If that wasn’t enough for one lifetime, Kelly was asked to run Orchid Cellmark, a NASDAQ-listed laboratory-based DNA testing company that was losing US$70 million a year. When he left the company it had a market value of US$300 million compared with $30 million when he joined.

Deaker has a doctorate in applied science, after double majoring in physics and chemistry. After university, she started Networks Beyond 2000, a computer hardware and software business.

In May 1998, she formed giftvouchers.com, the first company in Australia to design, produce and sell electronic gift vouchers for retailers such as Country Road and book chain Dymocks. The company was sold in 2005 for $30 million to UK-based Retail Decisions.

After working in Europe and the US for the new owners of her company, Deaker returned to her homeland, seeking a new career in venture capital.

In October 2006 she formed OneVentures named after the U2 song “One.” Deaker put one of her former colleagues in charge of finding out more about the Australian venture capital market.

Bob Christiansen, managing director at Southern Cross Venture Partners, recommended Deaker meet Birkill.

Birkill was then chief executive of Brisbane-based I. Lab, a technology incubator that provides space, mentoring and business support for entrepreneurs.

“I flew to Sydney and after meeting Michelle decided I would love to play with her,” says Birkill.

 All for One

They decided OneVentures would lodge an application to receive $20 million from the Government through its innovation investment fund.

In order to receive the $20 million, the two had to raise an equal amount from private investors. It took them about 18 months amid the global financial crisis.

“Michelle once told me you could only accept no if you had been refused seven times,” says Birkill.

She had worked for 16 years, including a decade as chief executive and an owner of a company that exported hundreds of thousands of new varieties of plants. Birkill also worked at Uniquest, the University of Queensland technology-commercialisation company.

In 2008 Kelly joined OneVentures.

“Australia’s got fantastic intellectual-property assets but struggles in converting innovation into commercial product,” he says. “There is a gap between investment and practical outcomes. I’m tired of seeing it being squandered.”

 One standard

One Ventures does not invest in gaming or related technology, nor alcohol or tobacco-related companies.

In two years the firm has seen about 650 investment opportunities, largely through referrals but also through entrepreneurs ringing the partners with their ideas.

Almost every Thursday morning Birkill flies from Brisbane to meet her two partners. They are seemingly relaxed with each other, laughing frequently at themselves and each other while showing deference to the experience and knowledge each brings.

The only cracks in their collective front are when they are asked their ages. Kelly is 52 and Birkill is 47. Deaker asks: “Do I really have to give my age?”