When Tom McLeod first started building companies, Australia’s startup ecosystem looked very different. There were few mentors to call, few stories to learn from, and even fewer people who had navigated the full founder journey before.
Since then, Tom’s done it all. He built and exited a B2B SaaS company, has invested in 50+ early-stage startups, many of which have gone on to raise over $100M collectively, and now serves as a Venture Partner at Black Nova Venture Capital and the University of Melbourne. He’s also the Executive Director at i14, a company recently raising a $4M Seed round to build a novel generative AI architecture.
Today, Tom channels the totality of his experience into the Hardware Mentor Stream inside the Startmate Accelerator, helping founders navigate the messy, high-stakes world of hardware startups with equal parts realism, experience, and optimism.
“When I was a founder, there weren’t many people you could learn from. But those who were ahead of me were incredibly generous with their time, and that always stuck with me,” Tom says. “If I ever had the chance to pay that forward, I knew I would.”
The reality check every founder needs
If there’s one theme that runs through Tom’s mentorship, it’s this: stay obsessed with your customer, not your tech.
“It becomes really easy to fall in love with your idea or technology,” he says. “But there’s no better reality check than what a customer actually thinks.”
For hardware founders, who often face longer build cycles and higher risk, this lesson is crucial. Tom often sees teams spend years perfecting a prototype when they could be testing a simpler version months earlier. His advice: boil it down.
“What’s the simplest expression of the value you’re trying to deliver?” he asks.
“Don’t overcook the solution. Build something small that proves you can solve part of the problem and get feedback fast.”
It’s a mindset that helped one Startmate team demonstrate the potential of laser-powered flight, not by powering a plane, but by charging a small drone for a few seconds.
“That little experiment built investor confidence more than any polished pitch deck could,” Tom recalls.
Sell it before you build it
Hardware founders often assume they can’t sell anything until their product is perfect. Tom pushes them to think differently.
“If someone’s willing to hand over money or a contract before you’ve built it, that’s the ultimate validation,” he says. “It means you’re solving a really valuable problem.”
He’s seen it time and again across Startmate cohorts: founders who secure pilot agreements or pre-sales months before their first shipment are highly successful. For Tom, those early wins aren’t just commercial, they’re strategic. They create momentum, signal market fit, and attract future partners.
Design the pilot for the customer
One of Tom’s most practical hacks for hardware founders? Don’t wait for a customer to tell you what a pilot should look like; design it for them.
“Large enterprises are complex. They’ll get caught up in RFPs and requirements that focus on the form of a solution, not the value,” he says.
“Instead, bring them a pre-baked pilot. Make it easy for them to say yes.”
This approach has helped founders from companies like Aquila, Hurtec, and Totex land pilots with big-name clients early in their journey. Those first logos, Tom says, are gold:
“Once you have one, the next few come much easier. It’s social proof.”
De-risking the impossible
Hardware startups come with a unique mix of technical, commercial, and financial risks. Tom helps founders navigate these through a simple but powerful lens: experimentation.
“The best founders know how to break down complex problems into small experiments,” he says.
“They’re deliberate about testing assumptions and collecting real data before making big bets.”
Whether it’s testing pricing models, product features, or customer segments, Tom encourages founders to treat everything as a learning loop. “Don’t drink your own Kool-Aid,” he says.
“Be rigorous. Be curious.”
The traits that set great founders apart
After years of mentoring founders, Tom has a sharp view on what separates the great from the good. His shortlist:
- Bias to action – “They don’t sit still. They move things forward, even when the odds are bad.”
- Gritty realism – “They’re ambitious but constantly challenge their own thinking.”
- Extreme learning rate – “They know how to absorb advice, filter it, and apply what matters.”
In short, they learn fast, adapt faster, and don’t take themselves too seriously.
How to get the most out of the Startmate Accelerator
When asked how founders can make the most of Startmate, Tom doesn’t hesitate:
“Use the network.”
“There’s a cheat code inside Startmate,” he laughs.
“You can steal everyone else’s power, their experience, their lessons, their mistakes, and use it to fast-track your own journey.”
That, he says, is the magic of the accelerator: a community of founders and mentors all pulling each other forward.
“Startmate is a bundle of all the things you could possibly need to shoot yourself 12 months ahead in your journey and set you up for the years beyond.”
Takeaway for founders
If you’re building something ambitious, Tom’s advice is simple but transformative:
- Talk to customers constantly.
- Start small, prove value early.
- Sell it before you build it.
- Use the network, it’s your cheat code.
If you’re seeking world-class mentorship to fuel your founder journey. Check out the Accelerator.
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