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M&A Bootcamp 10.1.2020
1
Start with the Exit in Mind
Opening
10.1.2020
Risto Rautakorpi, Managing Partner
Hosts, Agenda, Housekeeping
• Gorilla Capital: Petri, Risto, Sampo
• With support from Fondia, Fiban, Estban
• Agenda – NonStop!
• 9.30 opening, setting the context, Gorilla Capital
• 9.45 M&A Bootcamp, Nat Burgess, Techstrat
• 11.45 Legal aspects of M&A, Jonathan Andersin, Fondia
• 12.00 Closing remarks, Gorilla Capital
• 12.15 Lunch Buffet
• Housekeeping: No breaks! Toilets in the back
3
Perspective
4
What is the Payday for Investors and
Founders?
The Day of an Exit!
No Exit – No Pay!
How to maximize the probability of getting paid?
Maximize the probability of an Exit! => start with the Exit in mind!
5
Startup investment input
6
Startup investment output
7
?
A look into the Exit market
8
9
10
Those who had no exit are not included here!
11
But this doesn’t mean they didn’t raise ANY money
Nordic Data
12
13
As per 4/2019
A lot remains undisclosed!
14
As per 3/2017
85% did NOT
15
As per 3/2016
88% did NOT
Who’s buying?
16
17
18
Takeaway
• Until you have an objective justification to assume a
different outcome, you should expect the most likely
as per statistics
• You should play your cards such that the expected
outcome produces a happy end for founders and
investors
• But the whole ecosystem (not to mention media) badly
needs the few outliers too. Best of luck to the
bravehearts!
19
Thank you!
risto@gorillacapital.fi
www.gorillacapital.fi

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Start with Exit in Mind ! opening & exit statistics