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Based on full company tenure analysis, Founding CEO’s
outperform Professional CEO’s on value created and return
on investment
Exit Valuation / Total Exit Valuation / First ROI betw First
Investment Investment Valuation Investment & Exit
7.0 11 10.1 Median 75%
5.9 10
6.0 9
Median 52.0%
5.0 8
7 50% Median
4.0 6 5.3
3.1
3.0 5
4 23.5%
25%
2.0 3
1.0 2
1
- 0 0%
Founding CEO Professional CEO Founding CEO Professional CEO Founding CEO Professional CEO




• As mentioned before, equity stake and ownership mentality may • Taking into account first round
contribute effective value creation by Founding CEO’s investment, time to exit, and exit
valuation, Founding CEO’s run
firms which are better for early
investors relative to Professional
CEO’s




6
This information is confidential and was prepared by Yujin Chung and Andreessen Horowitz. It is not to be referenced, published, or presented without Mr. Chung’s or Andreessen Horowitz’s prior written consent.

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Based on full company tenure analysis, Founding CEO’s outperform Professional CEO’s on value created and return on investment Exit Valuation / Total Exit Valuation / First ROI betw First Investment Investment Valuation Investment & Exit 7.0 11 10.1 Median 75% 5.9 10 6.0 9 Median 52.0% 5.0 8 7 50% Median 4.0 6 5.3 3.1 3.0 5 4 23.5% 25% 2.0 3 1.0 2 1 - 0 0% Founding CEO Professional CEO Founding CEO Professional CEO Founding CEO Professional CEO • As mentioned before, equity stake and ownership mentality may • Taking into account first round contribute effective value creation by Founding CEO’s investment, time to exit, and exit valuation, Founding CEO’s run firms which are better for early investors relative to Professional CEO’s 6 This information is confidential and was prepared by Yujin Chung and Andreessen Horowitz. It is not to be referenced, published, or presented without Mr. Chung’s or Andreessen Horowitz’s prior written consent.

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