Episode Summary
Anabel Lippincott Paksoy, partner at 43, discusses the importance of building communities and their role in early-stage investing. She shares her experience creating the council, a female-first investing group, and emphasises the need for a deep understanding of founders and their motivations. Anabel also highlights the value of professionalising angel investing and finding founders with a strong sense of purpose and followership. She concludes by discussing her investment preferences, focusing on niche communities and founders with a deep understanding of unsexy problems.
Chapters:
0:00:00 – Introduction to the podcast and guest.
0:01:57 – Discussion about Anabel’s first investment.
0:05:04 – Conversation about nostalgia and fashion trends.
0:06:12 – Exploring the concept of building communities.
0:09:48 – Challenges and principles of community design.
0:10:30 – Constructing a community for sharing investment deals.
0:11:55 – Creating a learning platform through a consortium of investors.
0:13:14 – Frustration with lack of conversation about deals in the peer group.
0:15:15 – Directing new angel investors to be aware of high risk.
0:17:31 – Treating angel investing as a learning budget.
0:18:48 – Normalising lower entry prices for angel investing in Australia.
0:19:24 – Contributing to the founder’s journey as an investor.
0:20:28 – Small but mighty checks with added value.
0:21:50 – Amplifying dollars by offering time and expertise.
0:21:58 – Dustin’s investment strategy at 43 is an example.
0:21:50 – Introduction to the topic of angel investing and fund structuring.
0:22:59 – Anabel discusses her current project, 43, a pre-product fund.
0:24:14 – Professionalising the angel check and capitalising angels.
0:26:18 – Raising a fund to capitalise full-time professional angel investors.
0:27:27 – The challenge of finding founders willing to take early-stage risks.
0:29:12 – The importance of early checks in supporting different types of founders.
0:30:45 – Leveraging background in people operations for founder selection.
0:31:49 – Building conviction and making investment decisions in early-stage investing.
0:33:31 – Looking for founders with a deep, personal, and authentic ‘why.’
0:34:06 – Evaluating grit, resilience, and openness to pivoting in founders.
0:34:41 – Building a rapid learning engine and the importance of followership.
0:36:05 – Evaluate founders through multiple meetings and understand their plans.
0:38:24 – Focus on founders’ backgrounds and solving problems for niche communities.
0:41:46 – Bravery in becoming a parent and writing the first check.
0:42:39 – Losing the first investment but having no regrets.
Resources
- Building a community is about creating a space for like-minded individuals to connect and share deal flow.
- Investing in early-stage startups is a high-risk asset class and should not be undertaken unless one is aware of the risks and willing to lose the money.
- Angel investing can be treated as a learning budget, focusing on maximising learning and gaining experience rather than making immediate financial gains.
- When evaluating founders, looking for a deep, authentic “why” behind their venture and a strong sense of purpose is essential.
- The ability to pivot and adapt is crucial for founders, as it demonstrates a willingness to learn and iterate based on feedback and market conditions.
- Successful founders’ ability to attract top talent and inspire followership is a crucial trait.
Resources
Anabel Lippincott Paksoy
43
The Council
The Assembly
