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“My investment thesis is I like it.†I hear this from new investors all the time, and honestly, it’s not really a thesis at all. It’s like saying your diet plan is “eating food I enjoy†- technically true, but not exactly a strategy for success. In our latest First Cheque episode, Cheryl Mack and I break down what actually goes into building an investment thesis that serves you: ?? Is industry focus your thing? (Fintech, climate tech, AI) ?? Or are you more focused on business models? (B2B SaaS, marketplaces) ?? What about stage? (Pre-seed only vs. seed through Series A) ?? Geography? (Australian founders globally or Sydney-based only) ?? Scale? (Growing to $200M in value or $20B) The key idea is that your thesis should connect to where you can add unique value. Why should founders take your money over anyone else’s? What networks, knowledge or expertise can you bring that others can’t? Interestingly, the investors with stronger investment theses tend to be more satisfied with their outcomes - even when returns don’t meet expectations. There’s something powerful about making deliberate choices rather than just following gut feelings. My simple five-year-old definition: an investment thesis is your belief on what you think will win for your stage and your strategy. What’s your investment thesis? Or are you still in the “I like it†camp? No judgment - we all start somewhere! Watch to the end for Cheryl Mack singing ?? ?? The full episode links below. ?????? First Cheque is dedicated to open-sourcing conversations with experienced investors globally. Our aim? To enhance the craft of early-stage investors, from those writing their first cheques to the veterans in the game. DayOne.FM | We’re for founders and startup operators Co Ventures Aussie Angels #FirstChequePodcast #VentureCapital #AngelInvesting #TechInvesting Thanks to our sponsors: Vanta, Rocking Horse Group - R&D Advance Funding Galah Cyber