An open letter to Australian VC's, make your opinions great again

Australia has all the ingredients for a booming startup scene, world-class technical talent, decent tax incentives, and visa policies that, for the most part, do the job. University IP issues, which used to be a bottleneck, are slowly improving too.?

So why aren’t we seeing more Australian startups making waves globally?

It’s not the usual suspects, capital, talent, or policies. The real challenge is cultural. We’ve got an entrenched aversion to risk in Australia, and it’s holding us back. Too many of our brightest young people are still chasing "safe" careers law, finance, consulting. There’s nothing wrong with those paths, but they’re not the ones that build world-changing companies. These careers come with a certain prestige, stability, and a solid middle-class lifestyle, but they don’t inspire the kind of ambition that leads to billion-dollar companies or shifts in entire industries.

What we need is for Australia’s most talented people to believe that they can, and should, be taking bigger risks. We need them to know it’s possible to build something huge, something meaningful. But that belief doesn’t just appear out of nowhere. It has to be cultivated, and that’s where investors play a huge role.

VCs need to lead the charge

Our venture capitalists are some of the smartest people I know, but I think we’ve lost a bit of our edge. In Australia, VCs are more generalist by necessity, the deal flow just isn’t as big as it is in the US. That means funds tend to be less focused on specific sectors, which makes sense from a financial perspective. But it also means we’ve become more cautious in putting our individual opinions and worldviews out there. I think it’s time to change that.

A great VC doesn’t just provide capital, they provide a vision. It’s not enough to just follow the data; we need to be inspiring founders to think bigger, to dream bolder. In the US, you can point to investors who do this. Mike Solana from Founders Fund is a perfect example. He’s a VP there, but he’s also created a massive platform for sharing his ideas, whether it’s through his podcast, Anatomy of Next, or his writing on Pirate Wires. He’s not afraid to be contrarian, and whether or not you agree with him, he’s out there, shaping the conversation.

In Australia, we need more of that. We need more VCs willing to stick their necks out and say, “This is the future I want to see, and I’m willing to back it.” We need to create a culture where having a strong opinion is seen as a strength, not a liability.

Taking risks, even when it’s unpopular

A great example of bold contrarianism is Mike Solana’s interview with Palmer Luckey on Pirate Wires. The conversation sparked backlash due to Anduril’s controversial work in the defence sector, but it was also an incredibly insightful discussion about the future of technology and the ethical implications of innovation. It showcased the kind of deep, thoughtful dialogue we need more of in the startup and investment space. You can watch the full interview here.

Palmer Luckey is one of the most contrarian founders out there, first with Oculus, and now with Anduril, a defence tech company that’s pushing boundaries and making many people uncomfortable. Anduril is controversial because it challenges the status quo in defence technology, particularly with its focus on military innovation. But that’s also why it’s poised to be one of the most successful companies of our time, it’s not afraid to address complex problems in a way others won’t.

In Australia, we tend to shy away from these kinds of opportunities because we don’t want to rock the boat. But if we’re going to keep up on the global stage, we need more companies like Anduril, companies that challenge conventions, push boundaries, and take on the hard problems.

Reviving ambition in an age of automation

The stagnation of innovation isn’t because we lack the technology or the talent, it’s because we’ve stopped dreaming as big as we used to. If you look back at the mid-20th century, we were achieving the impossible. We went to the Moon, we built supersonic passenger jets, we figured out nuclear reactions. These were massive achievements, driven by ambition and a collective sense that anything was possible.

Today, we’ve made great strides in software, but true paradigm-shifting innovations are becoming rare. We’ve lost a bit of that ambition. Australia is in a position to lead in areas like deep tech, biotech, renewable energy, and space. But to do that, we need to foster a culture that encourages ambition and bold ideas.

It’s not enough to fund the next app; we need to back the big ideas that move humanity forward. Automation and AI are rapidly changing the world, and a significant chunk of jobs are going to be impacted. According to the OECD, about 14% of jobs are at high risk of automation, with another 32% likely to undergo significant changes. In a world where routine tasks are automated, we need to be investing in the bold, creative projects that give people purpose.

Honest conversations, bold opinions

For Australia to really step up, we need to foster an investment community that’s unafraid to have honest, sometimes uncomfortable conversations. Founders need to know where they stand with us. If you have an opinion, share it. Don’t just sit on the fence because it’s safer.?

