MAP x One Roof Melbourne: The Franklins – Capital Raising Recap

There is an art to the capital raising process, as we learnt at The Franklins dinner on Monday the 13th of November.
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Twenty-one female founders nestled into a cosy and intimate setting at Trunk restaurant in Melbourne’s CBD for a 3 course dinner. The Franklins dinners are MAP’s Female Founders’ Leadership Series. They provide an invite-only opportunity to connect like-minded female founders and to engage in a frank and insightful conversation about a particular topic that is relevant to founders and startups.

At The Franklins dinner on November 13th, co-hosted by MAP and One Roof, the issue in focus was capital raising. Each woman in the room had either been through the process (whether successfully or unsuccessfully), is currently raising funds, or is thinking about it in the near future.

We heard from two guest speakers.

Kate Morris, Founder and CEO of Adore Beauty, started Australia’s first beauty e-commerce site in 1999 from a garage in Melbourne at the age of 21. Starting with just $12,000 and two little known cosmetic companies on board, Adore Beauty has since grown to more than 160 brands, 12,000 products, and hundreds of thousands of customers.

Kerri Lee Sinclair is a successful founder many times over. Having sold her startup to Microsoft in 2007, Kerri Lee now works as the Chief Investment Office: Technology and Innovation for the Kin Group family office. Kerri Lee is a Founding Member of Springboard Enterprises Australia, a non-for-profit that runs an accelerator program focused on accelerating high growth women-led tech companies. Kerri Lee has a strong passion for supporting female founders and is a mentor and advisor to many Australian startups.

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With ‘Chatham House Rules’ in place, we were able to have a very honest conversation which took many different twists and turns. While the rules dictate we cannot share the exact content discussed (#topsecret), we have shared some of our key take-aways in the video and post below:

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  • It always takes longer than expected. Capital raising is a long, slow process, (often longer than 6 months), and will undoubtedly take you away from the core of your business. You need to be prepared for this kind of distraction.
  • Planning, preparation and strategy are paramount. So many people go into the process with their eyes closed. it’s imperative to know why you want investment and who your ideal investors are. There is no value in pitching to everyone and anyone you meet. Men have pitched to Scale Investors even though Scale is an angel investor network that invests in women-led businesses! Learn from these mistakes. Know who you are pitching to – and why.
  • Do you get along with your potential investor to the point that you can enjoy going for a drink with them? Does your potential investor truly understand the industry and market you are in? What does the potential investor bring to the table beyond $$? These are important questions to ask.
  • Know what type of investor and opportunity suits you. We delved into the different types of investors and investment opportunities – comparing venture capitalists to family offices and corporate funding. There were lots of different opinions and experiences to share on this topic. Do your homework.
  • Do you want someone to lead the round? We discussed the benefits of having an investor lead the round, but we also recognised the challenges, particularly in Australia, of finding that lead investor.
  • Know who has your back. A strong supporter that is, literally someone sitting by your side in the negotiations, seemed to be a great tip from those who had been through the process. Kate Morris had her lawyer at every single negotiation with her and she found this invaluable. Who can support you (particularly if you are a solo founder)? A board of advisors can be really helpful in this process.

There is no doubt the process of raising capital is challenging for everyone, but there are sometimes added challenges faced by female founders.

We have no doubt that each and every woman in the room at The Franklins dinner is paving the way to make it easier for other women starting and growing businesses in Australia. There was such a buzz in the room, many important connections were made, and at the end of the night no-one wanted to leave. A clear sign of the success of the night!

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If you would like further information about The Franklins, or MAP’s other initiatives, sign up to our newsletter here. For more information on One Roof, visit melbourne.oneroof.women.com

 


Contributing content from this post was created by Sheree Rubinstein, CEO and Founder of One Roof Melbourne. Learn more about One Roof and see the original version of the post on the One Roof blog here.

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The Franklins: Facing up to the funding gap

The Franklins: Session II (Fundraising)

Why Fundraising?

One of the most challenging aspects of being a founder is fundraising. In particular, female-founded companies face a significant funding gap. In Silicon Valley in 2016, companies founded solely by females accounted for only 3% of the total dollars raised by startups. This is a not a unique issue for the Valley, but is systematic across startup ecosystems around the globe.

