Don, Aaron and Jack unpack a big week in venture, AI and building companies.

• Venture Downunder with Innovation Bay: pirate parties, poker, the Kill All The Puppies triage session (bridge, dilute, sell or fold), and why founder pitches at events should be three minutes, not ten.
• Canva blames frontier AI costs for a rare revenue downgrade: growth guidance cut from 30% to 20%, Canva AI 2.0 halted, in-house models to replace OpenAI and Veo 3, and why Tribe cancelled its Canva seats for Claude Design.
• Sovereign AI: Prof Anton Van Den Hengel's case for Australian capability. The only capability that survives is research, your advantage is momentum not checkpoints, and Anthropic engineers reckon they have nine to twelve months of coding left.
• HotDoc founder Ben Hurst steps away after 14 years: the maturity to recognise when your company needs a CEO and not a founder, and why the two energies are different jobs.
• Incumbents milking it: Don's Ansarada rant (pricing that scales with your data room, a 2007 interface, switching costs locked in by your deal risk framework), and Airtable reportedly selling for about $1 billion, 88% below peak, with founders wiped out by the preference stack.
• How 26-year-old Grace Brown built Andromeda into a $100 million robotics company, and the story of Abby the robot getting a couple dancing to their wedding song again after 20 years.
• Anti-portfolio goals: Vu Tran on why making a top VC's anti-portfolio is a benchmark, not a rejection.
• Ken Griffin on Citadel buying Sowood's $30 billion portfolio overnight: things come to those who wait, but only what's left by those who hustle.
• Sharts: data centre investment overtaking hotels and retail, Peter V'landys and NRL scoring, Federal Circuit Court general protections claims up 100% in three years, and EVs plus hybrids about to cross petrol and diesel in Australian vehicle sales.

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In today's episode, I sit down with Kirstin Hunter, CEO of Birchal, the equity crowdfunding platform that, over 8 years since equity crowdfunding became legal in Australia, has facilitated more than $241 million across 338 successful crowd-sourced funding offers, from over 140,000 individual investments. We were also joined by Dom Pym, a significant shareholder in Birchal, who also co-founded Up, Australia's highest rated bank. Dom invests through his family office Euphemia, plus he's just launched Triple Bubble, Australia's first dedicated fintech fund.

Now I recently became a shareholder in Birchal myself, which came out of a bus ride with Dom where he laid out why he keeps investing, the changes he's pushing for, and what a future looks like that resolves the issues investors in crowdfunding campaigns have experienced to date.

Regular listeners will know we've talked about equity crowdfunding on Transparent VC a number of times. It's an industry still maturing, and it needs to solve a number of issues so it can better serve the founders and investors it's trying to connect. We think it has a role to play in the ecosystem and are keen to help get it right.

That conversation on the bus with Dom led to a discussion with Kirstin, who'd not long taken over as CEO, and I felt there was good alignment on the issues that need to be resolved, so I wrote a cheque and here we are.

We get into who crowd-sourced funding actually suits and who it doesn't, areas that have needed to be improved, and how angel, VC and crowdfunding can work together.