Dear Founders,

As we approach the final few weeks of 2024, I want to take a moment to reflect on the journey we’ve shared—the struggles, the pivots, the resilience. I appreciate most of us will be pushing hard right up until the end of December, but I wanted to send this message in advance.

The past two and a half years have been the hardest I have experienced in my 16 years of Wholesale Investor. 

Many of you experienced the challenges of COVID, the exhilaration of scaling up in 2021 and 2022, only to face the reality of scaling back in 2022/23. You’ve reimagined business models, recalibrated operations, and navigated unrelenting pressure from shareholders, suppliers, and customers alike. 

It hasn’t been easy—far from it.  I also know that when you have relentless business pressure like this, it can often translate into pressure in your personal life.

But I want to tell you this: the trials you’ve endured have set the stage for something extraordinary. A once-in-a-generation opportunity lies ahead of us in 2025. All the sleepless nights, the strategic overhauls, and the relentless problem-solving are not just scars of the past—they are the foundation of your future.

As we wrap up 2024, take the time to set your course. Use these last weeks of the year to clarify your strategy, align your priorities, and set the groundwork for what’s to come. And then, during the festive season, let yourself rest. 

Reconnect with loved ones. Recharge. Switch off when you can, or dive into whatever brings you joy, even if it’s something as simple as binge-watching your favourite shows. Whatever refuels you, do it wholeheartedly.

Because when January 2025 arrives, I want you to be ready. My advice is to sprint—run with everything you’ve got for the first six months. The work you’ve done, the lessons you’ve learned, and the resilience you’ve built have prepared you for this moment. Now is the time to capitalise.

Never forget the lessons of the last two and a half years. Remember the cost of inefficiency. Recall the strain of overcommitting resources. Remember the challenges of letting people go and the internal challenges you experienced.

Always remember those who supported you, backed you, and gave you the space and guidance you needed during those times. They are the people to embrace in the next period.

Let those lessons guide you as you build leaner, stronger, more focused teams and strategies. Utilise every tool at your disposal—software, AI, automation—and empower your team to adopt these technologies as part of their daily work.

We are entering a golden age of opportunity. Interest rates are easing, capital is coming back into play, markets are poised for growth, and some governments are moving towards very pro-innovation policies. The conditions are aligning in a way we haven’t seen for years. But opportunities like this don’t wait—they require boldness, agility, and vision.

We have recently published articles highlighting the Foundations of the Innovation Bull Run, The Biotech Spring, The Future of AI in Drug Discovery and how Crypto was the winner in the US Elections.

For those of you in Australia or the UK, now is the time to look outward. While local innovation ecosystems may feel constrained by policy and lack of support, the global market beckons. Whether it’s Asia, the Middle East, or the US, explore your international potential. Innovation knows no borders, and neither should your ambition.

2025 is yours to claim. Let the hard work and perseverance of the last few years fuel your next leap forward. Set your strategy, harness your energy, and go after the opportunities with everything you’ve got.

This is the light at the end of the tunnel, the moment you’ve been preparing for. Let’s make the most of it.

Here’s to 2025—the beginning of a golden era.

Warm regards,

Steve Torso

Wholesale Investor Team