A simple search online will deliver copious amounts of information on the subject of fundraising, but the information available is often quite generic or US-oriented. Much of the available resources also focus on the challenges of raising, and can be quite disheartening to founders.

MAP is helping The Franklins to cut through the noise and negativity on the issue of fundraising, by sharing with our founders how it can be done, and how to do it well. By selecting ‘Fundraising’ as the topic of our second Female Founders Leadership Dinner, we provided some much needed Australian and Melbourne-specific advice to our Female Founders seeking to raise.

The Mentors

We all need champions and advocates who support us when we’re feeling low and are the first to celebrate our successes. For startup founders, straight talkers are equally essential. Mentors who can look at you and your business and tell you the truth (versus what you want to hear), while sharing the benefit of their experience, are rare gems. We’re thrilled to welcome two fantastic mentors to The Franklins: Session II:

Kate Morris, CEO & Founder, Adore Beauty

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Kate Morris, founder of Adorebeauty.com.au, started Australia’s first beauty e-commerce site in 1999 from a garage in Melbourne at the age of 21. Starting with just $12,000 and two little known cosmetic companies on board, Adore Beauty has grown to more than 160 brands, 12,000 products, and annual turnover of $24m. A university job on the cosmetic counters led Kate to realise that most women found department stores intimidating and unpleasant. Kate was inspired to create a disruptive beauty shopping experience that empowered consumers.

Kate was awarded the Business Innovation Award for Victoria at the Telstra Business Women’s Awards in 2014, and was inducted into the Australian Businesswomen’s Network Hall of Fame in 2015. Adore Beauty has also been awarded places on high performance lists such as Deloitte’s Tech Fast 50 Australia, Tech Fast 500 Asia-Pacific and the SmartCompany Smart50.

Kerri Lee Sinclair, Chief Investment Officer: Technology & Innovation, Kin Group

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Kerri Lee has over 15 years experience working across the high-growth eco-system, from co-founding her own startup, to working with some of Australia’s leading tech businesses, including Intelematics and Aconex.

She recently has moved into leading technical investment/venture capital in a family office. An alumnae of the Springboard program in 2000, she has been involved since the early days of the program being in Australia, and sits on the Board.

Kerri Lee is a MAP mentor and is also an Innovation Expert on the Victorian Government’s Innovation Expert panel.

Host Partner

MAP is proud to partner with One Roof Melbourne to deliver The Franklins: Session II (Fundraising).

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One Roof is Australia’s leading co-working space dedicated to women-led businesses and is currently home to 78 businesses at different stages and across an extensive array of industries. One Roof provides everything a woman-led business needs to thrive including office space, tailored business support and a daring, disruptive and passionate community, all under one roof.

sheree-rubenstien.pngJoining us from One Roof is co-founder, Sheree Rubinstein. Inspired by the difficulties she faced when making the decision to leave a stable and financially secure job, Sheree subsequently co-founded One Roof Coworking, a place where she can now provide other aspiring entrepreneurs with the professional support and inspiration women in business need to thrive. Driven by her ambition to close the gender gap in entrepreneurship, Sheree curates and facilitates One Roof’s mentoring programs that support other female entrepreneurs to succeed. She was recently a Victorian finalist in the Telstra Business Women’s Awards.


Participation in The Franklins is by invitation only. If you would like to be considered, please contact Lisian Teh, Development Manager.

The Franklins: Growing pains and pleasures

The Franklins: Session I (Growth)

Why Growth?

A defining characteristic of a startup (as opposed to a small business) is the focus on scalability, and inevitably, growth. The exact conditions and steps taken to achieve growth, however, are a common challenge shared by many startup founders. Once a startup has achieved product-market fit, what comes next?

For the first session in The Franklins, MAP’s Female Founders’ Leadership Series, we set out to address this topic with our founders – many of whom run established startups with international reach, but who may be considering how to sustain their growth in the long run, or how the decisions they make today, impact on the future of their business (and personal life) in years to come.

In the startup ecosystem, women in the middle can sometimes feel left out – but it as this point that they’re often in the midst of tremendous growth as leaders and as business owners. There is incredible support for businesses that are just starting out, and recognition flows steadily to a select number of female leaders in technology or media sectors, so we have made a conscious effort to acknowledge, support and share our learnings with the women doing the hard yards between ‘startup’ and ‘success’.

