Meet the Mentor: Terry Paule
Terry Paule is the Co-Founder and Chairman of Findex, Founder and CEO of My Co (Makers of My Life Bio- cheese), Executive Director of Aqua Botanical Beverages, Executive Director and Chairman of Clever Health, SproutX Mentor and famously - Co-founder and former Managing Director of Lemnos Foods.
Terry has amassed over 35 years of experience as a serial entrepreneur with a hands on approach to building start-ups and their brands both in Australia and internationally. He has an impressive track record of having founded and funded several successful business ventures. Terry believes in establishing strong operational frameworks and a positive cultural environment to support and manage the implementation process essential for success.
He most recently established My Co to focus on new idea and start up opportunities in the Health and Well- being and Global Food and Beverage sector with a particular emphasis on renewable and sustainable ideas. Driving some of Australia’s most exciting and revolutionary start-ups, he mentors many aspiring entrepreneurs through strategic guidance, public speaking and dedicates time and resources to Philanthropy. He is an inspiring leader with a wealth of knowledge and experience and a contagious passion for life.
What's keeping you busy at the moment?
Lucille Ball once said “ if you want something done ask a busy person to do it”. It’s been a hugely big year building to an even bigger and busier 2020. At the big end of town Findex continues to deliver much of the consolidation and innovation projects that have been in the pipeline for the last few years. Closer to home in start-up land our Bio cheese continues to grow with 65% retail sales market share in Australia and much more to come. It’s an amazing result considering it was started just under 5 years ago when plant-based foods had not really hit the radar. Finally, our biggest project is the continued development and roll out of our patented Botanical Water Technology. Creating the world’s first plant-based natural drinking water and now starting to scale the business globally will be huge (and busy).
What do you enjoy about working with start-up founders?
Whilst the term “reverse mentoring” is not new, the work I do with start-up founders is extremely rewarding and gives me a fantastic insight into a fresh mindset found in a mentee. Mentoring is essentially
about helping people ( and their ideas) to develop more effectively and achieve their goals and aspirations. What many people don’t understand is the mentor gets just as much out of the relationship.
My longstanding TP trademark is: Learn / Practise / Achieve / Teach / Succeed
What are the qualities you see in founders that you believe increase the likelihood of success?
I guess with around 35 years of experience in owning and running businesses you get a good feel for what I like to call “smart puppies”. Some of the qualities can easily be measured but the defining qualities are often
less obvious and wrapped up in a combination of Mind, Body and Soul. Success is often balancing the right combination of these qualities which helps people make good decisions not only about their business but also
in their personal lives. The recipe is not easy to master and it will be a little different for each person.
What are some of the common mistakes you see startups make, as it relates to your area of expertise?
Whilst there are many mistakes such as over polishing an invention, hiring the wrong people, skimping on spending, not being able to pivot or not failing quickly if it is to happen etc the most important mistake to be avoided is
not understanding that being a start-up can also truly be an advantage in that it allows you to “build the bike whilst you ride it”. Having the nimbleness and flexibility to try different things quickly and easily is a huge advantage. Indeed, not carrying the burden and closed mindset of an established business allows for true innovation and potentially massive disruption. As it is often said most great ideas are born in the garage.
When meeting a mentor, what should a founder do before / during / after the session to ensure a valuable experience for the mentor and themselves?
Good preparation will often add to great results in most things we do. Setting out a short agenda of what needs to be achieved during the time together is always most helpful.
Finishing the meeting with a Who, What and When list of agreed actions is always productive and sensible. Finally, whilst being respectful of the mechanics of what needs to be done, spending some time around the dynamics and interpersonal side of the relationship always adds that extra something special. h will go a long way to help reduce a lot of the inefficiencies in the lending process and provide value to farmers looking for finance.”
