terms, investor-friendly vs. founder-friendly clauses, and the risks involved. They discuss the evolution of SAFEs, why they've become the dominant structure in early-stage funding, and the critical differences between pre-money and post-money SAFEs. Plus, they explore the role of pro-rata rights, most favoured nation (MFN) clauses, and side letters—so you don’t get caught off guard in your next deal. If you’ve ever wondered how to protect your equity position, when to push back on certain terms, or what legal documents you’ll actually be signing, this episode is your investor cheat sheet. Key Takeaways:00:00 – Why startup investment structures matter 01:45 – SAFE notes, convertible notes, and priced rounds explained 03:47 – How founders raise money: equity vs. debt 06:21 – The documents you’ll sign in a priced round 10:22 – Do startups need a constitution? Red flags to watch for 14:29 – Side letters: What are they, and should you be worried? 19:08 – Pro-rata rights & why they matter for investors 22:23 – Most Favoured Nation (MFN) clauses explained 30:27 – Pre-money vs. post-money SAFEs: Which one is better? 38:03 – Why valuation caps and discounts can be a double-edged sword 43:53 – Investor-friendly vs. founder-friendly terms: What’s fair? Resources- A Deep Dive into ECIS, ESVCLP, and Investment Strategies - https://open.spotify.com/episode/1Agiu4dskF53m6DBZgXitD?si=KFeAlY_wTjSwOWfRMiiQFA - 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:Vanta automates up to 90% compliance, getting you audit-ready quickly and saving you up to 85% of associated costs. Join 10,000 global companies like Cipherstash, Handle and Indebted that use Vanta to build trust and prove security in real-time. Get 10% off http://dayone.fm/vanta/cheque 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: Aussie Angels - the preferred fund and syndicate admin platform for emerging managers in Australia Show 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.com February 2025 - Aussie Angels November 2024 - Galah Cyber FC Vanta Ad...

    1 hr
  4. Mastering Fund Cycles: How VCs Raise, Invest & Exit

    FEB 23

    Mastering Fund Cycles: How VCs Raise, Invest & Exit

    Episode Summary:In this episode of First Cheque, hosts Cheryl and Maxine dive deep into the complexities of fund cycles, providing invaluable insights for emerging fund managers and entrepreneurs alike. They discuss the key aspects of raising and deploying funds, including the significance of understanding the timing and structure of fund cycles. Cheryl emphasises the importance of recognising that announcements of fundraising often indicate the beginning of the fundraising process rather than immediate capital deployment. Maxine elaborates on the differences in fund management strategies, particularly in Australia, where choices about fund structures, like ESVCLP (Early Stage Venture Capital Limited Partnership), can influence tax benefits and administrative requirements. The hosts also touch on the challenges faced by fund managers, such as the necessity to maintain liquidity and the common practice of deploying smaller checks to riskier companies at the start of a fund’s lifecycle, while gradually shifting to larger, safer investments as the fund matures. Throughout the conversation, they highlight the importance of planning for exits, the dynamics of raising subsequent funds, and the need for flexibility, especially within micro funds. They conclude by encouraging fund managers to be diligent in their planning to ensure success and sustainability in their investment journeys. This episode serves as a comprehensive guide for anyone looking to navigate the intricate world of venture capital and fund management. Time Stamps:00:00 – Introduction: Why fund cycles matter for investors & founders 01:21 – Who this episode is for: Emerging fund managers & startup founders 03:23 – Understanding fund cycles: Raising, deploying, and exiting 05:48 – The reality of raising a fund: Why it takes 12-24 months to close 09:35 – Deployment periods: How VCs decide when and where to invest 12:34 – The risk of running out of money—how fund managers avoid this mistake 16:57 – Fund sizes & check sizes: Why $50M is a magic number in VC 21:09 – Micro VCs vs. bigger funds: How different strategies impact returns 25:14 – Opportunity funds: When fund managers double down on winners 30:08 – The importance of liquidity planning and secondaries in VC 37:17 – Exits: How and when fund managers start planning for returns 43:59 – Final thoughts: The key takeaways from this episode Resources Mentioned- 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/ - ESVCLP (Early Stage Venture Capital Limited Partnership) – How tax benefits impact Australian VC funds - AFR & Startup Daily – Understanding VC funding announcements in the media - Adverb Ventures (April Underwood) – Case study on fast fund cycles - Australian Super Funds & VC – Why institutional capital is hard to secure - Venture Fund Deployment Data (US vs. Australia) – Insights on how quickly funds deploy capital - Fund Liquidity & Secondaries – How fund managers plan exits when IPOs & M&A slow down Sponsors:First Cheque is supported by our wonderful sponsors:Vanta automates up to 90% compliance, getting you audit-ready quickly and saving you up to 85% of associated costs. Join 10,000 global companies like Cipherstash, Handle and Indebted that use Vanta to build trust and prove security in real-time. Get 10% off http://dayone.fm/vanta/cheque Aussie...

