Category: Early Exits

Angel Investing

This was the opening keynote at the 2015 Colorado Capital Conference. The Denver / Bolder area is one of several technology communities where angels and entrepreneurs have somehow developed a deeper appreciation for the importance of early exits. It's going to be interesting to see if we can track the difference this makes. Key Points: The popularity of the Early Exits book surprised me I want to start by empha...

Angel Investing

This keynote from an Angel Capital Association regional meeting describes three successful exits that were also what I call "Accidental Exits." By that I mean exits that were the result of an unplanned approach from a buyer. In this very active M&A market, sellers are often being surprised by buyers changing the conversation and offering to buy the company. Highlights from Accidental Exits: We don't have hard data to help us ...

Early Exits

I Thought I Understood Patents When I was CEO of my first technology company I thought I understood how patents worked. But it was only after managing a hedge fund for a few years that I began to appreciate the risks patent holders face. Many entrepreneurs think that the real test of a patent’s value is whether or not it will be granted. But in my experience the real value isn’t known until you’ve spent years, and millions of dollar...

Early Exits

This is an excerpt from a talk I gave at the Element8 angels workshop in Seattle: Investing a World With Few Exits. Some of the key points from my talk: I believe only 25% of all companies that could have been sold actually end up successfully exiting If a company misses the ideal time to exit, then the most likely result is that it will fail ...

Early Exits

Recently, at an Exit Strategies Workshop in Victoria, someone asked me to compare the pros and cons of an early exit versus a traditional Venture Capital financing. The scenario we used for our example was a successful startup company with a proven business that needed $10 million to $20 million to fund growth. (In this article, I am being precise about the distinction between the business a...

Angel Investing

In earlier days, entrepreneurs dreamed of founding an innovative start-up and building it into a big company. After many years of solid sales and profits, the company might be acquired, with founders and investors earning a capital gain. But in today's fast-evolving technology marketplace, growing a small start-up into a big company may not be the best strategy. An increasing number of promising start-ups are exiting early at very attractive valuat...

Angel Investing

It's rare to be able to post a detailed case study on an early exit. The most interesting information is usually restricted by a non-disclosure agreement. This is a very valuable opportunity to hear directly from the Chairman and a lead investor about what went on behind the scenes in this $30 million pre-revenue exit. These videos complement the complete written

Exits in 2012 - Part 3

Angel Investing

How Exits Have Changed in 2012 - Presented at the National Angel Capital Association Summit - March 8, 2012 in Austin, Texas - Highlights of Part 3: Story of a Vancouver company that was acquired before it's first year end A possible new record - the company acquired by AOL just four days after its product launched Ideal exit timing for your company and ...

Angel Investing

This was an overview of the Early Exits workshop presented at the ACA New England Angel Education Series - Boston, MA December 6, 2010. There's a vibrant angel community in Boston that is passionate about angel education. Part 1 - Much of What You Hear is Wrong: ...

Angel Investing

Early Exits Overview - Part 1 Presented at the ACA New England Angel Education Series - Boston, MA December 6, 2010. The PowerPoint for this talk is available here. To host an Early Exits Workshop for your group, please contact Chris Major at the Angel Capital Educat...