
Episode Summary:
Join Cheryl Mack and Maxine Minter on First Cheque as they chat with Tim from Turo, one of Australia's pioneering operator angels. Tim shares his journey from working at Uber to his current role at Turo, detailing the insights and risks involved in being an early-stage investor. The conversation covers Tim's first investment, his transition from medicine to business, and the challenges of balancing operator and investor roles. They discuss the Australian tech ecosystem, liquidity issues, and policy needs, along with the significance of strong talent and multicultural acceptance. Tim also shares a personal story about leading a national campaign against antisemitism in Australia. This episode is rich with practical advice for budding angel investors and insights into the growth of Australia's tech landscape.
Episode Sponsors:
Chapters:
00:00 Introduction to First Check Podcast
00:21 Introducing Tim Rossanis
01:15 Discussion on Operator Angels
01:55 Tim's Background and Early Investments
04:15 The Importance of Investing in Yourself
06:37 Tim's Journey into Angel Investing
10:05 Nullabor Ventures and Investments
12:10 Evaluating Talent in Early Stage Investments
16:01 The Role of Angels in Supporting Startups
19:51 The Importance of Founders Asking for Help
24:32 The Impact of the Australian Ecosystem
31:30 The Founding Story of Turo
34:10 Turo's Launch in Australia
36:52 The Role of Marketing in Turo's Success
42:00 Tim's Big Kahunas Moment
45:29 Closing Remarks
Resources:
• Importance of Top-Tier Talent: Emphasising that success is driven by individuals who are in the top 1% of their field, Tim focuses on investing in founders and teams that demonstrate exceptional capabilities.
• Building and Utilising Networks: The "ex-Uber mafia" and connections from his professional journey have been instrumental in providing deal flow and collaborative opportunities in both his operating and investing roles.
• Interplay Between Operating and Investing: While Tim views operating and investing as distinct activities, he acknowledges cross-pollination in networking and strategic opportunities, such as recruiting talent through connections made in the investment community.
• Successful Launch Strategies: Sharing the story of Turo's launch in Australia, Tim highlights the effectiveness of building hype and the importance of a well-executed go-to-market strategy, even when facing competition from established players like Uber CarShare.
• Leadership Beyond Business: In response to rising antisemitism, Tim organised an open letter from Australian business leaders condemning hate and promoting multiculturalism, demonstrating his commitment to societal impact.
• Advice for Aspiring Angels: Tim advocates for a balanced approach to angel investing—being available and supportive without overwhelming founders, and recognising when to offer help based on founders' requests.