Start-up Ecosytem Influencer | Lynda Coker

Lynda was raised in Rockhampton, QLD (aka RockVegas). Growing up she always knew that she wanted to be involved in something finance related or commercial. One of her earliest memories was a toy cash register that she pretended was her shop and her grandfather would buy things from her and her “shop”. Lynda jokes that she still hasn’t grown up but is now is working on helping early-stage companies that are predominantly in FinTech. She is currently at a neobank, launching a bank-as-a-service platform but also sits on several boards and advisory groups in the start-up sector. 

We had the chance to speak with Lynda about her journey so far in the Start-up ecosystem.

Lynda Coker, Start-up Ecosystem Influencer

What has been your career journey?

I started my career as a computer programmer (however that was a long time ago that I don’t consider myself tech anymore but it helps with understanding principles) and then moved to the business side. I spent about 15 years in the UK and Europe post university working as a chartered accountant and in corporate finance. My clients were large banks, funds and insurers.

Today, I am lucky enough to be in Australia doing quite a few different things – but all in the start-up eco-system….in FinTech, several Boards and Advisory Groups.

What businesses and initiatives are you involved with today?

I am involved with several exciting organisations in the start-up ecosystem, across a few different verticals. They are all doing important, innovative things that can make a real difference.

• Volt Bank – looking to be the first ADI or regulated bank with an open API enabled Banking-as-a-Service platform in Australia. Solving for partners that want better interoperability and to provide their end customers with improved banking facilities within their own native app or environment, as well as providing improved speed, convenience, cost, control and choice for banking services directly to everyday Australians.

• Scale Investors – the only angel /early stage investor group dedicated solely to investing seed capital for female led businesses (across sector). Solving two problems: 1) access to capital for female founders and 2) access to deal flow and education for time poor angels / HNWIs that want to support female led start-ups.

• The Studio – the first incubator focused on the media and creative tech vertical. Australia has historically been a global leader in traditional media; we should be also leading the way in digital media and communications.

• Seed Space – the only VC in Australia that is solely focused on the FinTech vertical with a thematic to propel opportunities alongside the CDR implementation and roll out.

• Ocean Impact Organisation – the first ecosystem builder for Ocean Impact in Australia.  Australia is surrounded by ocean with an abundance of wind, wave, sun etc. that we should also be leading the way in innovation in this area. It’s a broad thematic and not just around preventing or curbing pollutants and plastics but protecting marine life and the overarching health of the ocean.

Where do you see start-up ecosystem system diversity in ten years time?

I’d love to see more diversity – not just gender diversity but diversity across all elements. Innovation is about diversity of thinking which comes from a range of backgrounds.

But on the gender front, of course I’d love to see more female founders and specifically more female developers / software engineers. As well as female investors on the other side of the table and significantly more capital deployed to female entrepreneurs.  

In ten years, it would be great to see 50/50 representation in the founder population alongside equality in the funding stats – is that achievable in 10 years? I’d love that. It may realistically take another generation unfortunately but let’s accelerate! One good thing about Covid (you have to find silver linings), is that working from home is now more acceptable as a norm so I think for women with families, this will make it easier to manage a side hustle or day to day. Equality won’t really be achieved until paternity leave is seen to be equally accepted (and taken up) as maternity leave by employers and by society generally. The wfh new norm and greater flexibility should also help with this.

I would love to also see the ‘start-up ecosystem’ become more mainstream, a universe where it’s not this sexy mysterious outlier, alongside improved collaboration between large corporates and startups.

What tips would you give females in the start-up ecosystem?

Good question. Here are three tips I would offer females in start-up ecosystems:

• Get out there and network and connect!  - females are typically great networkers and connectors.

• Don’t be afraid.  Back yourself. Believe. Ask - for help or for whatever you are needing.

• Give back and help.  Always support other females.

Do you see any VCs doing an outstanding job in start-up ecosystem diversity? What are they doing well?

Scale Investors only deploys capital to female-led businesses and we have a female dominant Board (it’s not all females; we appreciate diversity!. So I think by default we are doing a fabulous job as this is inbuilt in our purpose. Our first and only exit to date was a >30x return to Brisbane-based founder Sandra Mau (TrademarkVision) with a sale of the business to US-based Compumark.

