Venture Capital STIRRed not shaken in Sydney
For those who missed out, STIRR Sydney was a great place to hang out and meet other entrepreneurs that are kickin-A from Oz. Hats off to Mick from Tangler for organising and Mike Zimmerman from TVP for stumping up some cash to make it possible.
It seams to me that Australian web entrepreneurs are coming of age and are understanding the power of the subtle sell. Gone are the days of the elevator pitch, and the enthusiastic bleating of blue-sky boasts. Everything is either in uber-stealth-mode or private alpha. To such an extent that one VC complained that instead of being courted, most of the startups at the event were happy to leave them to their own devices.
Is this the start of a shake-out in the Oz venture capital industry?
Hardly. It just reflects two important shifts
- Right-sizing. People are more willing to do the hard yards to boot strap their products. VC used to be the way that ego-entrepreneurs bank-rolled a pay rise.
- The economics of the exit. If your exit is 5 million with 3 people in 2 years, the numbers just dont add up.
The event itself showed we have come a long way in Oz since Internet 1.0 First Tuesday pitch-fests.
The tonge-in-cheek rendition of the halfbacked.com game was a highlight. Essentially groups choose two random words and build a dotcom business plan and pitch in 15 minutes. Mike Cannon-Brookes’ group took the prize with its Shoewave.com business for social tagging of odd socks. The founder of Atlassian (and an event sponsor) had tough competition from Bananasmell.com’s rhinoplasty locator mashup and videoparachute.com’s air-delivery video service.
The real prize of the night however, goes to Remember the Milk’s online task management for collecting the most votes for best Web 2.0 Demo. As soon as I work out how to get it for my Google sidebar, it’ll become a permanent feature of my personal productivity suite. Which reminds me, Chris Saad from Touchstone sent me a new Alpha download to try out.
Ill be profiling these guys and other great Tech.Startup.Oz companies in the near future.
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Did you see Cameron Reilly’s video - it included an elevator pitch in an elevator.
Check it out
Stirr Sydney Video
Hope you enjoyed the night. Two things I liked about it. We did it really quickly. Didn’t worry about name tags (write your own) or fancy seating, we just opened it up and let it run. Secondly, the aussies got involved. As a bunch we are more often found with our hands in our pockets then raising them. Everyone played the games and had fun.
Cheers.
If you do an elevator pitch in an ACTUAL elevator then that of course is just cool.
I just got pinged by Emily, one of the founders of Remember The Milk to tell me that they walked away with $45m dollars of fake VC cash that night. Dont spend it all at once guys.
Been back and forth with RTM helping them get their calender and sidebar integration working smoothly.
Its that last 20% that drives 80% of your acquisition valuation…