What we look for

Extraordinary founders & team

The earlier the stage of the company, the more critical the founders’ background, temperament and experience becomes. Founder “fall out” or poor performance is perhaps the highest risk for early stage startups. We look for:

  • Intellectual firepower and a voracious appetite to learn, unimpeded by emotional barriers
  • People we think we will enjoy working with and whose integrity we trust
  • A good track record of achievement, and ideally, a good university and previous experience as founder(s)
  • The passion, commitment, tenacity and resilience to battle through challenges and make the business work
  • Interpersonal skills; people who can engage people in realising their vision, work well with others and resolve conflicts
  • Ideally founders will have experienced the pain point their business is “solving” – at minimum they will have a deep understanding of customer needs and wants
  • Skin in the game – founders have significantly invested and are working full time or planning to soon

Scaleability

  • A real pain point or problem, which ideally, a founder has experienced
  • An effective solution with a competitive edge
  • A product or service that customers love and for which they are or will be willing to pay for
  • Scaleability; a huge global market

Terms for growth

  • Fair protections for investors including, founder retention provisions, 1x liquidation preference and follow on rights
  • Fair valuation
  • Terms which will incentivise founders & not impede future funding

Innovation

Innovative and strong technology giving the business a significant advantage over competition. Our technology expert performs technical due diligence.

Traction

We prefer to see some traction or at least an MVP, but we recognise that the highest returns can be made investing at a low valuation, often pre-traction; in these cases, though, the founder must have a strong track record and validation that customers will love their product.

Purpose

Making the world better in some way, even if this is just increasing efficiency. We do not invest in anything that is likely to cause harm to people (e.g. gambling, tobacco, alcohol) or the environment.