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!

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

Mozilla 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.

Vanta: Join 7,000 global companies like Atlassian and Dovetail that use Vanta to build trust and prove security in real time.

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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.

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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.

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

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.

Vanta: Join 7,000 global companies like Atlassian and Dovetail that use Vanta to build trust and prove security in real time.

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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.

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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!

00:00 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.

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

No-Code Tools:

• Airtable

• Notion

• Softr

• Pory

Heaps Normal

Eucalyptus – Guide to Employee Share Options (ESOP)

Cake Equity – Equity and ESOP Calculator

Vanta: Join 7,000 global companies like Atlassian and Dovetail that use Vanta to build trust and prove security in real time.

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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

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