SlideShare a Scribd company logo
Start with the Exit in Mind
Closing
10.1.2020
Risto Rautakorpi, Managing Partner
• Early stage startup investor
• Based in Finland, invests in FI,SE, DK, EE
• Target portfolio: 100 companies (currently ~30)
• Fund size: 14Meur
• Technically a VC, professional Angel like strategy
• ”Scalable Angel”, ”Institutional Angel”
• 2 full time managers, one part time, outsourced back office. No staff.
No admins. No lawyers. We are hands on entrepreneurs focusing on
business.
• Obsessive focus on efficiency: automation, self service, processes,
digital tools etc
2
3
Clear investment strategy & focus
Why is the Exit theme so important to us?
4
We want to return money to our
investors!
Getting money back needs an exit
=> need to maximize the probability of an exit!
The most likely outcome vs the best possible outcome
(What is likely to be vs what could be)
Data. Statistical math. Numbers. Facts. Holistic approach.
Investing, not gambling.
5
Observations on Exit market
• Most exits are ”small” (by typical VC standards. Can be life
changing for Founders and early investors)
• Typical exited company had not raised tons of money
• The biggest (volume of deals) Exit market is missed by the
typical VCs
• Accept the Market as as a given!
6
Practical implications
7
8
Cash +
Cash -
Valley of Death
Innovation Project, 5-7 years
Real Business
The Startup J Curve (Howard Love)
P/M FIT
SCALABLE
BUSINESSMODEL
FOUND
MORPHING FROM PROMISE TO PERFORMANCE
FOLLOW-ON ROUNDS
STARTUP VALUE CURVE
INVESTMENTS
20m
2 Morph Model Scale Harvest1
THE STARTUP J CURVE PHASES
10
IRR vs cycle time
Year Year
0 -100 0 -100 -100
1 0 1 0 0
2 0 2 0 0
3 0 3 300 -300 0
4 0 4 0 0
5 0 5 0 0
6 0 6 900 -900 0
7 0 7 0 0
8 0 8 0 0
9 0 9 2700 2700
10 1000 10
IRR 25.9% 44.2% 44.2% 44.2% 44.2%
10x, 10 years 3x, 3 years
11
I don’t look for nuggets.
Nuggets don’t pay bills.
Gold sand pays bills.
Thank you!
risto@gorillacapital.fi

More Related Content

Recently uploaded

How can i sell hamster kombat token on Binance exchange!
How can i sell hamster kombat token on Binance exchange!How can i sell hamster kombat token on Binance exchange!
How can i sell hamster kombat token on Binance exchange!
CRYPTO SPACE 🪙
 
How do I cash out hamster kombat tokens?
How do I cash out hamster kombat tokens?How do I cash out hamster kombat tokens?
How do I cash out hamster kombat tokens?
CRYPTO SPACE 🪙
 
Is it possible to sell hamster kombat tokens?
Is it possible to sell hamster kombat tokens?Is it possible to sell hamster kombat tokens?
Is it possible to sell hamster kombat tokens?
CRYPTO SPACE 🪙
 
Hamster kombat withdrawal date - what you need to know!
Hamster kombat withdrawal date - what you need to know!Hamster kombat withdrawal date - what you need to know!
Hamster kombat withdrawal date - what you need to know!
CRYPTO SPACE 🪙
 
how to increase profit as an hamster Miner - earn over 100,000,000+ token's p...
how to increase profit as an hamster Miner - earn over 100,000,000+ token's p...how to increase profit as an hamster Miner - earn over 100,000,000+ token's p...
how to increase profit as an hamster Miner - earn over 100,000,000+ token's p...
CRYPTO SPACE 🪙
 
What website can I sell my hamster kombat tokens.
What website can I sell my hamster kombat tokens.What website can I sell my hamster kombat tokens.
What website can I sell my hamster kombat tokens.
CRYPTO SPACE 🪙
 
