Exit Strategy
When VCs stop touting exits as evidence of successes in their portfolios, you’ll stop seeing entrepreneurs with “exit” slides. So I’ll buy the “exits aren’t important” rationale when I see even one term sheet that creates incentives for long-term profit-sharing over a sale or IPO. (I’ve also never been through a full due diligence cycle where the investor didn’t ask the entrepreneur—even informally—about acquisition possibilities.)