Post product-market fit, as a startup transforms into a business, culture changes, new processes are required, and hiring and firing challenges present themselves. This transition can be tough on the business, and especially taxing on the founders. By giving The Franklins some positive role modelling and a reference group of fellow female founders at similar stages in their businesses, we hope to make a small contribution to their journey. We felt it was critical to provide these women on the front line with some timely growth advice, and in turn, we hope that they will share their learnings within their own networks, as we share it here with you.


Our Mentor

For the first session in our Female Founders’ Leadership Series, we wanted to introduce The Franklins to an experienced founder who would share their advice for growing a sustainable business (and global empire), but who has also balanced aggressive growth with a consistent vision, a desire to create true impact, and a commitment to quality and leadership. Encouraging everyone to play to their individual strengths and stay focused on their own game, the delightful Amanda Coote shared her learnings with our lucky founders.

Amanda Coote, Entrepreneur & Angel Investor, Co-Founder, Forever New

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Amanda is the co-founder of Australian fashion retailer Forever New. She led the company for the first seven years as Managing Director – from conception of vision and business plan in 2005, to start-up in January 2006, then through prolific growth into 8 countries with 2,500 employees and over 300 stores.

In 2013 Amanda established Forever New’s corporate responsibility programme and philanthropic foundation, supporting YGAP and Save the Children. In 2014 she established the Forever New Scholarship at RMIT University, awarding one scholarship in 2014 and two in 2015.

Amanda exited Forever New in August 2015 to complete her Masters degree and pursue her interests in social enterprise, start ups and angel investing. Together with the Wade Institute, Amanda established the first Impact Entrepreneurship Scholarship for candidates entering the Master of Entrepreneurship degree at The University of Melbourne. Amanda has been a MAP mentor since 2014 and is a leading advisor on MAP’s Impact Entrepreneurship initiatives.


Host Partner

MAP is proud to partner with Scale Investors to deliver The Franklins: Session I (Growth).

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Scale helps investors and entrepreneurial women to connect, invest and succeed. Founded in March 2013, Scale is a female focused angel investor network. The founding members of Scale are women, but they welcome and include men who share their vision of maximising returns by supporting early stage businesses that value gender diverse leadership.

amanda-derham.pngRepresenting Scale Investors is Amanda Derham, Co-CEO (Interim). Amanda is an experienced director, business owner and investor of more than 30 years having worked in mining, dairy manufacturing and financial services who believes in the power of innovation. Amanda has a background in marketing and communications and is currently a director of Anglicare Victoria Inc. and a Life Member of the Museum of Victoria. Amanda’s previous directorships include VLine Pty Ltd, Burra Foods Australia Pty Ltd, Golf Victoria Inc, and the Scotch College Foundation.


From The Franklins

“I just wanted to say a big thank you for inviting me to the dinner. It was so lovely to hear from Amanda Coote and Amanda Derham and to be surrounded by so many like-minded female entrepreneurs!” – Valeria Ignatieva, DCC Jobs

“Amanda Coote said “to succeed you need to be a little bit scared and a hell of a lot excited about what you’re doing”. I’ve just put that on a post-it note on my wall” – Christie Downs, Handdii

“A HUGE thank you for tonight’s event – truly inspirational and it was so great to meet so many talented women, and also to hear insights from Amanda Coote and Amanda Derham!” – Anna Reeves, That Startup Show


Participation in The Franklins is by invitation only. If you would like to be considered, please contact Lisian Teh, Development Manager.

Welcome to The Franklins: Female Founders on the front line

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MAP’s Female Founders’ Leadership Series (The Franklins) offers mentoring, introductions and practical entrepreneurial education for up to 60 high-potential female entrepreneurs each year. The series is designed to motivate, inspire and connect Australia’s ambitious female founders, helping them to address the challenges of scaling and sustainability.

The Franklins is for women who are disrupting industries, thinking BIG, and making an impact.

We look forward to sharing the stories of our female founders (#FF) in the next few months as we bring together an incredible group of women to support each other, learn and reflect across a series of intimate dinners.

By sharing success stories of female founders, we can encourage other women. By discussing our challenges, we gain perspective, solutions and solidarity.

