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The Exit Landscape by HAX - SF Edition

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SF Startup Exit Masterclass 2018

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The Exit Landscape by HAX - SF Edition

  1. 1. MASTERCLASS
 For Startups, Investors
 and M&A Executives
 
 San Francisco — June 19, 2018 & more! STARTUP EXITS by
  2. 2. Cyril Ebersweiler General Partner, SOSV Founder & Managing Director, HAX Kate Whitcomb Program Director, HAX Growth Ben Joffe Partner, HAX
  3. 3. Stride.vc MASTERCLASS
 For Startups, Investors
 and M&A Executives
 
 London — June 5, 2018 STARTUP EXITS
  4. 4. MASTERCLASS
 For Startups, Investors
 and M&A Executives
 
 Paris — June 12, 2018 & more! STARTUP EXITS by
  5. 5. MASTERCLASS
 For Startups, Investors
 and M&A Executives
 
 New York — June 22, 2018 STARTUP EXITS by & more!
  6. 6. @hax_co #exitmaster
  7. 7. • SOSV — $300M AUM, 700 startups • HAX — hardware, 200 startups
  8. 8. HARDWARE LIFE SCIENCES SOCIAL & MOBILE FOOD 70% 30% Shenzhen, SF SF, London Shanghai, Taipei New York
  9. 9. Why Exits • When founders (and investors) get paid • Founders miss opportunities • Founders leave money on the table
  10. 10. JUMP Bikes (acq. by Uber in May 2018) + a few more
  11. 11. Me and Exits • 2004: helped sell French mobile content company to Japanese for 18MEUR • 2017-2018: 2 partial angel exits (8x, 75x)
  12. 12. 
 “I wish we knew what to do when an offer came in” "We were surprised how early those opportunities can be,
 and how much prep they require." “I never thought of alternatives to VC” “We want to be ready when opportunities come, and maximize them” This
  13. 13. This is v1 1. Lean Startup 2. (Growth) 3. MBAs 4. Exits?
  14. 14. VC IPO M&A What to do?
  15. 15. 3,358 tech exits 3,260 M&A 98 IPOs 2016 — CB Insights 97% M&A!
  16. 16. In 2016 59% at series B or earlier
  17. 17. 80% of startups
 who raised initial funding
 do not raise beyond B 2003 to 2013
  18. 18. Source: Crunchbase, May 2017 80% of M&As
 take place at
 series B or before 2003 to 2013
  19. 19. VC IPO M&A ICO LBO RTO Direct Listing Crowdfunding PE SBO
  20. 20. Timing?
  21. 21. @benjaminjoffeGrowth Time Asymptote Prepare
  22. 22. @benjaminjoffeGrowth Time Inflection point Asymptote Prepare
  23. 23. @benjaminjoffeGrowth Time Inflection point Asymptote EXIT HERE? Prepare
  24. 24. M&A Zone? IPO Zone? @benjaminjoffeGrowth Time
  25. 25. Our Crazy Plan • Accelerators = Education + Capital • Capital is abundant. Education is not. • 2 stages: Prototype to Product (Shenzhen) + Product to Scale (SF) • Next: “Exit Accelerator”?
  26. 26. First Steps • Roundtables (Paris, London) • Articles (“Why Founders Need to Prepare for Exits”, etc.) • This month: Masterclass(es)
  27. 27. STARTUP EXIT MASTERCLASS 2018 An event by investors for investors and their startups RSVP: www.hax.co/exit-masterclass London June 5 Paris June 12 SF June 19 NYC June 22
  28. 28. STARTUP EXIT MASTERCLASS 2018 For Startups, Investors and M&A Executives London — June 5, 2018 www.hax.co/exit-masterclass Stride.vc
  29. 29. Today • 7 sessions • 50min (including Q&A) • Ask questions! => Google docs • 10min breaks • 1h for lunch • Networking from 6pm
  30. 30. BANKER M&A CEOs BOARDSIPO PROCESS CORP DEV VC M&A OTHER VIEWSIPO MORNING AFTERNOON IPO CEO IPO
  31. 31. Let’s start!
  32. 32. BANKER M&A CEOs BOARDSIPO PROCESS CORP DEV VC M&A OTHER VIEWSIPO MORNING AFTERNOON IPO CEO IPO
  33. 33. M&A OTHER VIEWSIPO MORNING AFTERNOON IPO Natasha Ligai VP Strategy & Corporate Development Logitech Matt Cutler Chair, Founders Forum & Design Thinking Transformation Lead, Cisco Founder & CEO, Collaborate (acq. by Cisco in 2013) BANKER M&A CEOs BOARDSIPO PROCESS CORP DEV VC IPO CEO THE BUYER’S VIEW
  34. 34. BANKER M&A MORNING Will Hawthorne Investment Banker, Code Advisors Former Executive Director, JP Morgan CORP DEV OTHER VIEWSIPO AFTERNOON IPO M&A CEOs BOARDSIPO PROCESS VC IPO CEO THE BANKER’S VIEW
  35. 35. BANKER M&A CEOs BOARDSIPO PROCESS CORP DEV VC M&A OTHER VIEWSIPO MORNING AFTERNOON IPO CEO IPO Ryan Rzepecki Founder & CEO of JUMP Bikes Acquired by Uber in April 2018 Charles Huang Co-founder of Guitar Hero (acquired by Activision) & several other companies. Investor. THE M&A JOURNEY
  36. 36. SEE YOU AT 2PM!
  37. 37. BANKER M&A CEOs BOARDSIPO PROCESS CORP DEV VC M&A OTHER VIEWSIPO MORNING AFTERNOON IPO CEO IPO
  38. 38. BANKER M&A CEOs BOARDSIPO PROCESS CORP DEV VC M&A OTHER VIEWSIPO MORNING AFTERNOON IPO CEO IPO Jeff Thomas VP, Head of Western Region Listings, Nasdaq Former President, Liquidity Solutions, Nasdaq Private Market; Senior VP, Second Market
  39. 39. BANKER M&A CEOs BOARDSIPO PROCESS CORP DEV VC M&A OTHER VIEWSIPO MORNING AFTERNOON IPO CEO IPO Shahin Farshchi Partner Lux Capital Ammar Hanafi Co-founder and General Partner Moment Ventures
  40. 40. BANKER M&A CEOs BOARDSIPO PROCESS CORP DEV VC M&A OTHER VIEWSIPO MORNING AFTERNOON IPO CEO IPO Adam J. Epstein Founder, Third Creek Advisors Previously Co-Founder, Enable Capital Management
 (> 500 small cap financing) Writer on Entrepreneurial Governance, Directorship Magazine Writer for Amplify, Small Cap Website by Nasdaq Mentor, Speaker, Nasdaq Entrepreneurial Center Author, The Perfect Corporate Board, McGraw Hill (2012) #1 corporate governance book on Amazon
  41. 41. BANKER M&A CEOs BOARDSIPO PROCESS CORP DEV VC M&A OTHER VIEWSIPO MORNING AFTERNOON IPO CEO IPO Nathan Harding CEO and Co-founder at Foxeye Robotics Former CEO & Co-founder of EKSO Bionics (IPO)
  42. 42. Thank you! • How you can give back: • Survey • Feedback • Tweet / pics

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