Girls Call Marine lines 9910780858 Provide Best And Top Girl Service And No1 ...
Girls Call Marine lines 9910780858 Provide Best And Top Girl Service And No1 ...Girls Call Marine lines 9910780858 Provide Best And Top Girl Service And No1 ...
Girls Call Marine lines 9910780858 Provide Best And Top Girl Service And No1 ...
maigasapphire
 
how to make money from hamster kombat: beginners guide.
how to make money from hamster kombat: beginners guide.how to make money from hamster kombat: beginners guide.
how to make money from hamster kombat: beginners guide.
CRYPTO SPACE 🪙
 
how to sell hamster kombat at high rate - $1 per token.
how to sell hamster kombat at high rate - $1 per token.how to sell hamster kombat at high rate - $1 per token.
how to sell hamster kombat at high rate - $1 per token.
CRYPTO SPACE 🪙
 
When will I be able to sell my Hamster Kombat coins.
When will I be able to sell my Hamster Kombat coins.When will I be able to sell my Hamster Kombat coins.
When will I be able to sell my Hamster Kombat coins.
CRYPTO SPACE 🪙
 
Northeastern University degree offer diploma Transcript
Northeastern University degree offer diploma TranscriptNortheastern University degree offer diploma Transcript
Northeastern University degree offer diploma Transcript
oywfdy
 
how to successfully withdraw hamster tokens to TON - WALLET
how to successfully withdraw hamster tokens to TON - WALLEThow to successfully withdraw hamster tokens to TON - WALLET
how to successfully withdraw hamster tokens to TON - WALLET
CRYPTO SPACE 🪙
 
how to sell hamster kombat tokens for USD.
how to sell hamster kombat tokens for USD.how to sell hamster kombat tokens for USD.
how to sell hamster kombat tokens for USD.
CRYPTO SPACE 🪙
 
Most Girls Call Navi Mumbai 9930245274 Provide Best And Top Girl Service And ...
Most Girls Call Navi Mumbai 9930245274 Provide Best And Top Girl Service And ...Most Girls Call Navi Mumbai 9930245274 Provide Best And Top Girl Service And ...
Most Girls Call Navi Mumbai 9930245274 Provide Best And Top Girl Service And ...
sharonblush
 
University of Southern California degree offer diploma Transcript
University of Southern California degree offer diploma TranscriptUniversity of Southern California degree offer diploma Transcript
University of Southern California degree offer diploma Transcript
oywfdy
 
how to sell hamster kombat tokens before mainnet launch.
how to sell hamster kombat tokens before mainnet launch.how to sell hamster kombat tokens before mainnet launch.
how to sell hamster kombat tokens before mainnet launch.
CRYPTO SPACE 🪙
 
how can I convert hamster kombat to other cryptocurrency - BITCOIN, USDT, BNB.
how can I convert hamster kombat to other cryptocurrency -  BITCOIN, USDT, BNB.how can I convert hamster kombat to other cryptocurrency -  BITCOIN, USDT, BNB.
how can I convert hamster kombat to other cryptocurrency - BITCOIN, USDT, BNB.
CRYPTO SPACE 🪙
 
学生妹丝袜【网芷:ht28.co】校服做爱下载app观看>>>[网趾:ht28.co】]<<<
学生妹丝袜【网芷:ht28.co】校服做爱下载app观看>>>[网趾:ht28.co】]<<<学生妹丝袜【网芷:ht28.co】校服做爱下载app观看>>>[网趾:ht28.co】]<<<
学生妹丝袜【网芷:ht28.co】校服做爱下载app观看>>>[网趾:ht28.co】]<<<
amzhoxvzidbke
 
Bangalore Girls Call Bangalore 0X0000000X Payment On Delevery Cash Hot Premiu...
Bangalore Girls Call Bangalore 0X0000000X Payment On Delevery Cash Hot Premiu...Bangalore Girls Call Bangalore 0X0000000X Payment On Delevery Cash Hot Premiu...
Bangalore Girls Call Bangalore 0X0000000X Payment On Delevery Cash Hot Premiu...
seenaoberoi
 
Surat Girls Call Surat 0X0000000X Payment On Delevery Cash Hot Premium Genuin...
Surat Girls Call Surat 0X0000000X Payment On Delevery Cash Hot Premium Genuin...Surat Girls Call Surat 0X0000000X Payment On Delevery Cash Hot Premium Genuin...
Surat Girls Call Surat 0X0000000X Payment On Delevery Cash Hot Premium Genuin...
seenaoberoi
 

Recently uploaded (20)

How can i sell hamster kombat token on Binance exchange!
How can i sell hamster kombat token on Binance exchange!How can i sell hamster kombat token on Binance exchange!
How can i sell hamster kombat token on Binance exchange!
 