Stay tuned for more content from direct from The Franklins founders. We hope you’ll share their stories and encourage more female entrepreneurs to get in touch with MAP and apply for the next round of programs.

Welcome to the MAP17 Startup Accelerator teams!

MAP is pleased to announce that we have selected the following 10 teams for the MAP17 Startup Accelerator:

  • Carbar Autos – a virtual dealership revolutionising the used car sales industry.
  • Cabaro – creators of refined and elegant mechanical and quartz watches at affordable prices.
  • FirstStep – a FinTech solution to help users save and invest their money. 
  • George Robotics – manufacturers of hardware and software that makes sophisticated electronics devices more productive and accessible.
  • MimicTec – improving poultry farming productivity through a world-first agricultural infrastructure product that mimics maternal care on commercial farms. 
  • Rebotify – an Artificial Intelligence (A.I.) chatbot or ‘Virtual Customer Service Agent’ that offers users a simple and coding-free communications solution.
  • RefLive – a software and smartwatch app that allows sports officials to track time and record match information digitally.
  • Reqfire – a purpose-built platform that facilitates software, website and app design through improved communication between developers and clients.
  • Smileyscope – harnessing Virtual Reality for paediatric care, Smileyscope’s VR visualisation helps children to remain calm and still for injections, allowing doctors to administer care successfully.
  • UmpsHealth – a machine learning platform helping older people to live in their homes for longer through clinical insights and predictive risk analysis.

Each team selected into the MAP Startup Accelerator will receive $20,000 in early stage funding to support the founders in accelerating their businesses, in addition to office space and a comprehensive 5 month program involving structured mentoring, development workshops and pitching opportunities.

Founders from the 10 startups will present their pitches on-stage to a live audience at the MAP17 Accelerator Launch at the Plaza Ballroom at the Regent Theatre on May 31. Register now to support these startups and connect with our vibrant community of experts, entrepreneurs and enthusiasts!

Please direct any questions or media enquiries to sarah.gundlach@unimelb.edu.au.

Consider yourself a social media influencer? Apply now!

Now hiring: Social Media Assistant
MAP is seeking a kick-ass Social Media champion to drive rapid and sustainable growth in our online communities. Instagram, Facebook, Snapchat, Twitter, LinkedIn… if it’s social, you’re on it and owning it! Witty wordsmiths, please read on…

More details
We’re looking for someone to blow up MAP’s social media presence. You’ll be tasked with amping up our brand awareness and engagement online with a view to providing more people with great startup related content. You’ll be stepping into a busy role that requires initiative and multitasking, so experience in a similar role and plenty of ideas and creativity are a must!

We’re looking for someone who…

  • Lives for social (and can demonstrate their impact on existing channels)
  • Has mad copywriting skills and a sense of humour
  • Is creative, entrepreneurial, friendly and likes to work in awesome team.
  • Is action oriented – walk the walk, don’t talk the talk.
  • Is comfortable with social media and design tools – Adobe suite, Canva, schedugr.am? Yes please!
     

What you’ll be doing…

  • Contributing towards the development of a social strategy and tactics that help MAP achieve its business goals.
  • Developing content (video, photographic and audio) that fits with MAP’s brand and is relevant to our target audience.
  • Flexing your copywriting muscle to create content for the MAP blog, newsletters and community case studies.
  • Engaging relevant influencers and brand advocates and working with talent to build content and influencer marketing campaigns.
  • Managing our community through all social media platforms. You’ll be on the front line for the MAP brand online.
  • Executing social media promotional campaigns to grow and engage MAP audiences online and at events.
  • Reporting against set KPIs and identifying what’s working and what needs to be changed.

What you’ll get in return…

  • Unparalleled access to an amazing startup community.
  • Experience working at the top ranked university accelerator in Australia at the top ranked university in Australia.
  • A fantastic work environment where there are no limits to what you can contribute / do should you wish.

Please note that this is a casual position with good pay and we expect initially 10 hours per week.


STILL READING?

Awesome! We want to hear from you! Shoot our Marketing Manager an email at sarah.gundlach@unimelb.edu.au.

Start with a quick two paragraph elevator pitch (cover letter) then include your resume and links to any previous work you can show us – social media handles preferred.

Bonus points if you can make us laugh.

Applications close Friday 14 April, 5pm.

