Alumni duo’s world-first angel fund
‘‘I always ask myself - why am I doing this? Is it fun? Am I learning? Because at the end of the day- if you’re not doing what you love, what’s the point? ’’
A former ACG Strathallan student Jack McQuire, 21, has joined forces with ACG senior college alumna Hannah Monigatti, 19, to lead the largest student-run angel investment firm in the Southern Hemisphere.
Started in 2015 to provide mentoring and due diligence for start-up investments, First Cut Ventures has since developed into a fully-fledged angel fund with investment funds of more than $500,000.
Based out of Auckland business growth hub, The Icehouse, it is the only angel fund in the world entirely student-run and focused on young founders under the age of 30.
McQuire said there was a focus on young entrepreneurs because of the positive changes they could make.
‘‘We believe they create more unique, ‘step change’ innovations that have a larger macro impact over a long-term.
‘‘They have more time to become successful and are likely to reinvest in the next generation of entrepreneurs. And, commercially, they’re more ‘ lean’ and efficient, improving the long-term returns for investors.’’
New Zealand Venture Investment Fund (NZVIF) Investment Director Bridget Unsworth said the initiative was another sign of the development of angel investing in New Zealand.
‘‘It’s an exciting time with a lot of investment activity.
‘‘ Alongside the more traditional angel, it is great to see young innovative people passionate about investment and how to grow new start-ups. We’ll watch First Cut Ventures with great interest.’’
Both young partners said their passion for business strategy and the Kiwi start-up scene started at their respective ACG schools.
Jack said the challenge his ACG Strathallan teachers laid down for him to develop his thinking skills and always strive for his best was instrumental in his decision to volunteer at The Icehouse in his first year of university.
While the Monigatti was hesitant to make predictions about the future, she was clear she wanted to make a difference in the world.
‘‘What I do know is that I want to maximise my impact on the world, and for now - that means learning and experiencing as much as I possibly can.
‘‘I always ask myself - why am I doing this? Is it fun? Am I learning? Because at the end of the dayif you’re not doing what you love, what’s the point?’’ Monigatti said.