Phaedon’s Monthly Review – April

“People are frugal in guarding their personal property; but as soon as it comes to squandering time, they are most wasteful of the one thing in which it is right to be stringy” – Seneca. 

April, what a month. April has been a tricky one, a mixed bag. Personally, it’s been tough. One of my son’s friends’ father passed away. While I was  not super close to them, I knew them and liked them and spent hours connecting with them over basketball games, watching our kids play. I have another friend who is suffering through a very aggressive form of brain cancer. And another boy I coached last year going through a super aggressive type of leukemia at the age of 9. Life is tough, unforgiving and random.  Sometimes we don’t get to choose the path, but rather have to manage with what we have been given.  I’m sorry to start this monthly post on such a note, but what it does for me is it reiterates how precious the gift of life is. I do feel so lucky most days, getting to chat to so many people doing amazing things. I also appreciate and recognise that this market has been super tough for a lot of people, specifically founders.  So I wanted to pause and ask, are you ok? 

Innovation Bay is all about providing an environment for people to connect, to build relationships, to support each other. I like to think that on our founder’s side we provide meaningful and tactical insights on how to scale faster, how to drive personal and business performance, but more importantly, we provide a social network that supports founders through the ups and downs. Because there are many. 

Innovation Bay is about building communities, providing a network of support for founders navigating the highs and lows of entrepreneurship. Our founder community forums (8-15 people) embody the Dunbar number principle, fostering tight-knit groups akin to “good friends,” where support is readily available. According to the theory, the tightest circle has just five people – loved ones. That’s followed by successive layers of 15 (good friends), 50 (friends), 150 (meaningful contacts), 500 (acquaintances) and 1500 (people you can recognise). But on average, each person has only 1.5 connections that really matter. 

Did you know that having close friends correlates with life longevity? Our aim is to cultivate these meaningful connections, offering a support system for all members. So, pause for a moment and ask yourself, “Are you okay?” We’re here for you.

Above is one of the reasons why we are so excited about our Inspire event on 22-23 May in Sydney – our full community event will see 200 of the brightest minds in the startup ecosystem come together at Sydney’s ACO for our inaugural, future-focused event Inspire. It’ll provide a platform for us to tap into the collective wisdom of our members, partners and supporters, for a crowd sourced collage of what the future will hold across the next 5-10 years. 

Inspire is really a reflection of what Innovation Bay is; a community of passionate people coming together to connect, learn and share bread. You don’t want to miss out! Read on for how to get your hands on a ticket if you’re not an Innovation Bay member. Here’s a few more reasons to attend: 

Inspire is really a reflection of what Innovation Bay is; a community of passionate people coming together to connect, learn and share bread. You don’t want to miss out! If you’re a member, you will have received a link to register. DO IT! If you’re not a member but eager to attend, we have opened up just a handful of spots to join us. Express your interest HERE and our team will be in touch.

In more news, we’re fast approaching our membership half way mark. We are intentionally capping membership at 600. This is a super exciting milestone for us. So what else is news at Innovation Bay?    

Let’s move into the market…In addition to the returns on Canva, there has also been liquidity with the sale of Accelo and secondary in Bugcrowd among others. This affects employees in those companies who get a return on their shares and early investors. Why is this so significant…maybe even a key turning point in our industry.  

This is the fuel that accelerates our industry. There is nothing like a major liquidity event to provide returns and confidence in a market. It’s going to be a very interesting 6 months ahead.  Could 2024 be the golden age of early stage investing before valuations become tricky? 

Let’s take a quick look at a handful of funds made in April – a short but active month. 

Ok, I’m starting something new and love to hear from you out there. Here are some recommendations of interesting news, tools, insights and thoughts I’ve come across in the past month: 

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