Showcasing Melbourne to Stanford’s elite


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Revealing the best that Melbourne has to offer: from the City of Melbourne to the University of Melbourne and the Melbourne Accelerator Program.


MAP recently hosted Masters Candidates from Stanford University’s Graduate School of Business on their Australia Study Trip. MAP Director Rohan Workman and
the Konosuke Matsushita Professor of Management from Stanford, Professor George Foster, answered their burning questions about the Australian startup ecosystem.

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Masters students from Stanford University’s Graduate School of Business visit MAP at LAB-14 in Carlton.

At Stanford it has been difficult at times to get students from different Schools (eg. Business or Engineering) to engage. How does MAP approach this issue?

RW: It can definitely be a challenge to get cross-faculty engagement. MAP’s founder open mic nights have helped encourage students and alumni to mingle more. Any time we provide a forum where people can get to know each other, whether that’s networking, drinks, talking before and after events and getting to know each other… it all helps. It’s really the activities around the content we deliver that helps the most.

 

Stanford offers coursework that gives students a chance to try building something. Is this available at Melbourne?

RW: 
Absolutely! In 2016 the University of Melbourne launched the Master of

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Students at the University of Melbourne’s Wade Institute study entrepreneurship as a Masters program.

Entrepreneurship at the Wade Institute which is an entire one year Masters program designed to teach the fundamentals of entrepreneurship.

More broadly we’re also finding more entrepreneurially-focused classes on offer across a variety of Master programs in different faculties. This is where MAP comes in too. We’re focused on providing experiential education and giving people an opportunity to learn how to be an entrepreneur in a relatively risk free environment.

GF: What Stanford does perhaps better than anyone else in this respect is bring venture capitalists (VCs) and industry experts into the classroom. We have the cases written for students to study, but then we also bring the entrepreneur into the classroom to co-deliver the classes. This is what I see MAP building up to, and that’s what makes for a great entrepreneurial education.

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Stanford class ‘Hacking for Defense’ are taught by Steve Blank, consulting associate professor at Stanford and author of The Startup Owner’s Manual and leader of the Lean Startup movement. Steve is joined by retired U.S. Army colonels and class co-teachers Joe Felter and Pete Newell. (Image credit: Rod Secrecy)

How do startups feel about operating in Australia, rather than going over to Silicon Valley?

RW: There are a number of reasons why Australian founders choose to stay in Australia. There are favourable R&D tax incentives for being based in Australia where you can get up to a 43.5% refundable tax offset. Visas for entrepreneurs and more entrepreneurial activities in high schools are also helping to build awareness and understanding about entrepreneurship as a career path in Australia.

Many of the difficulties Australian-based startups face are linked to geographic location and a smaller market size. Australia has a population of 24m and the US has approx. 330m, so it is a vastly different market and so people from Australia will travel there to explore it.

Because of Australia’s geographic proximity to Asia, this presents a strong opportunity for our startups. Naturally there are cultural and business lessons to be learned in this space, which is where MAP is partnering with institutions like the University of Melbourne’s AsiaLink and Asia Institute to deliver content to Australian founders.

Also, Australians are typically used to travelling. A number of the startups who have come through our program spend a lot of time in the US but they’ve maintained a base in Melbourne simply because it is cheaper to do so. Tax incentives coupled with lower labour costs for highly skilled Australian workforce (paid in Australian dollars) make it more affordable to be based here and just travel back and forth.

 GF: In my opinion there is also greater loyalty in Australia too. In Australian-based companies you would expect to see less turnover than you would in Silicon Valley, where everyone is looking for their next move. In Australia, if you make a good hire, they’re more likely to stick with you.

 

Are major investors domestic investors or do they come from the US or Asia?

RW: Recently we’ve seen a major influx of investors from China, but there’s no doubt that the best VCs in the world are in Silicon Valley. The best entrepreneurs in the world will raise funding from these top tier VCs, so a sign of success, in my opinion, is not seeing more Australian VC firms start up, but seeing top tier VC firms open offices in Australia because the there is a critical mass of quality deal-flow.

The current debate in Australia is about whether we have enough venture funding. I’m a strong believer that if you have the quality, the deal flow and funding will follow. We’re also seeing an increasing number of Asian investors demonstrate interest in Australian startups –  especially where they see opportunities to link back into china for production or scaling purposes.

