Episode Summary:In this episode of First Cheque, hosts Cheryl and Maxine delve into the critical topic of liquidity within the venture capital ecosystem. They explore why IPOs (Initial Public Offerings) and M&A (Mergers and Acquisitions) are essential for investors and startups alike. The conversation covers the current state of the IPO market, the challenges of companies staying private longer, and how these factors impact investment strategies and returns. They also discuss the role of secondaries as a solution to liquidity issues, the potential effects of proposed regulatory changes in Australia, and the importance of proactive engagement from the tech community to address these challenges. Cheryl and Maxine offer insights into navigating the evolving landscape, emphasising the need for transparency, standardisation, and inclusive wealth creation in the venture space.Key Takeaways:00:00 - Introduction to Cheryl and Maxine; overview of the episode01:03 - Discussion on liquidity, IPOs, and M&A in the venture ecosystem02:07 - Defining liquidity, IPOs, and M&A for the audience05:21 - Importance of IPOs in venture capital and why they matter09:30 - Impact of the health of IPO markets on investment strategies14:56 - Investment strategies during different market cycles; being contrarian16:14 - Exploring opportunities in secondaries amidst liquidity challenges21:13 - Reasons companies are staying private longer; regulatory influences26:43 - Regulatory clampdown on M&A and its effects on the tech ecosystem31:45 - Closing remarks; encouraging solutions for liquidity issuesResources Mentioned:SecondQuarter Ventures: An Australian secondary fund involved in facilitating liquidity through secondaries.Airtree Ventures and Canva: Airtree's secondary transaction involving Canva as an example of internal liquidity solutions.Instacluster: An Australian company acquired by a U.S. firm, highlighting international M&A activity.Mr Yum and me&u: Example of Australian companies merging to navigate market challenges.Australian Securities Exchange (ASX): Discussed as an option for listing, particularly for small-cap companies.Jim Chalmers: Australian Treasurer proposing reforms on M&A regulations that could affect the tech ecosystem.Tech Council of Australia (TCA): Suggested as a body to engage with and advocate on behalf of the tech community regarding regulatory changes.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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