The muscle we’ve built: lessons from a decade of belief in Australian venture

Today, that belief is backed by evidence. We’ve not only proven that we can build unicorns from Australia and New Zealand, we’re now top of the leaderboard in terms of the number of unicorns created per dollars invested, according to Side Stage Ventures’ recent Outliers 2025 report. Yet beneath the success stories, what’s really been built is a muscle – a uniquely Australian blend of realism and conviction that keeps maturing with every cycle. As we look to the next generation of our ecosystem, we are developing a clearer understanding of what needs strengthening, and where we should double-down.

From proof to practice

Through our VC Catalyst program this year, the theme of taking these early signs of proof into enduring habits kept resurfacing. Despite outliers proving what’s possible when you think big, Dr Kate Cornick, LaunchVic CEO, called out that ambition remains a limiting factor in our entrepreneurial culture. Building a healthier appetite for risk, and celebrating both the wins and the lessons, will be key to nurturing a more robust culture of ambition across our industry. 

Speed to conviction

Airtree Partner John Henderson noted the mark of maturity isn’t pedigree or polish, but intensity, especially when comparing to our global peers. Ed Barker, Principal at Square Peg Ventures, added maturity also means focus: knowing what you don’t invest in, and staying disciplined about that. With this intensity and focus comes speed of conviction: an investor’s willingness to say yes or no quickly, and move with clarity rather than caution. While we are still learning to trust these instincts, the competitiveness of our local market in the global arena will benefit from this discipline being strengthened across the board.

Expanding the coalition of the willing

Rick Baker reminded us that storytelling built this industry. Ben Grabiner, who founded Side Stage Ventures a generation later, echoed that lesson: building a fund today still begins with surfacing believers, not converting sceptics. Conviction remains the engine, but now we bring more confidence and collaboration.

That spirit of collaboration may well be our ecosystem’s superpower. Unlike many of our global counterparts, Australia’s venture community still carries the generosity that shaped its earliest players, and now galvanises a new wave of emerging funds. It’s the kind that shows up to help a fellow founder debug their cap table or a new fund manager raise their first close. Ambition here may be less about individual aims, and more of the collective desire to see the whole ecosystem succeed.

Strengthening the muscle

Each generation inherits a slightly stronger version of these foundations: the belief in what’s possible from here. The first generation proved venture could exist. The next is learning to practice it faster, with even more depth, and with greater intentionality. 

If there’s one enduring lesson from a decade of Australian venture, it’s this: conviction compounds. The more we exercise it – in founders, in our investors, in the system we’re shaping – the stronger this ecosystem becomes.