What’s a great piece of advice you would share with your younger self?

Photo :- Robyn and Maya in Paris  

Great gem 💎 posted by my friend 

Farid Zaki 

When you have a dream that you can't let go of, trust your instincts and pursue it. 

But remember: Real dreams take work, They take patience, and sometimes they require you to dig down very deep. Be sure you're willing to do that - Harvey Mackay 

#Inspiration

#Motivation

#Leadership

Great comment by Harleen Sohana

So often, we expect things to happen overnight, but when you’re willing to put in the time and effort, it becomes so much more fulfilling.

Ivan Kaye’s  💎 gem 

They say it takes 20 years to become an overnight success!!

#perseverence #resilience 

Share your 💎 gem :) 👇 below 

FarmCap raising $100m agri fund

FarmCap founded by Jonathan Weinstock , is a non - bank lender  that lends to farmers and agricultural assets

The firm is raising $100 million for its inaugural FarmCap Private Credit Agricultural Mortgage Fund (Diversified) to lend to Australia’s thriving agri sector, and has $40 million worth of deals under offer

The Agricultural sector  is predicted to grow from $82 billion in farm production to $100 billion by 2030.

Potential Investor returns 

Potential investors have been told to think of 9.5 per cent to 11.5 per cent in annual return – or 5 to 7 per cent over the cash rate – from a portfolio that will include first and second-mortgage loans. 

How the Fund will earn a living 

The Fund Manager  will charge base fees of 1.75 per cent, and a 15 per cent performance fee after a minimum return of 4 per cent over the bank bill swap rate.

The Ideal Farmer Client

The typical borrower is a farmer seeking up to $15 million, to be paid back over six months to 24 months, to fund broadacre, irrigated cropping, livestock and horticulture needs. 

Shiperoo partners with aus post to disrupt the logistics and shipping market

Congrats to the amazing founders of Shiperoo with endless energy - supply chain gurus Nishan Wijemanne 🇳🇿  and Rizan Mawzoon  and to the amazing team at Auspost (who have just taken a 25pc stake  ) led by Gary Starr , and the chairman Paul Greenberg.

This team is creating  the uber and airbnb for shipping and logistics 

Brothers, Gabby Leibovich and Hezi L.  have been supporting the growth of shiperoo from day 1, and  the sky is the limit with the disruption of  #logistics and #returns and f the massive growth of #ecommerce in Australia.

Shiperoo is a 3rd party logistics company that thinks and executes outside the box, and is working together  with Australia's leading box mover - Australia Post - to make logistics and shipping more efficient and cheaper for retail and ecommerce 

“You don't need to run your warehouses, employ people or buy forklifts, Shiperoo can do it all for you. Stick to what you know best : marketing and sales of your amazing products.” Says Gabby Leibovich

Shiperoo runs 3 robotic warehouses in Melbourne and Sydney 

David Sacks - the Burn Multiple

https://sacks.substack.com/p/the-burn-multiple-51a7e43cb200

David Sacks of PayPal, Twitter and All in game talks about a burn multiple

Two simple ways to measure capital efficiency are the Hype Ratio and Bessemer’s Efficiency Score:

1. Hype Ratio = Capital Raised (or Burned) / ARR
2. Efficiency Score = Net New ARR / Net Burn

David  think Bessemer has the right idea but prefers to flip the numerator and denominator, so the ratio is an annualized version of the Hype Ratio. 

He  calls this the Burn Multiple:

Burn Multiple = Net Burn / Net New ARR

In other words, how much is the startup burning in order to generate each incremental dollar of ARR?

The higher the Burn Multiple, the more the startup is burning to achieve each unit of growth. 

The lower the Burn Multiple, the more efficient the growth is.

For venture-stage startups, these are reasonably good rules of thumb:

For example, Q1 just ended and it’s time for a board meeting. The startup reports that it burned $2M in the quarter while adding $1M to its ARR. That’s a 2x Burn Multiple — reasonable for an early-stage startup. On the other hand, if the company burned $5M in Q1 to add $1M of net new ARR, that’s a terrible Burn Multiple (5x). It should probably cut costs immediately. That company is spending like a later-stage company without delivering later-stage growth.