How do I cash out hamster kombat tokens?
How do I cash out hamster kombat tokens?How do I cash out hamster kombat tokens?
How do I cash out hamster kombat tokens?
 
Is it possible to sell hamster kombat tokens?
Is it possible to sell hamster kombat tokens?Is it possible to sell hamster kombat tokens?
Is it possible to sell hamster kombat tokens?
 
Hamster kombat withdrawal date - what you need to know!
Hamster kombat withdrawal date - what you need to know!Hamster kombat withdrawal date - what you need to know!
Hamster kombat withdrawal date - what you need to know!
 
how to increase profit as an hamster Miner - earn over 100,000,000+ token's p...
how to increase profit as an hamster Miner - earn over 100,000,000+ token's p...how to increase profit as an hamster Miner - earn over 100,000,000+ token's p...
how to increase profit as an hamster Miner - earn over 100,000,000+ token's p...
 
What website can I sell my hamster kombat tokens.
What website can I sell my hamster kombat tokens.What website can I sell my hamster kombat tokens.
What website can I sell my hamster kombat tokens.
 
Girls Call Marine lines 9910780858 Provide Best And Top Girl Service And No1 ...
Girls Call Marine lines 9910780858 Provide Best And Top Girl Service And No1 ...Girls Call Marine lines 9910780858 Provide Best And Top Girl Service And No1 ...
Girls Call Marine lines 9910780858 Provide Best And Top Girl Service And No1 ...
 
how to make money from hamster kombat: beginners guide.
how to make money from hamster kombat: beginners guide.how to make money from hamster kombat: beginners guide.
how to make money from hamster kombat: beginners guide.
 
how to sell hamster kombat at high rate - $1 per token.
how to sell hamster kombat at high rate - $1 per token.how to sell hamster kombat at high rate - $1 per token.
how to sell hamster kombat at high rate - $1 per token.
 
When will I be able to sell my Hamster Kombat coins.
When will I be able to sell my Hamster Kombat coins.When will I be able to sell my Hamster Kombat coins.
When will I be able to sell my Hamster Kombat coins.
 
Northeastern University degree offer diploma Transcript
Northeastern University degree offer diploma TranscriptNortheastern University degree offer diploma Transcript
Northeastern University degree offer diploma Transcript
 
how to successfully withdraw hamster tokens to TON - WALLET
how to successfully withdraw hamster tokens to TON - WALLEThow to successfully withdraw hamster tokens to TON - WALLET
how to successfully withdraw hamster tokens to TON - WALLET
 
how to sell hamster kombat tokens for USD.
how to sell hamster kombat tokens for USD.how to sell hamster kombat tokens for USD.
how to sell hamster kombat tokens for USD.
 
Most Girls Call Navi Mumbai 9930245274 Provide Best And Top Girl Service And ...
Most Girls Call Navi Mumbai 9930245274 Provide Best And Top Girl Service And ...Most Girls Call Navi Mumbai 9930245274 Provide Best And Top Girl Service And ...
Most Girls Call Navi Mumbai 9930245274 Provide Best And Top Girl Service And ...
 
University of Southern California degree offer diploma Transcript
University of Southern California degree offer diploma TranscriptUniversity of Southern California degree offer diploma Transcript
University of Southern California degree offer diploma Transcript
 
how to sell hamster kombat tokens before mainnet launch.
how to sell hamster kombat tokens before mainnet launch.how to sell hamster kombat tokens before mainnet launch.
how to sell hamster kombat tokens before mainnet launch.
 
how can I convert hamster kombat to other cryptocurrency - BITCOIN, USDT, BNB.
how can I convert hamster kombat to other cryptocurrency -  BITCOIN, USDT, BNB.how can I convert hamster kombat to other cryptocurrency -  BITCOIN, USDT, BNB.
how can I convert hamster kombat to other cryptocurrency - BITCOIN, USDT, BNB.
 
