4 startup lessons from successful Aussie founders

At Stone & Chalk, we’ve worked with hundreds of founders across fintech, cyber, space, AI and more.

We’ve seen what works and what doesn’t. And while every startup is different, certain lessons come up again and again.

If you’re a founder, here are four practical lessons based on successes in our community that can increase your chances of survival.

1. Focus on purpose over profit

Building a startup just to make money is a bad idea. Most profitable businesses didn’t start that way. They started with a founder obsessed with solving a problem.

Passion isn’t just a nice-to-have. It’s what keeps you going when things get tough. And they will get tough.

Take Brighte, a Stone & Chalk alumni. Founder Katherine McConnell had spent years working in finance when she realised something: sustainable home upgrades like solar panels were too expensive for many families.

She believed homeowners should have an easy way to access finance for these upgrades.

At first, no one cared. Banks weren’t interested in the idea. Investors weren’t convinced. But Katherine didn’t quit. She believed in the mission. She pushed forward, got the right partners on board, and built Brighte into a company that has since helped thousands of Australians finance sustainable energy solutions.

Would she have stuck with it if she were only chasing money? Probably not. The best founders build something they genuinely care about.

Here's how you can apply this to your startup:

• Ask the question: Would I work on this for years even if it didn’t make me rich?
• Focus on the problem first, not the business model. Money follows value.
• Look for people who care about your mission when you hire, not just a salary.
• Communicate your purpose clearly. People rally behind a vision, not just a product.

When things get difficult – when you’re burning through cash, when your team is exhausted, when investors say no – you need a reason to keep going. Profit won’t be enough. Purpose will.

2. Build strong networks

Most successful startups have one thing in common: they didn’t do it alone.

Founders love to think that if they build something great, success will follow. But that’s not how it works. The best product doesn’t always win. The best connected product often does.

Take Cover Genius, another Stone & Chalk alumni. The company helps businesses offer insurance as part of their products or services, so customers can buy insurance easily without going to a separate provider

Early on, they had great technology, but they needed partnerships to scale. They didn’t sit back and wait. They actively built relationships with global companies.

That network paid off. Today, they partner with companies likeBooking Holdings, Ryanair, and Uber, offering insurance in over 60 countries.

The same is true for fundraising. Investors don’t just fund great ideas. They fund people they trust. If you have no network, raising capital will be much harder.

This is why Stone & Chalk exists. We bring founders, investors, corporates, and government together in the same room. Connections happen naturally.

Here's how you can apply this to your startup:

• Be proactive. You won’t build a network sitting behind a screen. Go to events. Talk to people.
• Give before you take. Help others before asking for favours. Introductions, advice, and insights build goodwill.
• Get a mentor. Someone who has already built a business can save you years of mistakes.
• Surround yourself with smart people. The right connections lead to better decisions, customers, and investors.

If you’re a founder, your network is one of your biggest assets. So start building.

3. Adapt quickly and be prepared to pivot

No startup follows its original plan perfectly. Markets shift. Competitors emerge. What worked yesterday won’t always work tomorrow. The best founders adapt. The worst ones stick to a failing idea.

Meeco, another Stone & Chalk alumni, is a perfect example. They started with a vision as a consumer privacy company, helping individuals control their digital identity.

But it can be hard to control this at the individual level. Rather than staying limited by their original vision, they expanded.

Today, Meeco offers enterprise tools that data custodians (like banks or service providers) can deploy to give individuals access, control, and consent over their personal data, working with major companies across the globe. Same goal, bigger solution.

Here's how you can apply this to your startup:

• Watch customer behaviour closely. Your customers will tell you what they actually want, not what you think they want.
• Detach from your ego. Just because something was your idea doesn’t mean it’s the best idea.
• Move fast. The longer you take to adapt, the higher the risk.
• Don’t waste time on sunk costs. The fact that you’ve spent months building something doesn’t mean you should keep going if it’s not working.

Adaptation isn’t failure. It’s survival. Startups that don’t evolve die.

4. Invest in learning and growth

The most successful founders are obsessive learners. They don’t assume they have all the answers. They know they don’t.

Look at Flavia Tata Nardini, founder of Australian space company Fleet Space.

Flavia is a rocket scientist. But when she started Fleet, she had to learn everything about running a business—fundraising, hiring, managing teams, and scaling operations.

She didn’t let gaps in knowledge slow her down. She surrounded herself with experts, studied relentlessly, and built Fleet into a global leader in nanosatellites.

Here's how you can apply this to your startup:

• Be curious. Read books, listen to podcasts, and talk to experts.
• Learn from people who have done it before. Join a startup community like ours at Stone & Chalk.
• Stay ahead of industry trends. What’s relevant today may not be in two years.
• Be open to feedback. Your first idea is rarely your best.

Startups evolve fast. If you don’t keep learning, you’ll fall behind.

Final thoughts

Building a startup isn’t just writing code or selling a product. The best founders focus on the bigger picture. Here’s what truly matters:

• Having a purpose that keeps you going when things get hard.
• Building a strong network that opens doors.
• Being adaptable enough to change direction when needed.
• Investing in your own learning so you can keep up with your company’s growth.

At Stone & Chalk, we’ve seen these lessons play out time and time again.

The founders who succeed aren’t necessarily the most technical or even the most innovative. They’re the ones who stay committed to their mission, surround themselves with the right people, embrace change when necessary, and continuously sharpen their skills.

If you do these things well, your chances of success go up significantly.