Fast Five with a venture capitalist

Quick-fire insights from expert alumni

Dr Spencer Maughan
BSc (Hons) 1997, PhD 2003

Remember that classmate who seemed to have it all figured out? For many at the University of Melbourne in the late 90s, that was Spencer Maughan. Now, as he returns to his alma mater as a visiting fellow, we sat down with this geneticist turned venture capitalist to chat about his journey from student to Silicon Valley.

During his studies in Melbourne, Maughan's natural inclination for leadership was unmistakable, with roles on Academic Board and the Graduate Union, as well as serving as President of the Genetics Student Society. Reflecting on these experiences, Maughan explains, “I’m quite happy to put my hand up. There are often a lot of people who like to lead because they like to collect baubles. I aspire to be in a leadership role  because I’ve seen a gap and think, I can help fill it.”

This combination of proactivity and pragmatism set Maughan on a trajectory towards entrepreneurship and venture capital, with a particular focus on data-empowered technology companies. Today, as the Founder and Managing Partner of DYDX Capital based in Silicon Valley, California, he applies this same principle to identifying promising startups. “We always say we're looking for the purpose-built entrepreneur – the person who, in all of the world, can solve a timely problem because their training and experience to date makes them uniquely capable of doing it.”

Maughan's visiting fellowship, co-sponsored by the Faculty of Science and the Melbourne Entrepreneurial Centre, brings his expertise full circle. The fellowship includes the delivery of a Research Driven Inspiration series, influenced by similar entrepreneurial programs developed at Stanford University’s Graduate School of Business. This initiative, alongside other University of Melbourne investments such as Genesis Pre-Seed Fund and Tin Alley Ventures,  signals a cultural shift in the city's innovation ecosystem.

Observing the changes since his student days, Maughan is optimistic about Melbourne's potential. “It seems as though it's on the cusp of getting some breakthrough companies created. It's been one of the first times I've been back where I can feel people in faculties talking more widely about commercialisation and entrepreneurship.”

He emphasises though that while resources are part of the equation, the real key is bringing the right people and culture together. “It's not really hard to find money. It's not hard at a university to find technology. But to create the cultural shift where people are motivated to commercialise technology… well, that’s hard, but critical, because people are what build things.”

Fast Five with Spencer Maughan

5 words you’d use to describe yourself.

Respectful, accountable, helpful, anxious, caring.

4 values you live by.

Respect, humility, intellectual honesty, equity.

3 things you miss about student life in Melbourne.

A massive white canvas – possibilities. To some extent, you always have that, but there are realities and pragmatisms that get in the way of truly being almost limitless.

The ease of relationship building. It's a lot easier to make close friends when everyone has a level of openness.

The culture of Melbourne as a city. There are the obvious things, like the footy, but there are other aspects too – the openness of Australian society.

2 failures you’re glad happened.

Failures build empathy – I've had ventures that didn’t work out, one of them was a biology focus company, and in my current role talking with entrepreneurs, it’s nice to have that empathy and say ‘Yup, I’ve been there’. It's somewhat platitudinal when you talk to really successful people and they talk about their successes and how life is great... well, 99% of the time it's pretty hard!

Another failure would be from high school and not performing to the level that you know you can. It makes you reflect and say let’s be more goal orientated, I want to actually apply myself. Everyone needs to fail a lot to get to where they want to be and remind them of who they are.

1 piece of advice you’d give your younger self.

Have more confidence. Whether that's more confidence in the people around you or yourself, or combination of all those things, but to feel that large wide space is not daunting but a huge opportunity.