Investment Thesis with Kali Norman
Don McKenzie's Investment Thesis | Investment Thesis with Kali Norman
In this episode, Kali Norman sits down with Don McKenzie, Co-Founder of Tribe Ventures, to unpack how his investment thesis has evolved over more than two decades of angel investing and company building. From building internet-based businesses before cloud computing existed to helping Australian and New Zealand B2B startups expand into the UK and US, Don shares the lessons that only come from backing companies through both wins and failures. The conversation explores why the best investors develop systems rather than relying on instinct, how confirmation bias quietly influences investment decisions, and why founder execution matters just as much as product quality. Whether you're an angel investor, VC, founder, or simply interested in how experienced investors think, this episode offers a practical look inside the decision-making process behind successful investing. In this episode: Don's unconventional path from entrepreneur to investor How an investment thesis develops through experience-not theory Why Tribe Ventures focuses on B2B companies expanding internationally Building competitive advantage using Hamilton Helmer's Seven Powers The importance of defensibility, switching costs, and avoiding commodity products What "product-market fit" really means before scaling Why founder execution often matters more than the original idea Hidden due diligence: getting to know founders beyond the pitch deck Avoiding confirmation bias and the pressure to deploy capital Lessons from investments that didn't go to plan How angel groups can accelerate learning for new investors Why market quality can matter just as much as founder quality Guest: Don McKenzie, co-founder of Tribe Global Ventures Host: Kali Norman Investment Thesis is a Day One Network production. Listen at https://dayone.fm/show/investment-thesis
