How VCs Really Assess AI Startups | Cheryl Mack, Maxine Minter and Georgie Healy

Win $2,000 in credits with the Day One Network — take our 2-minute audience survey before 30 June: dayone.fm/surveyEpisode SummaryIn this crossover episode of First Cheque and In The Blink of AI, Cheryl Mack (Aussie Angels) and Maxine Minter (Co Ventures) team up with host Georgie Healy to unpack how investors are thinking about AI, beyond the hype. From pitch decks to product demos, they reveal the frameworks and gut checks they use to spot real value in AI startups, even when they’re not technical experts themselves.You’ll also get a behind-the-scenes look at how Cheryl and Maxine are integrating AI into their own workflows, not just as investors, but as operators. From using ChatGPT to summarise founder meetings, to leveraging Prompt Cowboy and NotebookLM for due diligence and research prep, they walk through real examples of how AI is saving them time, sharpening decision-making, and helping them stay ahead in deal flow. And yes, we finally answer the question: what is an agent… and does anyone actually have one?Time Stamps02:15 – Are Cheryl and Maxine AI skeptics or advocates?06:00 – What's actually fueling the AI hype?10:45 – Are we in a bubble—or just early in the cycle?16:20 – Valuations, FOMO, and how investors are pricing AI21:00 – What angel investors should look for in AI startups27:30 – AI’s biggest red flag: When it all just sounds like magic31:00 – Are agents real or is everyone faking it?36:40 – AI in venture workflows: What Maxine actually automates41:30 – The real power of personal brand in VC44:50 – How Cheryl preps for founder calls with Google NotebookLM49:00 – Weekly AI hacks: From flat lays to voice-mode strategy sessions52:10 – Founder FOMO: Prompt Cowboy, Juno, and other hot startups54:00 – The case for non-technical founders in AI58:00 – Are one-person billion-dollar startups real?Resources😇 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: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/peartreeFirst 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 1Angel Academy - Best online angel investing course in Australia and New ZealandDon't forget to check out the best online angel investing course in Australia and New Zealand, Angel Academy. It's fun, engaging, and packed full of insights from experienced investors to help you get started or level up your angel investing, visit www.venture.academy February 2025 - Angels AcademyThis 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/