In this episode of Seed to Success, Alastair is joined by his co-founder Luke Streeter and seasoned entrepreneur Stuart McLeod, who opens up about his journey of founding, scaling and exiting two companies - PayCycle and Karbon.

Stuart sheds light on the unpredictability of entrepreneurship, the importance of resilience and introduces his latest venture, Waverly Studios. While discussing strategic opportunities, cap table complexities and all the challenges along the way, Stuart get candid about the setbacks and the moments of self-reflection.

The trio discuss seizing strategic opportunities, funding challenges and the impact of AI, This episode is a must-listen for aspiring entrepreneurs and anyone navigating the complexities of start-up ventures!

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Show notes:

00:00:00 - Intro

00:01:30 - Introduction to Waverly Studios

00:04:02 - Building and selling PayCycle

00:09:47 - Selling to Xero

00:13:33 - Building for exit

00:14:19 - Unexpected opportunities with Xero

00:16:31 - Learning from Xero

00:19:24 - Transition to Karbon

00:23:43 - Scale and confidence

00:26:59 - Funding and early days

00:28:34 - Challenges in raising funds

00:32:37 - Lessons from PayCycle

00:35:04 - Board composition and value

00:39:46 - Navigating tough decisions

00:40:48 - Cap table challenges

00:43:04 - Venture studio vs. accelerator

00:45:43 - Youth sports management platform

00:49:21 - Market sizing and purpose-driven ventures

00:53:33 - Studio operations and business scalability

00:55:59 - Diversifying ventures

00:59:59 - Angel investing and personal focus

01:00:46 - The power of data and metrics