Welcome to Startup Life: Unscripted, a newsletter by The Nudge Group, where we feature candid conversations with startup operators about their career journeys and experiences. If you received this email as a forward, you can read all our past interviews and subscribe right here.

From Social Enterprises to VC Partnerships: A Conversation with Poppy Trewhella

Welcome back to Startup Life: Unscripted! In this week’s edition, we're excited to introduce Poppy Trewhella, the Venture Partnerships Director at Paloma Ventures, a venture studio and VC fund designed specifically for non-technical founders. Poppy is a seasoned professional who has had a diverse career, transitioning from advising executive teams in London to fostering entrepreneurship in Australia.

Poppy's impressive journey has taken her through an array of roles in the startup ecosystem. From her early days working with social enterprises, helping them transition to revenue generating models, to boutique consulting in London, and finally leading programs and partnerships at Startup Victoria, Poppy's experience is as diverse as it is enriching. In her current role at Paloma Ventures, she navigates a multi-million dollar venture portfolio, playing a key part in shaping Australia's vibrant startup scene.

Join us as we dive deep into a conversation with Poppy about her unique journey through the world of startups. Whether you're an entrepreneur, aspiring to be one, or just curious about the inner workings of the startup ecosystem, this is an interview you won't want to miss!

Key interview takeaways:

🌐 Poppy's diverse expedition: From helping social enterprises transition to commercial sustainability to steering the wheel at Paloma Ventures, Poppy's career journey is a testament to how adaptability and a forward-thinking mindset can carve out a fulfilling path in the dynamic startup ecosystem.

📘 Embracing the shift: Her transition from consulting in London to nurturing entrepreneurship in Australia came with its challenges. However, it was a significant leap in her career. Poppy attributes her success to her robust understanding of the business landscape, ability to forge meaningful relationships, and the knack for spotting opportunities for growth and innovation.

🚀 Career wisdom from Poppy: For those aspiring to embark on a career path similar to Poppy's, her advice is invaluable. She encourages seizing opportunities, valuing unique experiences, and remembering that a fulfilling career isn't just about the paycheck or the title. It's about a passion for your work, maintaining a balance, and the commitment to continual learning and growth.

Hey Poppy, it's a pleasure to have you with us today. You've had quite a diverse career journey, from advising executive teams in London to fostering entrepreneurship in Australia. Can you walk us through your career journey and how it led you to your current role at Paloma Ventures?

Thanks for having me! It's been a bit of a winding road. I started out working with social enterprises. I was helping them transition from grant funding to revenue generating models and loved the focus on commercial sustainability.

I then switched gears and moved to a boutique consulting firm in the heart of London. I was working with the executive teams of the UK's biggest businesses to set strategy and embed a culture of change and innovation. Understanding how big enterprises operate at scale was an invaluable experience and it reaffirmed my hunch that people are the most important element of building a business. Whilst at that firm I did some side projects working with early stage startups.

When I looked back across my experience of working with charities, social enterprises, big enterprises and startups, it was clear which one I was most drawn to. So when I moved to Australia I did a bit of my own consulting work with startups before taking up a full time job as Director of Programs and Partnerships at Startup Victoria. I worked there for two and a half years before starting my current role at Paloma.

As the Venture Partnerships Director at Paloma, Australia's leading venture studio, you're part of a team overseeing a multi-million dollar venture portfolio. What does a typical day in this role look like for you?

• Starting the day with an internal team catch. Paloma is a 100+ person company and we're spread out across Aus, NZ and the US so it's great to get in the same virtual room.

• Talking to early stage founders to hear about their ideas and see if they might be a good fit for Paloma

• Having lunch with one of our portfolio companies to hear about how they’re growing and what’s keeping them up at night

• Catching up with a VC or ecosystem player to compare notes on recent trends (eg. valuations, new emerging industries)

• Clearing my inbox and making time for any strategic thinking or planning

What's the most rewarding part about your role as Venture Partnerships Director? Do you have any standout moments that made you especially proud to be part of the startup ecosystem?