Founders aren’t looking for investors who are neutral, they’re looking for people who are passionate about their vision of the future.

We can’t expect founders to come to us with world-changing ideas if we’re not willing to share our own. I’m not saying we should all agree on everything. In fact, it’s the opposite. The more we embrace differing opinions, the more founders will feel empowered to take risks and push boundaries.

Restoring value to individual perspectives

We also need to bring back the value of individual opinions in the VC space. Often, funds operate with a broad, generic thesis, and individual investors feel like they can’t stray too far from that. I think that’s a mistake.

The best investments happen when an investor is deeply aligned with a founder’s vision. If every VC is just repeating the same talking points, founders won’t know who to pitch to or why.?

By encouraging more individual opinions within funds, we create a culture where founders can connect with investors who genuinely get their vision.

Building networks around bold vision

What we need is a more tactical approach, one where investors do more than just provide capital. We need investors who actively foster a network aligned with their vision for the future. This requires three key things:

• Offering a clear, positive vision of the world they want to build and live in.?
• Forging a network of aligned people—investors, founders, and partners who share that vision.
• Pursuing business and investment initiatives that actively reinforce this network, driving founders toward fulfilling that shared mission.

Often, Australian investors take a bottom-up approach: “We invest in X number of founders in these segments, at this stage”? But how do you move beyond that? How do you truly focus on something bigger than sector allocation? How do you work towards a common, ambitious goal that draws in founders who are deeply aligned with your vision?

Founders need to know that the investors they’re working with have skin in the game beyond just financial returns. They need to feel that their investors are genuinely invested in the same future they are. It’s about more than money; it’s about actively supporting them with networks, advice, and real-world engagement that goes beyond a transaction. When founders see that alignment and commitment, they’re drawn to those investors in ways that create more meaningful partnerships.

Embracing "techlash" thoughtfully

Another challenge we face is the so-called "Techlash", where unpopular opinions, especially from investors or founders, are often met with immediate backlash. Too often, these opinions are shut down quickly instead of being met with thoughtful dialogue. But this is exactly where real conversations need to happen.

Instead of dismissing contrarian viewpoints, we should engage in deeper, more thoughtful discussions. This is where the idea of "steelmanning", strengthening the other person’s argument to truly understand their position—comes in. When we engage with differing opinions in good faith, we can create a more dynamic ecosystem that encourages innovation and progress rather than stifling it.

Just as we back founders with bold visions, we need to stand by investors who are willing to express strong opinions, even if they’re not always popular. These investors are often the ones who push the boundaries and help shape the future. By creating a culture of thoughtful dialogue and backing those who dare to challenge the status quo, we build an environment where both investors and founders can thrive, pushing for real, world-changing innovation. It’s through this kind of mutual support that we can move towards building the bold, ambitious future we all want to see.

My hope as I transition into becoming an Angle investor, and maybe even an investor one day.?

As a rookie making my way into the investment world, I hope to be surrounded by individual investors who aren't afraid to share their views publicly and boldly. Being contrarian and right most of the time is what great investing is all about. It's not just about identifying overlooked opportunities but having the conviction to back them even when they're unpopular. Too often, we start by writing a thesis or fund mandate, but then we tuck it away and forget about it. Instead of that, we should be repeating our vision relentlessly, just like we tell founders to do with their teams, until it becomes the driving force behind everything we do.

I believe there’s a real opportunity for a fund in Australia to allow its partners to operate more independently and to truly incentivise their voices. Don’t just make the fund stand out, make the people within the fund stand out. When individual investors are encouraged to share their unique perspectives without pusnishment, they can attract the kinds of founders who resonate with their vision, ultimately helping the fund compete on a global stage.

Australia has an opportunity to recruit top global talent by capitalising on a moment of transition.?

As many venture partners approach the end of their 10-year fund cycles, they’re looking to move to new firms with strong, clear visions. It’s notoriously difficult to recruit partners due to the lock-in effect of these long cycles, but we’re now at a point where those cycles are nearing completion, and Australia has the chance to leverage this timing. By building firms that empower individual voices and offer a compelling vision, we can attract global partners and elevate our position in the global investment ecosystem.

God speak, investors.