Ep150 – Rick Baker (Partner – Blackbird Ventures) on culture, innovation & the rule of no exits

The Startup Playbook PodcastInsights and lessons from the world's best entrepreneurs and investors Twitter Facebook YouTube Instagram Ep150 – Rick Baker (Partner – Blackbird Ventures) on culture, innovation & the rule of no exits June 3, 2021 rohitbhargava Podcast My guest for Ep150 of The Startup Playbook Podcast was the Co-founder & Partner at Blackbird Ventures, Rick Baker. Blackbird is one of, if not the leading Venture Capital Fund in Australia. Since launching in 2012, Blackbird has raised 4 funds for a combined committed capital of $1.24B with an astonishing net internal rate of return of 46.7% for every dollar invested as of June 30, 2020. Their portfolio includes some of Australia’s most iconic companies  such as Culture Amp, Safety Culture and Canva where they own 14% ownership stake, which is by far the largest of any external investor. The overall success of their first fund led them to selling 40% of their fund 1 for $100M, providing a 3x return to all of their LPs. In this interview we discussed: The story behind Blackbird’s first fundWhy Blackbird has a unique rule in backing in only backing founders who are not looking for exitsHow Blackbird’s internal culture and curiosity led to investments in the future of food, space and autonomous vehiclesThe thinking behind Blackbird’s decision to sell 40% of their first fund for $100MWhen and how to reach out to Blackbird for investment& much more! Timestamps 3.03 – Intro to Rick Baker and his background  6.07 – How Rick got connected to his co-founder Niki and they started Blackbird 8.16 – Starting Blackbird during a time when VC was dying in Australia 11.10 – Early days of Blackbird and not paying themselves for the first 18 months 11.53 – What Blackbird looks for in founders and experience working with Baraja 16.00 – Blackbirds goal to be more than just a financial fund by offering connections and other support 17.58 – Blackbirds no exits rule and why they have it21.53 – Shift in founders ambition in Australia since the growth of the startup industry23.12 – Why Blackbird is selling off part of their Fund 126.53 – How Blackbird helps founders to stay motivated, engaged and involved in the business 29.27 – Supporting founders through difficult times 32.50 – The importance of giving constructive feedback35.14 – Building the Blackbird team and the importance of having a solid team for the growth and success of the company 39.24 – Choosing what to invest in and how those decisions have changed from the beginning of Blackbird 41.30 – Maintaining company culture as a team grows 43.50 – Defining the culture at Blackbird45.23 – Looking for opportunities and Blackbirds’ choice to invest in new industries and technologies 49.12 – When is the right time to pitch Blackbird and why it’s never too early 51.53 – The importance of social proof and the ability to bring people on your journey as a founder 53.49 – Getting investment from Blackbird or joining the Startmate Accelerator56.22 – What Blackbird are looking for in new and future investments 59.45 – Where Blackbird is going next 1.02.04 – How to get in contact with Rick and Blackbird Links Mentioned  Ricks Links  Ricks’ LinkedInRicks’ Twitter Blackbird Website Sunrise21 (Blackbird Event)Blackbird EventsBlackbird Contact Form People Mentioned  Niki ScevakFederico Collarte Cibby PulikkaserilCraig BarrattSam Wong Nick Crocker Companies Mentioned MLCAtlassianCampaign MonitorAconexRedbubbleHalf Brick StudiosAustralian Investment Council (AIC)ZooxBarajaCanva Safety CultureCulture AmpStartmate Past Episodes Mentioned  Episode 146 – Federico Collarte Episode 109 – Nick Crocker Special Thanks: Special thanks to Niki Scevak, Federico Collarte and Cibby Pulikkaseril for their help with research for this interview!  Feedback/connect/say hello: [email protected]@RohitBhargava7 (Twitter)/rohbhargava (LinkedIn)@rohit_bhargava (Instagram)My Youtube Channel Credits: Music: Joakim Karud – Dreams Other channels: Don’t have iTunes? The podcast is also available on Spotify, Soundcloud & Stitcher Audio Player. Find all links to the podcast here. https://traffic.libsyn.com/secure/startupplaybook/Ep150_-_Rick_Baker_Partner_-_Blackbird_VC_on_culture_innovation_and_the_rule_of_no_exits.mp3Podcast: Play in new window | Download | EmbedSubscribe: RSS admin January 1, 2014 Reply Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat admin January 1, 2014 Reply Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat admin January 1, 2014 Reply Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. 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