startup exits

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Startup Exits

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Startup Exits

Tytus Michalski, Managing Director

16 years cross-border investment experience

Founding member of PMA, US$200M exit

PMA scaled to US$3B in institutional AUM

Allison Baum, Managing Director

Launched and scaled General Assembly in Asia

Early employee at General Assembly in NY

Institutional sales and trading at Goldman Sachs

Stephen Forte, Venture Partner

Tech strategy at Telerik, US$260M exit

Experienced entrepreneur with 5 successful exits

Started AcceleratorHK, global mix of startup teams

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Exit Context: Who?

3

Exit Context: Who?

4

Alignment

Exit Context: Who?

5

Co-founders

Exit Context: Who?

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Employees

Exit Context: Who?

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Investors

Exit Context: Who?

8

Customers, supply chain and partners

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Exit Context: What?

Exit Context: What?

10

Spin-offs

Exit Context: What?

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Asset sales

Exit Context: What?

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Entire company

Exit Context: What?

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Integration

Exit Context: What?

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Ecosystem

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Exit Context: Where?

Exit Context: Where?

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US 2009 – 1H14 IPO: 9%

M&A: 91%

Source: EY

Exit Context: Where?

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China 2009 – 1H14 IPO: 81%

M&A: 19%

Source: EY

Exit Context: Where?

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Market location

Exit Context: Where?

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Team location

Exit Context: Where?

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Cross-border

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Exit Context: When?

Exit Context: When?

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Fail fast fail cheap

Exit Context: When?

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The pivot

Exit Context: When?

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Time vs.

capital

Exit Context: When?

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Opportunity cost

Exit Context: When?

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Always halfway there

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Exit Context: How?

Exit Context: How?

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Liquidation

Exit Context: How?

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Partial exit

Exit Context: How?

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Build to sell

Exit Context: How?

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Inbound M&A

Exit Context: How?

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IPO

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Exit Context: Why?

Exit Context: Why?

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Liquidity

Exit Context: Why?

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Regulatory

Exit Context: Why?

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Time to move on

Exit Context: Why?

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Missionary vs.

mercenary

Exit Context: Why?

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Intrinsic vs.

extrinsic

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Before the Exit: The Market

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Bull markets

Before the Exit: The Market

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Bear markets

Before the Exit: The Market

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Herd mentality

Before the Exit: The Market

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Volatility

Before the Exit: The Market

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Resilience

Before the Exit: The Market

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Before the Exit: Distractions

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Media

Before the Exit: Distractions

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Conferences

Before the Exit: Distractions

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Awards

Before the Exit: Distractions

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Partnerships

Before the Exit: Distractions

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Vanity metrics

Before the Exit: Distractions

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Before the Exit: The Deal

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Who decides?

Before the Exit: The Deal

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Buy vs. build opportunity cost

Before the Exit: The Deal

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Reverse due diligence

Before the Exit: The Deal

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Cash vs. stock know your currencies

Before the Exit: The Deal

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Earnouts just say no

Before the Exit: The Deal

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After the Exit: The Hangover

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Synergies?

After the Exit: The Hangover

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Who stays?

After the Exit: The Hangover

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Who decides?

After the Exit: The Hangover

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Timeline

After the Exit: The Hangover

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Handcuffs

After the Exit: The Hangover

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After the Exit: Culture

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Centralized vs.

decentralized

After the Exit: Culture

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Competition vs.

co-operation

After the Exit: Culture

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Open vs.

closed

After the Exit: Culture

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Arts vs.

science

After the Exit: Culture

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Formal vs.

informal

After the Exit: Culture

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After the Exit: Keep Going

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Building the combined entity

After the Exit: Keep Going

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New business same area

After the Exit: Keep Going

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New business new area

After the Exit: Keep Going

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Support the Startup ecosystem

After the Exit: Keep Going

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Beyond business

After the Exit: Keep Going

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“Things do not happen. Things are made to happen.”

- John F. Kennedy

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