学生妹丝袜【网芷:ht28.co】校服做爱下载app观看>>>[网趾:ht28.co】]<<<
学生妹丝袜【网芷:ht28.co】校服做爱下载app观看>>>[网趾:ht28.co】]<<<学生妹丝袜【网芷:ht28.co】校服做爱下载app观看>>>[网趾:ht28.co】]<<<
学生妹丝袜【网芷:ht28.co】校服做爱下载app观看>>>[网趾:ht28.co】]<<<
 
Bangalore Girls Call Bangalore 0X0000000X Payment On Delevery Cash Hot Premiu...
Bangalore Girls Call Bangalore 0X0000000X Payment On Delevery Cash Hot Premiu...Bangalore Girls Call Bangalore 0X0000000X Payment On Delevery Cash Hot Premiu...
Bangalore Girls Call Bangalore 0X0000000X Payment On Delevery Cash Hot Premiu...
 
Surat Girls Call Surat 0X0000000X Payment On Delevery Cash Hot Premium Genuin...
Surat Girls Call Surat 0X0000000X Payment On Delevery Cash Hot Premium Genuin...Surat Girls Call Surat 0X0000000X Payment On Delevery Cash Hot Premium Genuin...
Surat Girls Call Surat 0X0000000X Payment On Delevery Cash Hot Premium Genuin...
 

Featured

How Race, Age and Gender Shape Attitudes Towards Mental Health
How Race, Age and Gender Shape Attitudes Towards Mental HealthHow Race, Age and Gender Shape Attitudes Towards Mental Health
How Race, Age and Gender Shape Attitudes Towards Mental Health
ThinkNow
 
AI Trends in Creative Operations 2024 by Artwork Flow.pdf
AI Trends in Creative Operations 2024 by Artwork Flow.pdfAI Trends in Creative Operations 2024 by Artwork Flow.pdf
AI Trends in Creative Operations 2024 by Artwork Flow.pdf
marketingartwork
 
Skeleton Culture Code
Skeleton Culture CodeSkeleton Culture Code
Skeleton Culture Code
Skeleton Technologies
 
PEPSICO Presentation to CAGNY Conference Feb 2024
PEPSICO Presentation to CAGNY Conference Feb 2024PEPSICO Presentation to CAGNY Conference Feb 2024
PEPSICO Presentation to CAGNY Conference Feb 2024
Neil Kimberley
 
Content Methodology: A Best Practices Report (Webinar)
Content Methodology: A Best Practices Report (Webinar)Content Methodology: A Best Practices Report (Webinar)
Content Methodology: A Best Practices Report (Webinar)
contently
 
How to Prepare For a Successful Job Search for 2024
How to Prepare For a Successful Job Search for 2024How to Prepare For a Successful Job Search for 2024
How to Prepare For a Successful Job Search for 2024
Albert Qian
 
Social Media Marketing Trends 2024 // The Global Indie Insights
Social Media Marketing Trends 2024 // The Global Indie InsightsSocial Media Marketing Trends 2024 // The Global Indie Insights
Social Media Marketing Trends 2024 // The Global Indie Insights
Kurio // The Social Media Age(ncy)
 
Trends In Paid Search: Navigating The Digital Landscape In 2024
Trends In Paid Search: Navigating The Digital Landscape In 2024Trends In Paid Search: Navigating The Digital Landscape In 2024
Trends In Paid Search: Navigating The Digital Landscape In 2024
Search Engine Journal
 
5 Public speaking tips from TED - Visualized summary
5 Public speaking tips from TED - Visualized summary5 Public speaking tips from TED - Visualized summary
5 Public speaking tips from TED - Visualized summary
SpeakerHub
 
ChatGPT and the Future of Work - Clark Boyd
ChatGPT and the Future of Work - Clark Boyd ChatGPT and the Future of Work - Clark Boyd
ChatGPT and the Future of Work - Clark Boyd
Clark Boyd
 
Getting into the tech field. what next
Getting into the tech field. what next Getting into the tech field. what next
Getting into the tech field. what next
Tessa Mero
 
Google's Just Not That Into You: Understanding Core Updates & Search Intent
Google's Just Not That Into You: Understanding Core Updates & Search IntentGoogle's Just Not That Into You: Understanding Core Updates & Search Intent
Google's Just Not That Into You: Understanding Core Updates & Search Intent
Lily Ray
 
