Episode Summary:Having a clear investment thesis helps you make better decisions, improve your deal flow, and maximise your returns. Cheryl and Maxine break down exactly what an investment thesis is, why it matters, and how to structure one that fits your risk appetite, interests, and long-term goals.They explore the core elements of an investment thesis, including industry focus, stage, business model, and geography. Plus, they highlight key company criteria investors should consider, from strong founding teams and large market opportunities to traction and defensibility.Beyond just what to invest in, this episode also covers how to stand out as an investor, build a strong value proposition, and get access to the best deals. They wrap up with an essential discussion on portfolio construction, time horizons, and risk management, so you don’t run out of money before your portfolio has a chance to deliver returns.If you're looking to sharpen your investing strategy and back better startups with confidence, this episode is a must-listen.Key Takeaways:00:00 – Introduction: Why your investment thesis matters01:49 – Defining an investment thesis: What it is & why it's essential04:49 – How to break down your thesis into clear categories05:16 – Industry focus: Verticals, horizontals, and emerging trends07:05 – Stage focus: Pre-seed, seed, growth—how to pick your sweet spot08:24 – Business model focus: B2B SaaS, marketplaces, and beyond10:01 – Geography: The pros and cons of investing locally vs globally14:29 – Key questions every investor should ask themselves17:24 – Company-specific criteria: How to create your investment checklist22:33 – Evaluating market size and growth potential25:39 – Pain vs pleasure: Investing in painful problems vs unmet desires29:54 – Unique or niche theses: Second-time founders, alumni networks, and more33:46 – Access and deal flow: How to attract great opportunities38:35 – Understanding your personal risk profile & timeline expectationsResourcesAngel Academy – Comprehensive angel investing course for Australia & NZ: www.venture.academyAussie 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:Aussie Angels makes it easy for accredited investors to back early-stage startups alongside experienced syndicate leads. With no platform fees and minimum cheques from $2,500, you can build a diversified portfolio of high-growth companies with confidence.https://www.aussieangels.com/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 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:November 2024 - Galah CyberFC Vanta Ad March 2025_02FC Vanta Ad March 2025_02This podcast uses the following third-party services for analysis: Podtrac - https://analytics.podtrac.com/privacy-policy-gdrpSpotify Ad Analytics -...

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