NZ Venture Capital

Icehouse Ventures

_Jack has been around the New Zealand startup ecosystem for a number of years and is well qualified to speak to why it is an incredibly exciting time to be a part of it. He shares his journey securing an internship with the [Icehouse](https://www.icehouseventures.co.nz/ "Icehouse") in the early days, what he loves about working alongside startups and why he won't be going anywhere anytime soon. Thanks for sharing your insight, Jack._ 

**How would you explain to a five year old what you do?**

I help entrepreneurs get the money and guidance they need to make their vision, whatever that may be, a reality.

**And for the adults, what does a day-in-the-life of a Partner at Icehouse Ventures look like?**

I spend most of my day talking to people, and it’s pretty evenly split between investors and entrepreneurs.

They’re both on their own journeys and those conversations are largely about understanding what they want to achieve, whether we’re a fit to work together, how to work together if so, and then all the follow up actions that come out of that conclusion. Normally that’s guiding people through a process to either invest with us or raise capital from us.

Once someone’s in the family, there’s a lot of time spent keeping people up to date, giving feedback and input on decisions and ensuring we’re doing whatever we can to help them be successful either as founders or investors.

> “..growing up we didn’t talk about sport, or art, or music or whatever else around the dinner table. We mostly talked about business or finance.” 

**What did you dream of doing when you were younger and how did you end up at Icehouse Ventures?**

My parents’ and older siblings’ careers all centre around property and finance, and I regularly joke we aren’t the most rounded in terms of interests... growing up we didn’t talk about sport, or art, or music or whatever else around the dinner table. We mostly talked about business or finance.

That led me to think I wanted to work in some field of finance. At university I happened to meet the CEO of an investment bank and he gave me advice that boiled down to “get internships or die trying”. I approached about 40 finance-related firms and Icehouse Ventures were one of only two to even reply. An intended 3-month summer internship has turned into seven years with no end in sight.

**Can you tell us a little bit about Icehouse Ventures and what you love about working there?**

Icehouse Ventures exists to back brave kiwi founders shaping the world we live in. It’s hard not to love working surrounded by incredible people pursuing big visions.

It’s also been really rewarding to be part of our own growth story. When I joined, Robbie had just raised our first fund of $500k and it was a team of two. We’re now 13 people, we’ve invested over $150m in more than 220 startups (incl. over $35m in 2020 alone), and have been privileged to work with a few emerging kiwi startup icons like PowerbyProxi, Crimson Education, Halter, Mint, Sharesies, Ethique and so many others.

I’ve also got to observe boards, learning from founders like Aaron & John at Ask Nicely, Emily at Pyper Vision, Shaun at Genoapay, and Mike & Phillip at Joyous. I’ve learned more from these experiences than anything else I’ve done at Icehouse Ventures and am incredibly grateful for that, particularly to Aaron who was the first to say yes!

> “At university I happened to meet the CEO of an investment bank and he gave me advice that boiled down to get internships or die trying.” 

**What gets you excited about the New Zealand tech ecosystem and why should more people be considering it as a career path?**

It’s an incredibly exciting time right now with an order of magnitude of experienced founders building well-funded startups in New Zealand. Only a few years ago, there simply weren’t many people with experience building $100m+ and $1b+ companies from New Zealand.

The success of companies like Xero, Pushpay, Rocketlab, Lanzatech and others have recently grown that community to include hundreds who have been part of a $1b+ journey from the earliest stages. Their success breeds the ingredients for success; nurturing future founders with first-hand experience, demonstrating 100x+ returns to NZ investors, and inspiring the best and brightest talent to join tech companies.

It doesn’t hurt that NZ’s the awe of the world right now, and we’ve all had a lesson that you don’t need to sit face-to-face for a sales meeting anymore, tearing down the tyranny of distance.

**What are the key things you look for when investing in a company and how can that apply to people deciding where they might like to work?**

Magnetic founders on missions to change the world. Magnetism is an amazing compounder; these founders raise more capital from higher quality investors, recruit better and brighter talent, close marquee customers, attract media attention and awards.

The mission point is important, and honestly pretty difficult, to distinguish whether that magnetism will be put to work for something bigger than the founder. When the two come hand in hand, and I think Sharesies and Ethique are great examples of this, I don’t think anyone will regret working at (or investing in) those companies.

> “They’re making an active choice to be there, not just for a paycheque and they’re not watching the clock for 5pm, but because what they’re doing is meaningful. That’s why I wouldn’t do anything else but work with startups.” 

**Lastly, why should our brightest talent be looking towards our startup ecosystem instead of the more trodden corporate path?**

Earlier in my time at Icehouse Ventures, I’d get asked when I was going to jump ship to a corporate semi-regularly. I’d retort something along the lines of “when I only get to work with people that choose to be there, again”.

That’s the beauty of startups - the founders, the early team, the investors - they could all do something else easier. They’d probably make more money working less. They’re making an active choice to be there, not just for a paycheque and they’re not watching the clock for 5pm, but because what they’re doing is meaningful. That’s why I wouldn’t do anything else but work with startups.

