The document discusses lessons learned from a startup exit. It notes that while equity seems expensive, founders should focus on the potential returns rather than the costs. It also cautions that founder teams do not always last, and issues around equity allocation can be difficult to navigate. The document recommends using professional services like lawyers, accountants, banks, and financial advisors to help guide the process. Finally, it advises that great founder CEOs plan for an exit from the start, do not try to do everything themselves, surround themselves with good advisors, maintain self-care, and enjoy the entrepreneurial journey.

1. What we learn from our first exit
Stewart Noakes
Co-founder Canopy Lisbon
www.canopy.city

2. Reported Exits - 2016
#1 Silicon Valley 278
#3 London 82
#6 Boston 55
#19 Bangalore 23
#38 Lisbon No exits reported
Sources: US Chamber of Commerce, CB Insights, Startup Genome
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3. Route 1 Football for Startups
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4. There are many routes to success
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5. www.canopy.city
Equity is expensive
50% 50%
2%12%
20%
31%
17%
17%
Start vs. Exit

6. Founder Teams don’t always last
• Equity at the start = major fail - reverse vest
• Good leavers and bad leavers
• Adding co-founders can be hard work -
what’s “equitable”?
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7. Service providers help you
• Lawyers - Funding agreements, share purchase agreements,
shareholders agreements
• Accountants - robust financials and reporting
• Banks - Where to put the money, how to deploy it
• Financial Advisors - How to deploy the money
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8. You are NOT as important as
you think
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9. Great Founder CEOs
• Reverse plan
• Don’t try to do everything
• Have great advisors
• Keep themselves well
• Enjoy the ride!
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10. Thank you
Stewart Noakes
Co-founder Canopy Lisbon
stewart@canopy.city
www.canopy.city