The venture capitalist and tech founder has been up to his elbows in Australian business since the early 1990s, but admits he lacks one key VC skill.
“We’re looking for what can go right,” Bassat says. “And it’s a pleasure to observe individuals with extraordinary talent and hope for the best.”
Both Bassat and I light up at our impending lunch, and it’s only listening back to my recording later that I realise, to my dismay, that Bassat doesn’t answer the question about how Airwallex actually works. Instead, we lapse into that annoying foodie habit of talking about other great meals we’ve had while enjoying a great meal.
“Our home wasn’t overly academic,” Bassat says. “But having two successful, working parents had a hugely positive impact on us.” Piecing together the struggling companies, or figuring out how to keep them afloat, gave Bassat a great education in business cycles.Bassat remembers Ted Lustig, the multimillionaire property developer who died in 2003 and had been described by former Victorian premier Jeff Kennett as a “cantankerous old bastard”, calling him on the phone.
“There are a lot of tough conversations, yes,” Bassat says. “But in my experience, it’s during downturns when the real value is created.”
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