This document provides biographical information about Michael Cline, the founder of several companies, including Accretive Health and Exult. It also discusses Juxtapose, a venture fund focused on company building that was founded in 2011 by Joshua Kushner. Additionally, it addresses some key questions and considerations for startups, including why a startup should exist, how to create value for customers, understanding market size and competitors, and the importance of self-knowledge and knowledge of adversaries. Key terms mentioned include value creation, value edge, market stagnation, and gross margins.

1. 1
Why Should Your Startup Exist?
Value Creation in a Time of Hype

2. 2
Uber (16) KOSDAQ (16) Samsung (16) Apple (16) Korean GDP (00) ?? (00)
$1,750
$560$525
$160$145
$60
Peaks and Troughs
U.S. $ (B, n/a)

3. 3
Biography
Consulting • McKinsey and Company (New York City) - Business Analyst
Investing • Francisco Partners (San Francisco) - Associate
• Bain Capital Ventures (Boston) - Principal
• Thrive Capital (New York City) - Partner
Company Building • Accretive (New York City) - Principal
• Thrive Capital (New York City) - Partner
• Juxtapose - Founding Partner
High School • Crescenta Valley High School (Los Angeles)
College • Harvard College (Boston) - BA, Economics
Graduate School • Harvard Graduate School (Boston) - MA, Economic History
Business School • Harvard Business School (Boston) - MBA, Business
Work
School

4. Company Building
• Venture Fund based in NYC
• Founded in 2011 by Joshua Kushner
• One of Five Partners
• Venture Investing + Company Building
2013 - 2016
Venture Investing Company Building

5. Company Building
• Venture Fund (focused on company building)
• 10 person team - concept + talent
• Invests $2-5M into each company
2016 - onwards
• About Juxtapose: built-for-purpose organization and investment fund dedicated to developing,
launching, and scaling high-growth consumer-facing businesses in partnership with world-class
technology entrepreneurs and executives.
• The Founders: Patrick Chun and Jed Cairo, have spent their careers investing and incubating high-
growth technology businesses at firms like Thrive Capital, KKR, Accretive, and Bain Capital Ventures.
• The Team: is comprised of senior leaders from organizations like IDEO, Square, McKinsey, Google
and Twitter. The fund is financed by some of the world's preeminent consumer, technology, and
industrial families, investors and operators.
• The Mission: to partner with amazing co-founders and leading investors in the ecosystem, and to
build scalable, consumer-facing businesses that come to market with meaningful, sustainable, unfair
competitive advantages.

6. The vitamin aisle is overwhelming. There are dubious
ingredients and a lot of fine print. It’s nearly impossible to know
what’s right for you. Until now. Care/of delivers personalized
daily supplement packs to your door monthly. Each pack
contains a mix of supplements unique to you and based upon
your goals, lifestyle and values. Building your pack is simple
with the interactive recommendations on our website.
We’re a new kind of
health company
Care/of brings refreshing
honesty and personalization to the
vitamin experience.

8. 8
From Startup
Value? What Value?
Value? What Value?

9. 9
From Startup
Value Capture

10. 1 0
From Startup
Value Edge
Value Created > Best Next Alternative
Founder of Accretive
Businesses he co-founded:
• Accretive Health
• Exult
• Fandango
• Accolade
• Arise
Michael Cline
Value Created for your Customer
minus (-)
Next Best Alternative for your customer

11. 1 1
Greatest of all time?

12. 1 2
Market Size
Stagnant,
over-earning
incumbents
High
gross margins Subscriptive
Low-Cost
Shipping
Supplements
Eyewear
Mattresses
Razors
$39B
$35B
$9B
$4B
GNC
Luxottica
Sealy
Gillette
75%+
65%
40%
60%
And favorable eCommerce attributes at play

13. 1 3
If you only know yourself,
but not your opponent, you
may win or may lose.
If you know neither yourself
nor your adversaries, you
will always endanger
yourself.
– Sun Tzu
approximately 500BC

14. 1 4
Startup
Coming out of Alpha IPO’ed on NASDAQ

15. 1 5
Unicorn
2.5%
80%
120%

16. 1 6
Thank You