I believe we are starting to see many of some other groups trying to improve the diversity of their portfolio, to name a few:  AirTree; Skip Capital; Blackbird. These firms are also looking to employ more females.  Often females are in portfolio teams or have a community role rather than working in deal teams (where portfolio support is important) but similar to wanting to see more female devs, it would be great to see more females working in and leading deal teams … this should also subsequently shift dial on funding and support going to women.

I think the challenges facing females in the start-up ecosystem are the same as elsewhere. It’s firstly uneven distribution of leaders and females in STEM. This will take time to equalise and also for unconscious bias to dissipate.  I’ve been encouraged over the last few years by the number of programs (education, investment and support) that have been initiated nationally for female entrepreneurs. Next step is for these organisations to collaborate and join forces together where synergistic but also as appropriate with the rest of the ecosystem. Having female-only programs will help educate and support, but change only happens when integrating with the wider ecosystem and with male champions of change.

 I was involved in hosting and moderating a “Women in FinTech” session a while ago for FinTech Sydney where we had an all-female panel but we changed the title to the topic intended: “Deploying AI in your FinTech solution”. We didn’t advertise that it was an all-female panel. More than four in five attendees that showed up were male. They came to hear about the topic.  They would not have showed up if it had been branded “Women in FinTech” as they would have assumed they were not welcome or it was a discussion only of gender specific issues.

Women are thought leaders and having males walk away from a panel going wow here are these women doing amazing things is ultimately the outcome you want, so let’s do more of this.

Looking back, with what you know now, what would you have done differently?

I think it’s good to self-reflect and learn from past endeavors but also not get too hung up on the past where you wish you had done something differently, as you can’t change anything!  But leverage learning for the future.

Thankfully there are not too many things I would change. I have been lucky but I also sought out and created opportunities as well as having great opportunities arise. My advice is always be open to trying new things. Say yes but also know when to say no. I wasn’t afraid to put my hand up and take on new roles and travel and I’ve been fortunate to have done many things. Sometimes opportunities are a chain of events that are created from a number of connections and circumstances, not just one. Network effects!

I have had several sabbaticals (three), I recommend! But my last was more a departure and I made a decision to leave working in a large firm to travel more and then who knows, it’s time for something different! Many colleagues were like what do you mean you don’t have a job to go to and you’re just taking off? I don’t regret anything as I love everything I’m doing now. A career of now working in the start-up ecosystem is refreshing and inspiring and I don’t miss the corporate vortex but I value the network, education, discipline and opportunities I gleaned from this time. 

It’s ok to not have everything planned in detail as you then miss the ability to be opportunistic, however it’s important to have overarching direction and focus and not lose sight of that. Allow for serendipity but don’t be scattergun in your approach.

What are the one or two lessons/principles/you carry with you into everything you do?

My principles would have to be:

• Life is about learning. Be curious. Ask questions. Others always bring a different perspective.  You are also never the smartest person in the room

• Don’t waste people’s time and don’t let people waste yours. Know when to say No and you can’t do something or don’t realistically have time. Be honest and firm if you can’t help someone. Think about who you could connect them to that can. 

• Leadership is about listening. Listen to others and show empathy. Be authentic. Be collegiate, consult!  However post consultation, be decisive and direct. People expect decisiveness and direction alongside a rationale that is relatable and understanding of their needs.

Where do you see yourself in 10 years time?

I want to still be learning and having a portfolio career where I’m working across many things, which includes more Board work and mentoring. We are at an exciting point re digital evolution and there will be many changes in the next decade not just in technology but also culturally and the way we interact and work. Australia is also at an interesting inflection point in its economic and export profile where I would love to see the country grasp its true innovation potential in a sustainable way however that requires a lot of courage and change (structural and otherwise).

I want to also be doing more and giving back sustainably and working with business who have sustainability as a focus.

How do you balance your personal time and your ‘work’ time?

I live a blended life and like working across many things interchangeably, but it can’t be all work and no play. I make time for things for me where it’s easy to let slide and often I put a calendar entry in my diary to make time for e.g. gym or massage (treat it like an important meeting that you can’t miss!). Family and friends come first and most people understand that. Juggling is inevitable and it’s finding a balance that works. Don’t overcommit or stretch yourself too thin as you’ll only disappoint others as well as yourself. Always set stretch goals (a challenge is always needed!) but have realistic expectations and manage them. Manage expectations of others also where they are impacted.

Health is important as it’s the one thing you can’t ever buy.  Maintaining that and your personal relationships should be a priority for anyone no matter what age or stage.

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