Too many startups report their growth without contextualizing it as a function of investment. If extraordinary investment (3x burn or more) is required to deliver that growth, it’s an indicator that product-market fit isn’t quite what it appears to be or there’s some other problem in the business

These are some of the things that can affect the burn multiple and your business

For example:

• A gross margin problem — If the company spends too much on COGS in order to deliver the product or service, its burn will increase rapidly as it scales. If there’s not operating leverage in the business, the Burn Multiple will not improve with scale.
• A sales efficiency problem — If CAC is prohibitive or sales productivity is diminishing, burn will increase relative to new ARR, causing the Burn Multiple to worsen even though growth continues.
• A churn problem — Churn will net against the denominator of the Burn Multiple, causing the multiple to increase. A leaky bucket makes it hard to grow efficiently.
• A growth challenge — If growth is stalling, the company may seek to compensate by spending more on marketing, give-aways, discounts, or promotions. That will be picked up in a higher Burn Multiple, as burn rises faster than new sales.
• A founder leadership problem — If the founder lacks the skill or will to control burn, that will show through in the Burn Multiple.

Burn Multiple by Stage

The Burn Multiple should improve as the startup matures. 

For example, a seed stage company might have a Burn Multiple of 3 because it just started selling. After the Series A, it might drop to 2. After the Series B, when the sales team should be operating at scale, the expectations for efficiency increase even more. 

Eventually, for a company to become profitable, burn must reach 0, which implies that the Burn Multiple should also approach 0 over time.

If the Burn Multiple is going in the wrong direction as the startup matures, that’s a indicator that something is wrong, even though headline growth might still be increasing in nominal terms.

What Founders Can Do

1. they should keep salaries and expenses low in the early days — 

2. strengthen the impression of product-market fit for when they go out to raise a venture round.

3. cut costs, the Burn Multiple doesn’t care about sunk costs and always gives founders the chance to improve.

4. It be worth giving up some revenue (e.g. unprofitable growth) if it brings the Burn Multiple down to a much healthier ratio.

It’s not just about growth  but the efficiency of growth .

It’s an indicator that incremental spend is working 

As everyone in the startup ecosystem scrutinizes their runway and makes tough decisions about how to extend it, the Burn Multiple is a useful rule of thumb for founders and investors alike to keep in mind.

Trustai raises $4m - led by OIF Ventures a win for Cx

Sarel Roets,  Ryan Kohler and David Shein 

Founders of Trusst AI , CX veterans Sarel Roets and Ryan Kohler has raised a seed round of  $4 million led by OIF ventures .

What does TRustAI do

TrusstAI implements autonomous agents that integrate into customer systems, cloning your best workers, 24/7, powering automation and reducing costs. 

TrusstAI empowers the intelligent workforce by managing, analysing, automating and personalising customer interactions in any language or channel, learning and adapting in real time. 

 

It analyses customer data, helping businesses to better understand their needs and streamline internal processes through continuous optimisation., resulting in 

• a reduction in churn, 
• a continuous increase in sales and 
• greater customer retention and [net promoter score]

“We’re incredibly excited to be backing Sarel and Ryan,” David Shein, partner at OIF, said.

“Their deep domain expertise, combined with the best-in-class product they’ve built, puts them in a fantastic position to take on what is an immense opportunity for disruption in the CX space.”

🌾 The Future of Agribusiness: Innovation, Resilience, and Growth 🌍

My friend Zsolt Nagy is arguably one of the most connected humans on the planet.

He has various onterests around the world 🌍, including an agribusiness in Slovakia .

Here is his takeouts from a mastermind of 168 agribusiness leaders and innovators from around the world at a high-level strategic forum, , where they  tackled some of the most pressing challenges and groundbreaking opportunities shaping the future of agriculture.

🌾 The Future of Agribusiness: Innovation, Resilience, and Growth 🌍

This wasn’t just a program—it was a global exchange of ideas, exploring how we can future-proof agribusiness through innovation, sustainability, and strategic adaptation.

🔥 Key themes that shaped our discussions:

🌍 Climate Resilience – The impact of shifting weather patterns on crop yields and how adaptive farming can mitigate risks.

📊 Data & Technology – Precision farming, AI-driven decision-making, and automation as the foundation of modern agribusiness.

🌾 Sustainability & Consumer Demand – How transparency, regenerative practices, and alternative food systems are reshaping the industry.

💼 Strategic Business Models – Agility, market diversification, and value-chain collaboration as tools for long-term success.

