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 Batko2. "Backing the hungry, not the proven, is at the heart of what we do." – Michael Batko3. "Would you want to work for this founder? That question reveals everything." – Michael Batko4. "The biggest mistake in VC isn’t losing money—it’s missing the one company that could be massive." – Michael Batko5. "Startmate is built on two core principles: giving the community a job and skin in the game." – Michael BatkoResources MentionedNo-Code Tools:• Airtable• Notion• Softr• PoryHeaps NormalEucalyptus – Guide to Employee Share Options (ESOP)Cake Equity – Equity and ESOP CalculatorSponsors:First Cheque is supported by our wonderful sponsors:Deel: Global hiring and payroll can be a headache. Deel brings HR, IT and payroll together in one platform, helping companies including Shopify, Revolut and ElevenLabs scale internationally.Ready to expand your business?Build your global team with Deel at 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 1This podcast uses the following third-party services for analysis: Podtrac - https://analytics.podtrac.com/privacy-policy-gdrpSpotify Ad Analytics - https://www.spotify.com/us/legal/ad-analytics-privacy-policy/