London Startup Exit Masterclass - June 2018

1. STARTUP EXIT MASTERCLASS 2018
For Startups, Investors and M&A Executives
London — June 5, 2018 www.hax.co/exit-masterclass
Stride.vc

2. Hi! I’m Benjamin
• Partner, SOSV / HAX
• Angel investor (13 startups)
• Author (Forbes, Techcrunch, VentureBeat, TechInAsia, Hackernoon, etc.)
• Keynote Speaker (>300 talks in >30 countries)
• …Event organizer!

3. SOSV / HAX
• SOSV: $300M AUM, 700 startups
• HAX: hardware, 200 startups

4. Why Exits
• When founders (and investors) get paid
• JUMP Bikes (acq. by Uber in May 2018), a few more
• Founders miss opportunities
• Founders leave money on the table

5. Me and Exits
• 2004: helped sell French mobile content company to Japanese for 18MEUR
• 2017-2018: 2 partial angel exits (8x, 75x)

6.
“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."
“We did not realize equity crowdfunding was suitable for us”
“I never thought of alternatives to raising VC round after VC round”
“We want to be ready when opportunities come, and maximize them”
This

7. Selling too cheap
Missing a deal
Even worse

8. VC
IPO
M&A
What to do?

9. 3,358 tech exits
3,260 M&A
98 IPOs
2016 CB Insights

12. 80% of startups
who raised initial funding
fail to raise beyond B.
2003 to 2013

13. Source: Crunchbase, May 2017
80% of M&As
take place at
series B or before.
2003 to 2013

14. VC
IPO
M&A
ICO
LBO
RTO
Direct
Listing
Crowdfunding
PE

15. Timing?

16. @benjaminjoffeGrowth
Time
Asymptote
Prepare

17. @benjaminjoffeGrowth
Time
Inflection
point
Asymptote
Prepare

18. @benjaminjoffeGrowth
Time
Inflection
point
Asymptote
EXIT
HERE?
Prepare

19. M&A Zone?
IPO Zone?
Growth
Time
@benjaminjoffe

20. 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”?

21. First Steps
• Roundtables (Paris, London)
• Articles (“Why Founders Need to Prepare for Exits”, etc.)
• This month: Masterclass(es)

22. 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

23. Equity
Crowdfunding
Banker
M&A
CEO
IPO CEO
+ VC
+ Corp Dev
VC
Corp Dev
+ VC
IPO
M&A IPOOTHER VIEWS
MORNING AFTERNOON

24. Today
• 7 sessions
• 50min (including Q&A)
• Ask questions! => Google docs
• 10min breaks
• 1h for lunch
• Networking from 6pm (~7pm)

25. This is v1
1. Lean Startup
2. (Growth)
3. MBAs
4. Exits?

26. One last thing:
@hax_co & @benjaminjoffe

27. Collaborative note-taking
=> Google docs

28. Let’s start!