What truly set this gathering apart were the real-world case studies, offering deep insights into the transformations happening across Europe and Slovakia. From agritech-driven efficiency in Central Europe to the rise of biogas as a sustainable energy source, the message was clear—small, smart changes drive exponential impact.

💡 Key takeaways as an agribusiness expert:

🔸 Technology is no longer optional—it’s the competitive edge that will define the next generation of agricultural success.

🔸 Collaboration is power—supply chain resilience depends on stronger partnerships between farmers, processors, and retailers.

🔸 Adaptability is survival—those who embrace new revenue streams, sustainable models, and consumer-driven changes will lead the industry.

With agriculture in Slovakia and Europe undergoing a major transformation, the opportunity to drive meaningful change has never been greater. 🚜💡 From integrating renewable energy to expanding precision agriculture, I am more motivated than ever to apply these insights and push the boundaries of what’s possible in our industry.

🌟 What trends or innovations do you see shaping the future of agribusiness in 2025? Let’s connect and discuss!

#Agribusiness #Innovation #Sustainability #FutureOfFarming #AgricultureLeadership #AgriTech #Growth

Here is his LinkedIn  post 

Ari Klinger’s 4 questions to assess the long game of a company

Here are Ari’s  Level 2 questions that dig into markets, moats, and long term value:

❓1. How big and durable is the market, and where does the company stand?

• 💥Is the market growing, stable, or at risk of disruption? 
• 💥Who are the main competitors, and how are you positioned to win?
• 💥Are there regulatory, economic, or cultural trends that significantly impact the market, positively or negatively?

2. ❓Why’s this team the one to back now?

• 💥What relevant track record or domain expertise does leadership have, and what evidence shows they can execute against ambitious timelines
• 💥How do they attract, motivate, and retain top talent?
• 💥Are they demonstrating an ownership mindset (capital efficiency, free cash flow focus, personal skin in the game)?

3. ❓Is there a strong moat that will last for years?

• 💥What is the biggest threat or disruptor to your model, and how do you mitigate it?
• 💥What’s your competitive advantage, and can it become or remain a defensible moat?
• 💥If you disappeared tomorrow, what would customers do and how quickly could a competitor fill the gap?

4.❓ Can the business scale while improving quality?

• 💥Which new products, markets or partnerships are you considering, and how is your product or technology evolving to stay ahead of competitors? 
• 💥Which metrics and unit economics are you tracking to ensure healthy growth? 
• 💥How do you balance investment in R&D or market expansion vs. near-term profitability?

5. ❓Is the valuation a win or a warning?

• 💥What’s the valuation versus the company’s future potential?
• 💥What assumptions justify this price?
• 💥What are the current and future capital needs (equity, debt, resource allocation)?

How to size up a business with 5 Questions

Great insites from VC legend Ari Klinger 

5 questions any business needs to nail 

1. Who are you selling to? 

 Create an avatar of your ideal client 

2. What are they buying? 

What is the painkiller for your client 

3. Why you? 

What is your unique proposition - is it your superpower

4. How will you profitably and sustainably deliver on that promise?

• The business model 
• Revenue /costs/Gp 
• Scalability and cost of scaling 

5. How do you measure success?

What are the metrics and kpis 

Let me know if you want to know level 2 questions? 

Send your vCard and refer your network with www.referron.com

www.referron.com

Upflowy raises $4m in Feb 22 and is launching its Co-Pilot - Psyke

Founders of Upflowy   Guillaume Ang  , Matthew Browne  and Alexandre Girard  raised  $4m in Feb 2022 and an excited to see the launching of Psyke!

The funding is being used to 

• grow the team to 40, 
• go to the USA,
• Enhance platform capabilities by integrating AI and predictive personalization and 
• develope an ai co-pilot Psyke.

Upflowy is  launching its Psyke next week  - an AI-driven game changer for marketing automation and customer experience optimization.

Am looking forward to the product launch on Wednesday 26 February . (Click here to register ) )

Investors

The funding round saw participation from:

• Counterpart Ventures (Lead Investor)
• Tidal
• Global Founders Capital
• Black Nova
• Antler

These investors reaffirmed their confidence in Upflowy’s innovative approach, doubling down on their previous commitments.

What Upflowy Does

Upflowy offers a drag-and-drop no-code platform that helps businesses create, test, and optimize customer experiences without needing developer support. The platform enables:

• Boosting conversion rates
• Personalizing sales and marketing journeys
• Understanding customer drop-off behavior
• Experimenting and optimizing sign-up flows

The company has already helped hundreds of businesses, including B2B tech firms, SaaS providers, healthcare brands, fashion retailers, and national sports teams, achieve significant growth through its intuitive solution.