    49 min
  5. Angel Investing 101: How To Not Run Out Of Money

    FEB 9

    Angel Investing 101: How To Not Run Out Of Money

    Episode Summary:In this episode of First Cheque, Cheryl and Maxine dive deep into financial planning for angel investors—how to avoid running out of money, manage liquidity, and strategically deploy capital across investment cycles. If you're an aspiring angel investor wondering how much money you need to start or an experienced investor looking to refine your cash planning strategies, this episode is packed with essential insights. They discuss the importance of staying liquid, diversifying check sizes, and the dangers of deploying too fast. Plus, they break down the realities of payback periods in startup investing, why you shouldn’t expect quick returns, and how power law dynamics shape investment outcomes. Cheryl also shares her personal approach to budgeting for angel investments, alternative funding sources (like self-managed super funds and term deposits), and how investors can avoid the all-too-common mistake of running out of capital too soon. If you want to build a sustainable angel investment strategy, ensure you're making long-term, high-return decisions, and avoid costly mistakes, this is an episode you don’t want to miss! Key Takeaways:00:00 – Introduction: Why budgeting and cash planning are critical for angel investors 01:49 – The golden rule: How not to run out of money when investing 02:37 – Why staying liquid matters: Power law, economic cycles, and risk mitigation 05:15 – Angel investing vs. stock market investing: Why you can't just sell down a position 08:04 – How Cheryl funds her investments: Breaking the myth of needing huge capital 10:00 – Alternative funding sources: Super funds, ETFs, term deposits, and more 13:41 – The importance of knowing your risk tolerance and financial boundaries 17:48 – Varying check sizes: When to double down on winners and how to strategise 23:15 – Why new angel investors should start with consistent check sizes 30:47 – Australian angel success stories: Real returns and lessons from Clarity Pharmaceuticals, Autra, and Instacluster 34:56 – Final takeaways: Planning, patience, and how to build a sustainable angel investing portfolio Resources MentionedAngel Academy – The most comprehensive angel investing course for Australia & NZ: www.venture.academyAussie Angels – Cheryl’s platform for angel investingCoventures – Maxine’s venture capital firmCentral Texas Angel Network (CTAN) – Study on angel investment returnsTechCoast Angels California – Report on long-term angel investing performanceAustralian Angel Success Stories: Clarity Pharmaceuticals – 50x return for early investorsAutra (Agil) – Acquired by Schneider Electric, 91% IRRInstacluster – 63% IRR after acquisition by NetApp Sponsors:First Cheque is supported by our wonderful sponsors:Vanta automates up to 90% compliance, getting you audit-ready quickly and saving you up to 85% of associated costs. Join 10,000 global companies like Cipherstash, Handle and Indebted that use Vanta to build trust and prove security in real-time. Get 10% off http://dayone.fm/vanta/cheque 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,...

