In this compelling episode of the iPartners Grow Your Wealth podcast, host Travis Miller, co-founder of iPartners, sits down with David Shein, a trailblazer in the fintech world and a pivotal figure in Australia’s tech scene.
David discusses his dynamic journey, from humble beginnings to establishing Australia’s first tech unicorn, Comtech Communications.
In this episode of the iPartners Grow Your Wealth podcast, Travis Miller sits down with David Shein, co-founder and partner at OIF Ventures, to explore a remarkable journey spanning entrepreneurship, technology, venture capital and mentorship. Best known for building Comtech Communications into one of Australia’s earliest technology success stories, David reflects on the lessons, relationships and philosophies that shaped his career. Throughout the conversation, the themes of adaptability, trust and long-term thinking reinforce many of the values that underpin the iPartners approach to wealth creation and investment.
Early Foundations and Finding Direction: Growing up in South Africa, David admits that academic success did not come naturally and that maturity arrived later than expected. National service proved to be a defining experience, providing discipline and perspective that transformed his outlook. Determined to make the most of university, he pursued accounting, completed articles with Price Waterhouse and developed an early fascination with computers, setting the stage for a career that would eventually lead him to Australia and into the rapidly emerging technology sector.
Building Comtech Through Opportunity and Relationships: Arriving in Australia in 1986, David initially accepted a role in software sales but quickly became dissatisfied. Rather than remain unhappy, he decided to start his own business. Comtech Communications began modestly, capitalising on the explosion of networking technology. Recognising that his strengths lay in sales and relationships rather than technical expertise, he surrounded himself with exceptional people and empowered them to lead. The philosophy of letting talented people excel became a cornerstone of the company’s culture and contributed significantly to its growth into a business employing hundreds of staff.
The Importance of Letting Go to Grow: One of the defining lessons from David’s entrepreneurial journey is that founders must learn to delegate. In his view, growth only occurs when leaders stop trying to control every aspect of the business and trust capable people to perform roles better than themselves. By focusing on culture, customer service and empowering his team, he created an environment where many former employees went on to become leaders across major organisations. The principle that “to grow, you have to let go” remains central to how he evaluates founders and businesses today.
Lessons from Jack Welch and the Need to Adapt: Two principles have guided David throughout his career: “Face reality as it is, not as it was or as you wish it to be,” and “Change before you have to.” Inspired by Jack Welch, these ideas became instrumental in navigating technological disruption. Recognising early that Novell’s dominance was fading, David pivoted towards Microsoft and Cisco before competitors fully appreciated the shift. Looking back, he believes businesses that fail to evolve eventually become victims of disruption, while those willing to adapt position themselves for enduring success.
Mistakes, Recovery and the Value of Decisiveness: Despite extraordinary success, David openly discusses mistakes that shaped his thinking. Choosing Bay Networks over Cisco remains one of his biggest business errors, yet he emphasises that making decisions is more important than seeking perfection. Rather than remaining paralysed, he corrected course when circumstances changed. Missing the opportunity to invest in Afterpay at a $20 million valuation is another regret, but he views these experiences as reminders that successful careers are built not by avoiding mistakes entirely, but by learning quickly and moving forward.
The Power of Mentorship and Giving People a Chance: Throughout his life, David benefited from individuals who backed him when easier options existed. From managers at Price Waterhouse to executives who awarded distribution rights to his young company, many people took calculated risks on his potential. Those opportunities profoundly shaped his philosophy. Today, one of his greatest sources of fulfilment comes from mentoring founders and making introductions that can transform businesses. He believes advice, relationships and belief in people often create more value than money itself.
Understanding Economics and Building Sustainable Businesses: David stresses that founders must understand the economics of their businesses. Easy capital encouraged many entrepreneurs to prioritise growth without focusing on profitability, but changing markets have reinforced the importance of unit economics and knowing exactly what it costs to operate. Recalling advice from a university lecturer, he explains that many businesses fail simply because they do not understand their break-even point. Strong businesses ultimately require sustainable economics rather than endless capital injections.
Creating OIF Ventures and Supporting Founders Beyond Capital: Following years of investing privately in startups, changes to Australian tax incentives in 2016 created the opportunity to establish OIF Ventures. Alongside his partners, David sought to create a venture capital business built around serving two customers equally: founders and investors. Capital itself is viewed as a commodity, so OIF differentiates itself by providing strategic guidance, introductions and support. Their objective is not simply to write cheques but to help founders achieve outcomes they could not have reached alone.
Qualities That Define Exceptional Founders: When assessing opportunities, David focuses first on people. He looks for resilient founders who understand the problems they are solving, appreciate the size of the opportunity and possess the ability to build teams. Shared values matter enormously. Relationships built on trust, authenticity and mutual respect often endure far longer than individual transactions. In many cases, David would rather miss an investment than partner with someone whose values do not align with his own.
Building Wealth Through Trust and Patience: From a personal investment perspective, David prefers working with a smaller group of trusted managers rather than spreading capital across countless opportunities. He describes himself as conservative and avoided debt throughout his business career, believing financial resilience provides the ability to weather difficult periods. Recalling advice that economies experience cycles of recessions and booms, he emphasises the importance of patience and avoiding forced decisions during downturns. Sustainable wealth is built over decades rather than through short-term wins.
Legacy, Relevance and Making a Difference: For David, success is not defined by a single victory but by sustained achievement over time. More importantly, he hopes to be remembered as someone who treated everyone equally, regardless of status or circumstance. Whether speaking with a global executive or a supermarket worker, his philosophy remains unchanged. Staying relevant, helping others and making a positive difference continue to motivate him. Ultimately, the conversation highlights that long-term success comes not only from hard work and skill, but also from humility, relationships and the willingness to continually evolve.
This Episodes Guest:
Episode Host: Travis Miller