In the dynamic and ever-evolving world of entrepreneurship, Steph Benseman and Mason Bleakley have already had quite the journey - from helping fledgling startups and young entrepreneurs find their feet, to ending up listed in Forbes 30 under 30 Asia for their work with First Cut!
These two lead First Cut, an Icehouse Ventures initiative aimed at empowering young entrepreneurs in Aotearoa. Their path to success was forged with determination, resilience, and a deep belief in the potential of young founders.
We sat down with Steph and Mason for dinner recently, along with a bunch of Ōtepoti young founders, to hear more about First Cut and pick their brains on the founder’s journey.
It’s okay that you don’t know what you don’t know.
Steph and Mason's superpower lies in their empathy for young founders. The two understand that being a first-time entrepreneur is challenging, especially without access to established networks or prior experience. Something first-time entrepreneurs can struggle with is the idea that “you don’t know what you don’t know.”
Steph says “We believe that the next iconic New Zealand company may be founded by a young entrepreneur without the personal or familial means to overcome the initial hurdles.” - and we know there’s a lot of those young entrepreneurs out there. It’s good to know someone has your back.
Learn from those who came before you.
First Cut has seen it happen. Steph and Mason have been there to see a number of remarkable success stories that have helped to pave the way for the next generation of entrepreneurs.
One great example is Spalk. Founded by Ben Reynolds and Michael Prendergast during their university years, Spalk solves the one-size-fits-all sports broadcast commentary problem by enabling listeners to access commentary in their preferred language. Since winning the First Cut Challenge in 2015, Spalk has grown globally, securing partnerships with renowned sporting bodies such as World Rugby and FIBA. Their recent investment round even attracted support from sporting stars like Steven Adams and Mitch Evans.
Another great example is that of Pyper Vision. Emily Blythe, the winner of the First Cut Challenge in 2018, revolutionized airport visibility with her company Pyper Vision.
Drawing from her upbringing in an aviation-oriented family, Emily created a solution that ensures safe travel even in foggy conditions. Pyper Vision is now poised to launch with its first customer.
A lot of successful young entrepreneurs have a few traits in common.
When it comes to key skills, freedom of Imagination rates highly: Mason says “When you’re young you’re not held back by the notion of “we’ve always done it this way”. That freedom of thinking can foster disruptive businesses”. It’s true - you’re more likely to be unencumbered by the constraints of conventional thinking, and challenge the status quo.
As well as this, ambition and resourcefulness rank highly on Steph and Mason’s key trait list. Success stories like KiwiFibre, winners of the First Cut Challenge in 2022, exemplify the importance of ambition and resourcefulness. Their audacious goal to revolutionize a $90 billion global industry started with a simple prototype - tested on a BBQ. These traits allow young entrepreneurs to transcend limitations and create groundbreaking solutions.
Hustle Culture isn’t all it’s cracked up to be.
It’s no secret that burnout is a huge problem for founders, and can have some deeply detrimental effects on your wellbeing. It’s important you take it seriously as a founder.
A few years ago, images of fledgling tech giants’ founders sleeping at work were seen as examples of heroic dedication to their business, but Steph notes that’s no longer the case: “I’m really happy that a change I’ve seen since joining the startup community almost a decade ago is that hustle culture is no longer “cool” or admired. Being a founder is no 9-5 gig and it does require sacrifice and a lot of hard work, but the founders we back are doing their life's work and that means it has to be sustainable for them to go the distance.”
Finally, and just for fun:
I asked the team what First Cut’s elevator pitch would look like if it was a tweet, and this is what they said:
"First Cut - A community hub for under-30 entrepreneurs in Aotearoa, offering resources, mentoring, events, and investment opportunities. We believe in supporting the potential of young founders from day one! #EmpoweringAotearoa"
Great hashtag.
Enter the First Cut Challenge!
The Challenge is for founders under 30 to gain financial support and mentoring to launch and grow their business ideas.
There are cash prizes available and an opportunity for one startup that’s ready, to pitch at NZ’s largest investor event for up to $1M in investment.
Last year, KiwiFibre Innovations took the stage as the 2022 winner.
This year's challenge is now open and closes Sunday the 18th of June! Find more details and enter the challenge here: https://www.icehouseventures.co.nz/firstcut.