    41 min
  6. From Firefox to AI: Mozilla’s Fight for Open Technology

    JAN 26

    From Firefox to AI: Mozilla’s Fight for Open Technology

    Episode Summary:In this episode of First Cheque, Cheryl and Maxine sit down with Laura Chambers, CEO of Mozilla, to dive into the transformative power of open source technology and its role in shaping the future of the internet and artificial intelligence. Laura shares insights on Mozilla’s unique nonprofit structure, the importance of transparency and accessibility in technology, and the critical need for an open AI ecosystem to drive innovation and equity. From the historical impact of open source software like Firefox to the current challenges of balancing ethical AI development with business needs, this conversation is packed with lessons for early-stage investors and tech enthusiasts alike. Laura also provides an inside look at Mozilla Ventures and the Builders Program, which are supporting the next wave of open-source innovators. Whether you're an investor, founder, or just curious about the future of tech, this episode is a must-listen! Time Stamps:00:00 – Introduction to the episode and Laura Chambers 02:06 – The origin story of open source and Mozilla’s role in internet history 07:22 – Netscape, Firefox, and the fight for an open internet 11:05 – The challenges of keeping AI open in a world of closed ecosystems 15:19 – Why open source innovation accelerates progress 19:12 – Addressing the misconceptions of open source and its role in AI safety 23:18 – The potential societal impacts of closed vs. open AI 29:34 – Insights into Mozilla Ventures and the Builders Program 35:01 – Why transparency and accountability are essential in AI development 41:16 – How open AI can empower underrepresented communities globally 47:20 – Laura’s biggest lessons as a leader in tech and her vision for Mozilla’s future Resources MentionedMozilla Ventures: Supporting startups focused on privacy, AI, and open source innovation. Mozilla Builders Program: Investing in and mentoring early-stage entrepreneurs building ethical tech solutions. Harvard University Study: Open Source Software’s $8 Trillion Economic Impact A study on the global economic value created by open source technology. Anthropic Report on Bias in AI: Research highlighting the impact of bias and the importance of transparency in AI models. Sponsors:First Cheque is supported by our wonderful sponsors:Vanta automates up to 90% compliance, getting you audit-ready quickly and saving you up to 85% of associated costs. Join 10,000 global companies like Cipherstash, Handle and Indebted that use Vanta to build trust and prove security in real-time. Get 10% off http://dayone.fm/vanta/cheque 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 a href="https://dayone.fm/newsletter" rel="noopener...

    57 min
  7. Liquidity Talks: The Future of IPOs and M&As

    JAN 12

    Liquidity Talks: The Future of IPOs and M&As

    Episode Summary:In this episode of First Cheque, hosts Cheryl and Maxine delve into the critical topic of liquidity within the venture capital ecosystem. They explore why IPOs (Initial Public Offerings) and M&A (Mergers and Acquisitions) are essential for investors and startups alike. The conversation covers the current state of the IPO market, the challenges of companies staying private longer, and how these factors impact investment strategies and returns. They also discuss the role of secondaries as a solution to liquidity issues, the potential effects of proposed regulatory changes in Australia, and the importance of proactive engagement from the tech community to address these challenges. Cheryl and Maxine offer insights into navigating the evolving landscape, emphasising the need for transparency, standardisation, and inclusive wealth creation in the venture space. Key Takeaways:00:00 - Introduction to Cheryl and Maxine; overview of the episode 01:03 - Discussion on liquidity, IPOs, and M&A in the venture ecosystem 02:07 - Defining liquidity, IPOs, and M&A for the audience 05:21 - Importance of IPOs in venture capital and why they matter 09:30 - Impact of the health of IPO markets on investment strategies 14:56 - Investment strategies during different market cycles; being contrarian 16:14 - Exploring opportunities in secondaries amidst liquidity challenges 21:13 - Reasons companies are staying private longer; regulatory influences 26:43 - Regulatory clampdown on M&A and its effects on the tech ecosystem 31:45 - Closing remarks; encouraging solutions for liquidity issues Resources Mentioned:SecondQuarter Ventures: An Australian secondary fund involved in facilitating liquidity through secondaries. Airtree Ventures and Canva: Airtree's secondary transaction involving Canva as an example of internal liquidity solutions. Instacluster: An Australian company acquired by a U.S. firm, highlighting international M&A activity. Mr Yum and me&u: Example of Australian companies merging to navigate market challenges. Australian Securities Exchange (ASX): Discussed as an option for listing, particularly for small-cap companies. Jim Chalmers: Australian Treasurer proposing reforms on M&A regulations that could affect the tech ecosystem. Tech Council of Australia (TCA): Suggested as a body to engage with and advocate on behalf of the tech community regarding regulatory changes. Sponsors:First Cheque is supported by our wonderful sponsors:Vanta automates up to 90% compliance, getting you audit-ready quickly and saving you up to 85% of associated costs. Join 10,000 global companies like Cipherstash, Handle and Indebted that use Vanta to build trust and prove security in real-time. Get 10% off http://dayone.fm/vanta/cheque 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: a...