How to have difficult conversations
How to have difficult conversations How to have difficult conversations
How to have difficult conversations
Rajiv Jayarajah, MAppComm, ACC
 
Introduction to Data Science
Introduction to Data ScienceIntroduction to Data Science
Introduction to Data Science
Christy Abraham Joy
 
Time Management & Productivity - Best Practices
Time Management & Productivity -  Best PracticesTime Management & Productivity -  Best Practices
Time Management & Productivity - Best Practices
Vit Horky
 
The six step guide to practical project management
The six step guide to practical project managementThe six step guide to practical project management
The six step guide to practical project management
MindGenius
 
Beginners Guide to TikTok for Search - Rachel Pearson - We are Tilt __ Bright...
Beginners Guide to TikTok for Search - Rachel Pearson - We are Tilt __ Bright...Beginners Guide to TikTok for Search - Rachel Pearson - We are Tilt __ Bright...
Beginners Guide to TikTok for Search - Rachel Pearson - We are Tilt __ Bright...
RachelPearson36
 
Unlocking the Power of ChatGPT and AI in Testing - A Real-World Look, present...
Unlocking the Power of ChatGPT and AI in Testing - A Real-World Look, present...Unlocking the Power of ChatGPT and AI in Testing - A Real-World Look, present...
Unlocking the Power of ChatGPT and AI in Testing - A Real-World Look, present...
Applitools
 
12 Ways to Increase Your Influence at Work
12 Ways to Increase Your Influence at Work12 Ways to Increase Your Influence at Work
12 Ways to Increase Your Influence at Work
GetSmarter
 
ChatGPT webinar slides
ChatGPT webinar slidesChatGPT webinar slides
ChatGPT webinar slides
Alireza Esmikhani
 

Featured (20)

How Race, Age and Gender Shape Attitudes Towards Mental Health
How Race, Age and Gender Shape Attitudes Towards Mental HealthHow Race, Age and Gender Shape Attitudes Towards Mental Health
How Race, Age and Gender Shape Attitudes Towards Mental Health
 
AI Trends in Creative Operations 2024 by Artwork Flow.pdf
AI Trends in Creative Operations 2024 by Artwork Flow.pdfAI Trends in Creative Operations 2024 by Artwork Flow.pdf
AI Trends in Creative Operations 2024 by Artwork Flow.pdf
 
Skeleton Culture Code
Skeleton Culture CodeSkeleton Culture Code
Skeleton Culture Code
 
PEPSICO Presentation to CAGNY Conference Feb 2024
PEPSICO Presentation to CAGNY Conference Feb 2024PEPSICO Presentation to CAGNY Conference Feb 2024
PEPSICO Presentation to CAGNY Conference Feb 2024
 
Content Methodology: A Best Practices Report (Webinar)
Content Methodology: A Best Practices Report (Webinar)Content Methodology: A Best Practices Report (Webinar)
Content Methodology: A Best Practices Report (Webinar)
 
How to Prepare For a Successful Job Search for 2024
How to Prepare For a Successful Job Search for 2024How to Prepare For a Successful Job Search for 2024
How to Prepare For a Successful Job Search for 2024
 
Social Media Marketing Trends 2024 // The Global Indie Insights
Social Media Marketing Trends 2024 // The Global Indie InsightsSocial Media Marketing Trends 2024 // The Global Indie Insights
Social Media Marketing Trends 2024 // The Global Indie Insights
 
Trends In Paid Search: Navigating The Digital Landscape In 2024
Trends In Paid Search: Navigating The Digital Landscape In 2024Trends In Paid Search: Navigating The Digital Landscape In 2024
Trends In Paid Search: Navigating The Digital Landscape In 2024
 
5 Public speaking tips from TED - Visualized summary
5 Public speaking tips from TED - Visualized summary5 Public speaking tips from TED - Visualized summary
5 Public speaking tips from TED - Visualized summary
 
ChatGPT and the Future of Work - Clark Boyd
ChatGPT and the Future of Work - Clark Boyd ChatGPT and the Future of Work - Clark Boyd
ChatGPT and the Future of Work - Clark Boyd
 
