This document provides information about a Masterclass event on startups exits for investors, startups, and M&A executives to be held in Paris on June 12, 2018. The event will include 7 sessions over the course of a day, each lasting 50 minutes including Q&A. Sessions will cover topics like IPO process, corporate development, venture capital, and M&A. Networking will be held from 6-7pm. The goal is for investors to provide expertise to help startups and their founders better understand exit opportunities and preparation.

1. MASTERCLASS
For Startups, Investors
and M&A Executives
Paris — June 12, 2018
& more!
STARTUP
EXITS
by

2. Hi! I’m Benjamin
• Partner, SOSV / HAX
• Angel investor (13 startups)
• Author (Forbes, Techcrunch, VentureBeat, TechInAsia, Hackernoon, etc.)
• Keynote Speaker (>300 talks in >30 countries)
• …Event organizer!

4. • SOSV: $300M AUM, 700 startups
• HAX: hardware, 200 startups

5. HARDWARE LIFE SCIENCES SOCIAL & MOBILE FOOD
70% 30%
Shenzhen, SF SF, London Shanghai, Taipei New York

6. Why Exits
• When founders (and investors) get paid
• JUMP Bikes (acq. by Uber in May 2018), a few more
• Founders miss opportunities
• Founders leave money on the table

7. Me and Exits
• 2004: helped sell French mobile content company to Japanese for 18MEUR
• 2017-2018: 2 partial angel exits (8x, 75x)

8.
“I wish we knew what to do when an offer came in”
"We were surprised how early those opportunities can be,
and how much prep they require."
“We did not realize equity crowdfunding was suitable for us”
“I never thought of alternatives to raising VC round after VC round”
“We want to be ready when opportunities come, and maximize them”
This

9. Selling too cheap
Missing a deal
Even worse

10. VC
IPO
M&A
What to do?

11. 3,358 tech exits
3,260 M&A
98 IPOs
2016 CB Insights

14. 80% of startups
who raised initial funding
fail to raise beyond B.
2003 to 2013

15. Source: Crunchbase, May 2017
80% of M&As
take place at
series B or before.
2003 to 2013

16. VC
IPO
M&A
ICO
LBO
RTO
Direct
Listing
Crowdfunding
PE
SBO

17. Timing?

18. @benjaminjoffeGrowth
Time
Asymptote
Prepare

19. @benjaminjoffeGrowth
Time
Inflection
point
Asymptote
Prepare

20. @benjaminjoffeGrowth
Time
Inflection
point
Asymptote
EXIT
HERE?
Prepare

21. M&A Zone?
IPO Zone?
@benjaminjoffeGrowth
Time

22. @benjaminjoffeGrowth
Time
Inflection
point
Commodity
EXIT
HERE?
Prepare

24. Our Crazy Plan
• Accelerators = Education + Capital
• Capital is abundant. Education is not.
• 2 stages: Prototype to Product (Shenzhen) + Product to Scale (SF)
• Next: “Exit Accelerator”?

25. First Steps
• Roundtables (Paris, London)
• Articles (“Why Founders Need to Prepare for Exits”, etc.)
• This month: Masterclass(es)

26. STARTUP EXIT MASTERCLASS 2018
An event by investors for investors and their startups
RSVP: www.hax.co/exit-masterclass
London
June 5
Paris
June 12
SF
June 19
NYC
June 22

27. STARTUP EXIT MASTERCLASS 2018
For Startups, Investors and M&A Executives
London — June 5, 2018 www.hax.co/exit-masterclass
Stride.vc

30. IPO
CEO
BANKER
M&A
CEO
EQUITY
CROWD
FUNDING
IPO
PROCESS
CORP
DEV
VC
M&A OTHER VIEWSIPO
MORNING AFTERNOON

31. Today
• 7 sessions
• 50min (including Q&A)
• Ask questions! => Google docs
• 10min breaks
• 1h for lunch
• Networking from 6pm (~7pm)

32. This is v1
1. Lean Startup
2. (Growth)
3. MBAs
4. Exits?

33. One last thing:
@hax_co & @benjaminjoffe

34. Collaborative note-taking
=> Google docs

35. Let’s start!