Jack-McQuire-Icehouse-Venture-thumbnail.jpg

Jack McQuire, Partner at Icehouse Ventures

_Fashion entrepreneur turned startup investor. Barnaby is responsible for the Flux Fund and working with early-stage companies to help them grow._ 

_Someone who has walked the talk, Barnaby knows firsthand what is required to get a business off the ground. Having worked for one of New Zealand's most known startup capital partners, [Icehouse Ventures](https://blackbird.vc/ "Blackbird Ventures") for a number of years, he has seen the full breadth of the innovation coming out of New Zealand and is very well qualified to comment on why working in the space presents an exciting opportunity to anyone considering it._ 

_He shares some insight into his career journey, what makes The Icehouse a great place to work and some sage career advice about impressing your future grandchildren. Thanks for sharing your story, Barnaby._ 

**How would you explain to a five year old what you do?**

It so happens that I try to explain to my five year old frequently what I do; I tell him that I raise money from investors to invest in, and take equity in early stage companies. I don’t know if he quite gets it yet…

**And for the adults, what does a typical day-in-the-life of a Partner at Icehouse Ventures look like?**

Day to day, my job consists mostly of three things; raising money for our funds at Icehouse Ventures, meeting with entrepreneurs we are considering investing in - discussing with the them their ideas and plans and working on our own due diligence in the those markets; and lastly, working with the companies we have invested in.

Sometimes we take board positions, sometimes we just catch up with the companies periodically to see where we can add value and help the company grow.

> “I started my first business at the age of 12 or so, which was a mobile-catering labour-hire business..” 

**What did you dream of doing when you were younger and how did you end up at Icehouse Ventures?**

I’ve always been entrepreneurial. I started my first business at the age of twelve or so, which was a mobile-catering labour-hire business, then a small coffee enterprise at the age of sixteen and then I entered the rag trade when I was nineteen. I loved trading and commerce from a young age and the challenge of building a company with all of its component parts and variety of challenges.

In my early twenties I grew a fascination with technology start ups and how they could shape the future. This interest grew and I invested in a startup that I met through Icehosue Ventures as an “angel” in 2016\. In 2017, I had the opportunity to come and join the investment team full time, which I jumped at.

> “What ties them all together is having some audacious mission they are pursuing to change the world in some way, that’s what gets me out of bed.” 

**Can you tell us a little bit about Icehouse Ventures and what you love about working there?**

Icehouse Ventures is an early stage venture capital firm investing in pre-seed and seed stage technology businesses. We exist to back the bravest kiwi founders building global companies. We have a portfolio of over 200 companies in industries ranging from clean-tech to aerospace to AML. 

There are two things I love the most about my role. First is the team that I work with everyday. We have a group of highly ambitious and intelligent young people who are all energized by backing NZ's most ambitious early stage entrepreneurs.

Second is the entrepreneurs we back. They are fearless, knowledgeable, creative and curious. It’s a lot of fun to be around a diverse group of entrepreneurs with a range of backgrounds, motivations, experiences and working in a range of industries. What ties them all together is having some audacious mission they are pursuing to change the world in some way, that’s what gets me out of bed.

> “There has never been a better time to join a tech company in NZ.” 

**What gets you excited about the New Zealand tech ecosystem and why should more people be considering it as a career path?**

I believe that the future of NZ’s economy needs to be based on technology companies. Primary industries and tourism have obvious challenges in the future economies of the world and NZ has the talent, resolve and global brand to build technology companies that could help to define our future. 

There has never been a better time to join a tech company in NZ. The ecosystem is developing at a rapid rate, there is more capital available to be allocated to this sector than ever before, which gives companies more certainty and the ability to attract higher quality talent. We are starting to see more of a “recycling” of talent, with individuals from scale up companies like Xero, Rocket Lab, Pushpay and Lanzatech starting, joining or investing in new tech companies. 

These are all positive indicators for the future of the sector. 

**What are the key things you look for when investing in a company and how can that apply to people deciding where they might like to work?**

Firstly we are looking for founders that have a unique insight into a problem or industry that few others have. Founders looking at a problem in a different way or having a new way of approaching a problem is often the basis for a competitive advantage.

The more unique their set of experiences, often the harder their insight is for others to copy. We are looking for founders that are ambitious, have a human connection with the problem they are trying to solve and have demonstrated excellence in their career previously. 

Secondly we are looking for companies that are going after multi billion dollar, global market opportunities. Venture investing is about generating “outlier” returns. Trying to change an industry or create a new way of doing something is really hard and most companies we invest in, ultimately won’t be successful. So it’s important that the ones that are successful generate enough returns to make up for the losses and then some!

> “I think it’s important to pursue what you are passionate about and contribute to a mission that you would be proud to tell your grandkids about - whatever that might be! ” 

**Lastly, why should our brightest talent be looking towards our startup ecosystem instead of the tried and true corporate path?**

I hate to bang on the Covid drum but I am going to anyway… If 2020 has taught us one thing, it’s that the world can change a lot in a few months and jobs, industries and governments that previously seemed stable can suddenly be unstable. The adoption of technology has accelerated and the pace of change is increasing. 

So if it’s stability or predictability that is the attraction of a tried and tested corporate path, I’d challenge how true that will be over the next decade. In light of that, I think it’s important to pursue what you are passionate about and contribute to a mission that you would be proud to tell your grandkids about - whatever that might be!

Icehouse Ventures

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Jack McQuire, Partner at Icehouse Ventures

Barnaby Marshall, Partner at Icehouse Ventures

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