Getting into the tech field. what next
Getting into the tech field. what next Getting into the tech field. what next
Getting into the tech field. what next
 
Google's Just Not That Into You: Understanding Core Updates & Search Intent
Google's Just Not That Into You: Understanding Core Updates & Search IntentGoogle's Just Not That Into You: Understanding Core Updates & Search Intent
Google's Just Not That Into You: Understanding Core Updates & Search Intent
 
How to have difficult conversations
How to have difficult conversations How to have difficult conversations
How to have difficult conversations
 
Introduction to Data Science
Introduction to Data ScienceIntroduction to Data Science
Introduction to Data Science
 
Time Management & Productivity - Best Practices
Time Management & Productivity -  Best PracticesTime Management & Productivity -  Best Practices
Time Management & Productivity - Best Practices
 
The six step guide to practical project management
The six step guide to practical project managementThe six step guide to practical project management
The six step guide to practical project management
 
Beginners Guide to TikTok for Search - Rachel Pearson - We are Tilt __ Bright...
Beginners Guide to TikTok for Search - Rachel Pearson - We are Tilt __ Bright...Beginners Guide to TikTok for Search - Rachel Pearson - We are Tilt __ Bright...
Beginners Guide to TikTok for Search - Rachel Pearson - We are Tilt __ Bright...
 
Unlocking the Power of ChatGPT and AI in Testing - A Real-World Look, present...
Unlocking the Power of ChatGPT and AI in Testing - A Real-World Look, present...Unlocking the Power of ChatGPT and AI in Testing - A Real-World Look, present...
Unlocking the Power of ChatGPT and AI in Testing - A Real-World Look, present...
 
12 Ways to Increase Your Influence at Work
12 Ways to Increase Your Influence at Work12 Ways to Increase Your Influence at Work
12 Ways to Increase Your Influence at Work
 
ChatGPT webinar slides
ChatGPT webinar slidesChatGPT webinar slides
ChatGPT webinar slides
 

Start with exit in mind ! - closing

  • 1. Start with the Exit in Mind Closing 10.1.2020 Risto Rautakorpi, Managing Partner
  • 2. • Early stage startup investor • Based in Finland, invests in FI,SE, DK, EE • Target portfolio: 100 companies (currently ~30) • Fund size: 14Meur • Technically a VC, professional Angel like strategy • ”Scalable Angel”, ”Institutional Angel” • 2 full time managers, one part time, outsourced back office. No staff. No admins. No lawyers. We are hands on entrepreneurs focusing on business. • Obsessive focus on efficiency: automation, self service, processes, digital tools etc 2
  • 4. Why is the Exit theme so important to us? 4
  • 5. We want to return money to our investors! Getting money back needs an exit => need to maximize the probability of an exit! The most likely outcome vs the best possible outcome (What is likely to be vs what could be) Data. Statistical math. Numbers. Facts. Holistic approach. Investing, not gambling. 5
  • 6. Observations on Exit market • Most exits are ”small” (by typical VC standards. Can be life changing for Founders and early investors) • Typical exited company had not raised tons of money • The biggest (volume of deals) Exit market is missed by the typical VCs • Accept the Market as as a given! 6
  • 8. 8 Cash + Cash - Valley of Death Innovation Project, 5-7 years Real Business The Startup J Curve (Howard Love)
  • 9. P/M FIT SCALABLE BUSINESSMODEL FOUND MORPHING FROM PROMISE TO PERFORMANCE FOLLOW-ON ROUNDS STARTUP VALUE CURVE INVESTMENTS 20m 2 Morph Model Scale Harvest1 THE STARTUP J CURVE PHASES
  • 10. 10 IRR vs cycle time Year Year 0 -100 0 -100 -100 1 0 1 0 0 2 0 2 0 0 3 0 3 300 -300 0 4 0 4 0 0 5 0 5 0 0 6 0 6 900 -900 0 7 0 7 0 0 8 0 8 0 0 9 0 9 2700 2700 10 1000 10 IRR 25.9% 44.2% 44.2% 44.2% 44.2% 10x, 10 years 3x, 3 years
  • 11. 11 I don’t look for nuggets. Nuggets don’t pay bills. Gold sand pays bills.