The Human Factor: Founders as the Ultimate Asset Class

Belinda Dean

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Belinda Dean

In this episode, we explore something that doesn’t appear in spreadsheets or pitch decks – yet may be the single most important factor in private market investing.

Belinda Dean

We’re talking about the human factor – and why founders themselves might just be the ultimate asset class.

Belinda Dean

In private markets, investors are used to crunching numbers – market size, competitive position, scalability.

Belinda Dean

Spreadsheets hum with projections on customer acquisition costs, gross margins, and capital requirements.

Belinda Dean

But behind all those numbers lies a variable that’s harder to model – and often more decisive: the founder.

Belinda Dean

Recognising founders as an asset class in their own right might sound unusual, but it’s becoming increasingly essential.

Belinda Dean

Ideas can pivot. Markets evolve. Products iterate. But leadership – true leadership – determines whether a company adapts or disappears.

Belinda Dean

Backing the right founder can transform a moderate idea into a breakthrough business.

Belinda Dean

Backing the wrong one can sink even the most compelling opportunity.

Belinda Dean

As Australia’s private markets mature, professional investors are paying closer attention to this human dimension – treating founder evaluation as a central part of due diligence, not a soft afterthought.

Belinda Dean

Think about this: Atlassian didn’t start as the global collaboration software giant it is today.

Belinda Dean

Canva’s original product looked nothing like the billion-dollar design platform we now know.

Belinda Dean

What early investors saw in Mike Cannon-Brookes, Scott Farquhar, and Melanie Perkins wasn’t just an idea – it was execution ability. Vision. Resilience. The capacity to lead through change.

Belinda Dean

Because in early-stage investing, the idea is rarely the final product.

Belinda Dean

A great founder pivots, adapts, and evolves.

Belinda Dean

A poor founder clings to a vision long after it’s stopped working.

Belinda Dean

That’s the human factor in motion.

Belinda Dean

So how do you evaluate a founder?

Belinda Dean

It’s not simple – but there are recurring traits and patterns investors now look for.

Belinda Dean

First, resilience and grit.

Belinda Dean

Private markets are littered with stories of rejection. Melanie Perkins, for instance, was turned down more than a hundred times before securing investment for Canva.

Belinda Dean

But that persistence convinced backers she had what it takes to weather the storms of scaling globally from Australia.

Belinda Dean

Investors ask: Has this founder demonstrated the ability to absorb setbacks – and keep building?

Belinda Dean

Second, scalability of leadership.

Belinda Dean

Some founders excel in the chaos of the start-up phase but struggle when systems, governance, and structure become necessary.

Belinda Dean

Venture firms often face this crossroad – can this founder lead tomorrow’s company, not just today’s?

Belinda Dean

Third, the ability to attract and retain talent.

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In a resource-constrained environment, every hire counts.

Belinda Dean

Does the founder inspire people? Surround themselves with complementary skills?

Belinda Dean

A founder who can’t build and keep a strong team will eventually hit a ceiling.

Belinda Dean

Then there’s reputation and integrity.

Belinda Dean

Australia’s business ecosystem is tight-knit – word travels fast.

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Founders who overpromise or burn bridges can find doors quickly closed.

Belinda Dean

But those who demonstrate integrity – even through failure – can raise capital again and again.

Belinda Dean

Finally, self-awareness and adaptability.

Belinda Dean

Great founders know their limits. They seek advice. They share credit.

Belinda Dean

Investors look closely at whether a founder clings to control – or embraces collaboration.

Belinda Dean

Because self-awareness often determines whether a founder grows with the company or stalls its progress.

Belinda Dean

Australia’s private markets amplify the importance of the founder.

Belinda Dean

Our domestic market is small. To scale, companies often need to go global earlier than their U.S. counterparts.

Belinda Dean

That takes ambition, cultural awareness, and the ability to navigate international capital markets.

Belinda Dean

Atlassian and Canva didn’t succeed because Australia offered a vast customer base – they succeeded because their founders had the vision and resilience to go global early.

Belinda Dean

And reputation capital counts for a lot here.

Belinda Dean

With a smaller pool of entrepreneurs and investors, track records matter.

Belinda Dean

Founders who deliver – or simply behave with integrity – can attract strong backing for their next venture.

Belinda Dean

Investors who focus only on the business model risk missing the human execution risk.

Belinda Dean

A great idea can collapse if the founder lacks discipline, can’t scale leadership, or burns through capital too fast.

Belinda Dean

On the flip side, some of the best returns come from investors who spotted a founder with extraordinary tenacity – even when their initial idea seemed modest.

Belinda Dean

But there’s another risk – bias.

Belinda Dean

Investors may unconsciously gravitate toward founders who “look the part”: young, male, technically trained.

Belinda Dean

By doing so, they overlook capable founders from different backgrounds.

Belinda Dean

Fortunately, several Australian initiatives are widening that pipeline – encouraging investors to tap into a more diverse, and ultimately more innovative, founder base.

Belinda Dean

So what does it mean to truly treat founders as an asset class?

Belinda Dean

It means embedding leadership assessment into the core of every investment decision.

Belinda Dean

Allocating real due diligence time to observe and engage with founders.

Belinda Dean

Using structured tools – from psychometric tests to scenario planning – to stress-test leadership.

Belinda Dean

Considering reputational capital alongside financial capital.

Belinda Dean

And recognising that a founder’s ability to scale as a leader is as critical as the company’s scalability itself.

Belinda Dean

Because at the end of the day, the people at the helm drive value creation in private markets.

Belinda Dean

Backing the right founder isn’t about charisma or gut feel.

Belinda Dean

It’s about disciplined evaluation – resilience, leadership, integrity, adaptability.

Belinda Dean

Ideas shift. Markets evolve. Products iterate.

Belinda Dean

But the founder determines whether capital compounds – or dissipates.

Belinda Dean

For investors, treating the human factor with the same rigour as financial modelling can unlock substantial rewards.

Belinda Dean

Founders aren’t just the face of the company – they are the investment thesis.

Belinda Dean

They embody both the risk and the opportunity.

Belinda Dean

And for Australia’s private markets, where reputation, relationships, and resilience matter deeply, the human factor isn’t a variable – it’s the constant.

Belinda Dean

You’ve been listening to Unlocking Liquidity, brought to you by PrimaryMarkets – Australia’s leading platform for trading unlisted securities and accessing exclusive private investment opportunities.

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For more on capital raising, liquidity solutions, or our latest market insights, visit primarymarkets.com.

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Until next time – stay informed, and stay invested.