To the ACAC community,
When I set up ACAC INNOVATION four years ago, I committed to it for an initial term of five years; we are now four years into that. During that period, we have “kicked the tyres” on well over 200 start-ups, and invested in 32. While we have no exits as yet, 29 of the investments are operating; most are in revenue; and a number have attracted “next round” investors. I am delighted with what we have achieved together.
As I recently turned my mind to “what next, and for how long”, I came to the realisation that my personal focus was starting to shift and, in the next year or two, I was going to have to make some decisions about ACAC.
So, I have made those decisions now – in order to deliver certainty and clarity of direction – and in order to restructure my affairs going forward in a way that is appropriate.
I am therefore delighted to let you know the following:
1. We are committing to a second “five year tranche” for ACAC Innovation; so extending the commitment to 2024
2. We are adding to the capital base of the business so another 10-20 carefully chosen start up investments can be made
3. Effective 1 May 2019, Bryce Greig will take over as CEO of ACAC Innovation
4. Also effective 1 May, I will change roles and become non-executive Chair of ACAC Innovation
Bryce Greig, my son, is a lawyer by profession. He had four years in a law firm (Norton Rose Fulbright) and five years in commercial claims and contracts management with Bechtel, working on major projects in Western Australia and in the Kingdom of Saudi Arabia.
Effective from the transition date, Bryce will run ACAC INNOVATION. Bryce and I have agreed that my “Chair-approval” will be required for investment decisions; divestment decisions and budget approvals.
Transition is already underway, and Bryce has already moved into the ACAC office.
For “new business”, Bryce is accountable now and will directly engage and make the appropriate decisions.
For “legacy business” (ie previous investments), we will get Bryce connected with each business so he can come up the curve in terms of the history, current status and future plans of each business. Our specific transition for each legacy business will be a three-way conversation between the principals of that business, Bryce and me.
I am delighted that we are now extending the longevity of ACAC and that Bryce is taking over. The future looks bright
We will engage with each of you to introduce Bryce and get him on-board with what you are doing.
Finally, it has been a privilege working with each of you, and I look forward to remaining appropriately engaged going forward.
I’m still going to be around!
Let me know if you have any questions about all of this