 

There is a high likelihood of failure in startups. How do you normalise the idea of failure, especially in a risk averse culture?

RW: I’ll start with the silver lining here in that a greater aversion to failure does result in more tenacious entrepreneurs, who will doggedly pursue an idea.  This can be beneficial because they are just determined to make it work when others may give up earlier.

We also see more bootstrapped companies here in Australia than you typically see around the world, so you find ways to mitigate or minimise the risks.

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Scott Li, co-founder of The Price Geek (MAP13) delivers his address at the 2016 Melbourne Entrepreneurship Gala.

However, there is no doubt that failure is a bigger fear here than in the US.  MAP is playing a role in encouraging the conversation around failure, for example, MAP alumni founder Scott Li honestly broached the topic at our Melbourne Entrepreneurship Gala last year, and MAP Deputy Director, Dr Clare Harding, stood up alongside fellow panellists at Melbourne Knowledge Week 2016 to talk about ‘That good ‘F’ word; the beauty and necessity of failure’.

For MAP, the focus is always about the individual’s development as well. While we support and encourage them to take risks during the program, we’re equally preparing them with an entrepreneurial skill set that is equally useful and increasingly valued in other areas (be that joining a different startup, founding a new company or joining a larger company).


Is there much interest in the double or triple bottom line in Australia?

RW: There is a growing impact investing scene in Melbourne. This is attributed to both a long history and legacy in philanthropy and the growth in startups that impact driven and mission focused. Work needs to be done around translating what impact investors are looking for so that startups can better understand and showcase their value in order to access the available funds that exist and are growing.

GF: The Australian ecosystem has also adapted. Smaller pools of VC funding have been offset by startups appealing to or approaching private families. There are a large number of families that immigrated to Australia in the early 20th century and made their fortune in more traditional businesses. These families now have private offices to manage their wealth and have made investments in startups.


Tell us about Australia as a destination for startups from overseas.

RW: There are a few factors that help Australia attract entrepreneurs. Firstly, people tend to like Australians – not sure why but we’ll take it.

Australia is also a great place to live. Melbourne has been named the world’s most liveable city for 6 years in a row now, with a number of other Australian cities also listed in the top 10. This ranking is turning into an economic advantage in that several international companies are now using the Australian lifestyle as a reason to set up their offices here. Go Pro, Slack, Square and Stripe are all companies that have set up their regional HQ in Melbourne in the last couple of years.

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Communications company Slack bolsters Melbourne’s startup ecosystem with their offices on Swanston Street in Melbourne’s CBD.

People tend to underestimate and therefore underplay the cultural differences between Australia and the US – there are actually a lot of differences but they tend to be nuanced. With our neighbours in the Asia-Pacific region the cultural differences are more obvious and as such we tend to spend more time trying to understand and navigate them.  The Australian Government has been proactive in encourage primary and secondary schools to include Chinese as a language and there are many soft diplomacy initiatives between specific markets.

GF: I would also add that in the last 20 – 30 years, Australian Universities have been a favourable destination for Asian students for their tertiary educations. This means that we now have a heritage of Asian students and alumni who are open to Australia and who view Australia favourably, so are keen to pursue business opportunities and connections with Asia and Australia. As Universities across Asia get better, the concern and challenge for Australian Universities will be to continue to attract the best students from the region, to ensure these relationships continue to be built from an early age.


What is appealing about the Australian lifestyle?

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A thriving cultural, food and coffee scene contribute to Melbourne’s title as the world’s most liveable city.

RW: The beer is cold, the food is amazing and Melbourne is the cultural capital of Australia with events on every week in a range of areas. It’s just a great place to live. Although the cost of living is slightly higher than other cities the average wage is too so it evens out in the end.

GF: Australian startup culture is much the same as in New Zealand. Entrepreneurs work to achieve the three Bs: beach house, BMW, boat. Once entrepreneurs get to this stage, they tend to sell up and live happily ever after. There is less serial entrepreneurialism than in the US. Aussies and Kiwis really respect the weekend, and the focus is on lifestyle, so it takes a very strong person (entrepreneur) to break away from that culture and push on.

 

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Mr Rohan Workman welcomes Stanford’s Prof George Foster to MAP’s headquarters in LAB-14.