    37 min
  8. 2024’s Most Downloaded Episode: Startmate CEO Michael Batko’s Investment Secrets (Replay)

    12/29/2024

    2024’s Most Downloaded Episode: Startmate CEO Michael Batko’s Investment Secrets (Replay)

    Episode Summary:In this special replay of our most popular episode of the year, Cheryl and Maxine sit down with Michael Batko, CEO of Startmate, to explore the transformative power of early-stage investing and community-driven entrepreneurship. From hardware startups to non-alcoholic beer companies, Batko shares how Startmate pushes boundaries, backs ambitious founders, and builds a thriving startup ecosystem in Australia and New Zealand. Discover how Startmate evolved from software-focused investments to a diversified portfolio across industries, leveraging the collective power of mentors and founders. Gain practical insights into crafting investment theses, fostering innovation, and redefining venture capital through collaboration and bold thinking. Whether you’re revisiting this conversation or tuning in for the first time, get ready for plenty of actionable advice and behind-the-scenes stories that shaped one of our most downloaded episodes of 2024. Enjoy the replay! Time Stamps00:00 Introduction and background on Michael Batko and Startmate. 02:36 Startmate’s investment thesis and evolution into hardware and non-traditional startups. 07:59 The role of community and mentors in early-stage investing. 14:19 Insights into the Continuity Fund and its benefits for alumni companies. 23:09 The importance of equity and carry in the Australian startup ecosystem. 34:09 Startmate’s unique approach to portfolio construction and decision-making. 42:07 Lessons learned from non-consensus investments like Heaps Normal. 48:36 Michael Batko’s "Big Cojones" moment and reflections on bold decisions. Notable Quotes:1. "It’s not about what’s probable; it’s about what’s possible." – Michael Batko 2. "Backing the hungry, not the proven, is at the heart of what we do." – Michael Batko 3. "Would you want to work for this founder? That question reveals everything." – Michael Batko 4. "The biggest mistake in VC isn’t losing money—it’s missing the one company that could be massive." – Michael Batko 5. "Startmate is built on two core principles: giving the community a job and skin in the game." – Michael Batko Resources MentionedNo-Code Tools: • Airtable • Notion • Softr • Pory Heaps Normal Eucalyptus – Guide to Employee Share Options (ESOP) Cake Equity – Equity and ESOP Calculator Sponsors:First Cheque is supported by our wonderful sponsors:Vanta automates up to 90% compliance, getting you audit-ready quickly and saving you up to 85% of associated costs. Join 10,000 global companies like Cipherstash, Handle and Indebted that use Vanta to build trust and prove security in real-time. Get 10% off http://dayone.fm/vanta/cheque 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 - Rocking Horse FC Vanta Ad March 2025_02 FC Vanta Ad March

    54 min
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First Cheque is dedicated to open-sourcing conversations with experienced investors globally. Our aim? To enhance the craft of early-stage investors, from those writing their first cheques to the veterans in the game. First Cheque is supported by our wonderful sponsors: 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/vanta Rocking Horse: Rocking Horse helps startups access their R&D tax rebate early. Get up to $3M in non-dilutive finance, solve cash flow challenges, and accelerate growth. Easy application, fast approval. Smart investment for innovative startups. https://dayone.fm/rockinghorse 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 Hosted by Cheryl Mack & Maxine Minter, First Cheque is a Day One show. Day One is the podcast network dedicated to founders, investors, and operators. Tune in for an enriching experience as we uncover the secrets to becoming a skilled early-stage investor. First Cheque on Day One https://dayone.fm/shows/first-cheque Sign up to get your weekly insights into the inner workings of early-stage investing. https://dayone.fm/newsletter/ 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/

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  • Channel
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  • Creator
    DayOne.fm
  • Years Active
    2023 - 2025
  • Episodes
    41
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    © Copyright 2025 DayOne.fm
  • Show Website
    First Cheque

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