.png)
In our latest Tallystone podcast episode, our co-founder Emily sat down with Llew Jury, General Partner at Sprint Ventures, to unpack his journey as a founder, his lessons from two successful exits, and his approach to venture capital.
We’ve listed some of the key insights from their conversation below but check out the full interview on YouTube to learn what every founder should keep in mind when building and scaling their business.
________________________________________
One of the key lessons Llew shared is that founders should always have a value realization plan. Knowing who you want to sell to, when you want to sell, and how much you're aiming for can significantly influence how you build your business.
Investors, including VCs like Sprint, actively assess a founder’s awareness of their long-term goals. The best-prepared founders have a clear strategy for value realization from the outset, making them more attractive investment opportunities.
Llew highlighted that at Reload, he and his co-founder sat down early in the journey and set a 14-year plan that included an exit strategy. They structured the business accordingly, even ensuring that that they had a plan in place to fit into Llew’s desire for a 10-year sprint! Their ability to plan ahead meant that when the time came, they had the right financial structures, governance, and processes in place to secure a successful exit.
Similarly, in Sprint Ventures’ investment committee meetings, one of the first questions they ask founders is about their exit strategy—because without a clear path to value realization, investors may hesitate to back a business.
Takeaway: Whether it’s a direct approach or a formalized exit process, founders must be proactive about planning their exits.
________________________________________
In the early days of Alfresco, Llew realized that building a great product is only half the battle. Without customers, even the best product won’t succeed.
Whether metaphorically or literally as Llew did in the early days of Alfresco, you need to pound the pavement and go talk to customers. His relentless focus on sales helped him secure some of the biggest brands in Australia as customers!
Takeaway: Founders must balance product innovation with customer acquisition from day one. Don’t get caught up in building the perfect product—get out there and sell!
________________________________________
Llew emphasized the importance of founders recognizing their own limitations. Founders aren’t expected to be experts in every area of business, for Llew he’s an ace at sales and networking, but he knew he wasn’t a financial expert. Instead of trying to do everything himself, he brought in specialists to fill the gaps.
That being said, one critical skill that all founders must have is in understanding and managing cash flow. He recommends that every founder get familiar with financial statements and forecasts, even if they hire a CFO or bookkeeper to handle day-to-day finances.
Takeaway: Identify your core strengths and hire for your weaknesses. Whilst you don’t need to be a finance expert, but you must have a solid grasp of your business’s financial health.
________________________________________
High attention to detail shows your sophistication as a founder and will put your company miles ahead in impressing a VC. Llew recommends getting your ducks in a row early and not at the last minute. For Reload’s exit, they had nearly 500 documents to prepare and the team had to ensure every detail was covered.
Llew outlined particularly how a well-organised and professional data room can make or break a deal. He highlighted how even for a data room with 30 documents, venture investors will instantly see a founder’s level of sophistication from their data room.
Investors pay close attention to data rooms. Llew shared that the first things he looks for when accessing a data room are:
Takeaway: Start organizing your documents early. A well-prepared data room shows sophistication and readiness, which leaves a lasting impression on investors.
________________________________________
Llew’s advice to founders was clear: VC isn’t for everyone.
If your business can achieve profitability quickly, you may not need outside investment. He highlighted that many founders chase funding without fully understanding whether it’s necessary for their growth. Sometimes, bootstrapping or considering private equity later down the track is a better fit.
Takeaway: Carefully assess your business model and growth path before seeking VC funding. It’s not a one-size-fits-all solution.
________________________________________
Llew Jury’s journey from founder to VC offers invaluable lessons for anyone navigating the startup world. His advice is clear: plan your exit early, prioritize sales, build great teams, and ensure your financials and data rooms are top-notch. All of these help show your sophistication as a founder when seeking investment or planning for an exit.
To learn more about Sprint Ventures or to connect with Llew Jury, visit sprint.vc or find him on LinkedIn.
________________________________________
💡 Interested in more insights like these? Subscribe to Tallystone’s Youtube for more in-depth conversations with industry leaders about startups, capital raising, and acquisitions.