Quotes from the Founders

Guillaume Ang, Co-Founder & CEO of Upflowy:
"Businesses have long been reliant on engineering teams to manage marketing and customer engagement, but this slows down agility. Upflowy removes these barriers, enabling companies to optimize user flows quickly and effectively. This funding will help us expand globally and introduce game-changing AI solutions like Psyke."

Matthew Browne, Co-Founder of Upflowy:
"We built Upflowy to make customer engagement effortless and data-driven. With Psyke, we’re taking it a step further—combining AI and neuroscience to help businesses generate high-performing marketing campaigns at scale, in just hours instead of weeks."

Alexandre Girard, Co-Founder of Upflowy:
"Marketing teams are under immense pressure to do more with fewer resources. Upflowy empowers them with a no-code solution that accelerates campaign execution, improves conversion rates, and delivers measurable business impact."

The Future of Upflowy

With its latest funding and the introduction of Psyke, Upflowy is set to redefine how businesses approach digital engagement. As AI adoption in marketing grows—85% of CMOs plan to increase AI investment in 2025—Upflowy is positioned as a leader in AI-driven marketing automation and customer experience optimization.

Interested in seeing Psyke in action? Join the upcoming product demo on Wednesday, February 26, at 12 PM AEDT.

RSVP Now 👇

https://lu.ma/1q6y39qi

Entrepreneurship is not for the feint hearted!

Steve Blanks latest article on needing to go through the hard yards of peeling potatoes to doing the crummy inane jobs - like peeling potatoes  - was all part of the process enabling him to become a successful entrepreneur!!

Becoming a sussessful entrepreneur is not for the feint hearted  -and let me tell you - the odds are not in your favour!!!! 

 There’s no shortcut…. And the risks are massive !!!!

You can read as many self help books and how the facebooks, NVIDIA and Amazon’s have done it ….. but unless you’ve done it , failed, pivoted , failed again , and joined that exclusive club -  “club fear” - 😨 - the chances of making it are thin! 

Some sage advice ….. If you’re not passionate about what you do - get a job!!!! ! 

Spoiler 🔔 alert 

To create a perfect product ….. there are a number of things that need to get done to make it right….. and you need to make it right every time !!!!

Who would have known that my career starting out  as an accountant would take me down the road to become an entrepreneur running my own business ….  

These are some of the lessons I learnt that couldn’t be learnt at Uni or from books that enabled me to survive as an entrepreneur! 

(some items below inspired by Steve’s blog;)

• While peeling potatoes during basic training-  a mundane job - was bfo 1 (blinding flash of the obvious) unless you do it right - you not gonna feed 10,000 people!!! 
• Worked for months telemarketing - making appointments for a startup - understanding that to get 1 sale - we needed to make 100calls and send out 20 proposals !  (Taking the concept of “knowing your numbers to a new level) 
• Answered 100s of Requests For Proposals (RFP’s.) 
• Designed tradeshow booths, spent long nights at shows setting them up, and long days inside them during the shows.
• Write 1000s of blogs, and made countless sales presentations (treading the line between sales, marketing, truth, and competition), 
• press releases (getting a degree in creative writing without being an English major,) 
• flew to hundreds of customer meetings on red-eyes at a drop of a hat (making sales guys rich and gaining a huge appreciation for their skills.)
• Partnered with engineering trying to understand what customers really wanted, needed and would pay for, versus what we could actually build and deliver (and learning the difference between a simply good engineer and working in the presence of sheer genius.) 
• In the sprint to completing a government tender issued on 20 December that had to be completed by 31 December , slept under the desk in my office with our entire team!

Each of those crummy, tedious, exhausting jobs and the 100s more -  made me understand how hard they were. 

Each made me appreciate the complexity of the systems (with people being the most valuable) that make up successful companies. 

It made me understand that they were doable, solvable and winnable.

By the time our business started taking shape - I knew what each job in my organisation  meant because I had done every one of them. 

I knew what it took to get each  job done and cog turned  (and screw them up) which has given me  a huge respect for every member of our team …..  without their passion and dedication and expertise - our business would never have survived! 

Herea a link to  Steve Blank’s  article