One thing I'm exceptionally proud of is that over 60% of the term sheets we signed in 2022 were with ventures co-founded by women. The industry standard is poor so to be making a tangible difference to the stats is really important to me.

You've also worked at Startup Victoria, leading a renowned program for successful scale-up founders. Can you share a bit about that experience? How did it prepare you for your current role at Paloma Ventures?

Startup Vic was a bit like drinking from the startup fire hose. The community was over 60k people and I was suddenly exposed to founders from pre-product/pre-revenue businesses all the way to scale up businesses that were expanding internationally and gaining recognition on the world stage. One of the privileges was being able to spot patterns across that whole community — where were the common challenges, pitfalls and ecosystem gaps?

Global startup job opportunities:

• 🖥️ Mid-Senior Software Engineer

• 🎯 Paid Media Manager - Search

• 📲 Paid Social Media Manager

• 📊 Account Director

• 📋 Junior Office Administrator

• 💰 Head of Marketing & Monetisation

Having been in the heart of Australia's startup ecosystem, you've had a direct line to thousands of founders each year. What are some common challenges you've seen these founders face, and how do you help them navigate these obstacles?

I think the most common challenges I see fall into one of these buckets:

1. People — founder relationships, investor relationships, team relationships. These are all very contextual but the most generic advice I can give is to think very carefully before you commit. A business is not built overnight and these will be the people you will have to rely on in the hard times. Make sure you have the right legal documentation in place from the get go, even if it feels like overkill (eg. a shareholders agreement).

2. Capital — the market is particularly tough right now and valuations are the lowest I've seen in a long time. My advice would be to do your research, consider looking at options outside of institutional investment and be prepared to get pushback on your terms.

3. Tech capability — Australia has a limited supply of tech talent and so finding a CTO or first tech hire can be challenging. I'd suggest deeply investigating your existing networks — you might be surprised at who you find. If you can't find anyone through personal networks, I'd suggest looking into the venture studio model!

Working in the vibrant and fast-paced startup environment is quite unique. Can you share what you enjoy most about working in this space?

It feels like I'm at the forefront of technological innovation and I get to speak to experts across every field imaginable. It's a huge privilege and almost feels like being paid to learn.

Having worked in London and now in Australia, can you share some differences and similarities in the startup culture between the two regions?

I like to think of Australia as the underdog. We're beginning to breed startup darlings and international investors are becoming increasingly interested in gaining access to the best ventures coming out of the region. The exceptional thing about the Australian startup scene is the willingness of people to help. In a smaller environment you're only a few connections away from the person you really want to speak to, and often they will be down for a coffee. Can the same be said in London? I'm not convinced.

With your finger on the pulse of startups, what trends or sectors do you see as particularly promising in Australia and New Zealand in the coming years?

The very obvious answer is AI so I'll try and say something more interesting. For me, I think women's health is well overdue for a shakeup and we're beginning to see a lot more in this space.

Finally, what advice would you give someone considering a career in venture partnerships or the broader startup ecosystem? Any key skills or experiences they should focus on building?

I think you have to have the mindset that you will never be an expert. It's such a varied and multidisciplinary space and it can often feel like you're always on day one learning about a new industry, product or technology. You have to be comfortable with the fact that you will very rarely be the smartest person in the room!

Give It A Nudge

On our latest episode, Steve had a fascinating chat with Storytail's Co-Founder, Ryan Hayward, the challenges of product-market fit and effective storytelling. Ryan shares his entrepreneurial journey, from building a freelance business to the birth of Storytail. Check out the video and don’t forget to hit that subscribe button!

And that's a wrap! We hope you've enjoyed this edition as much as we loved putting it together. Stay curious, keep learning, and above all, enjoy the rollercoaster ride that is Startup Life. Catch you in the next one! 👋 Not subscribed yet? Do it here and don't miss out! Subscribe Now.