Make Hay When the Sun Shines : Liquidity in Startup Exits
Tomasz TunguzVenture Capitalist If you were forwarded this newsletter, and you'd like to receive it in the future, subscribe here. Make Hay When the Sun Shines : Liquidity in Startup Exits
Companies aren’t bought. They’re sold. Hang around startups & venture capital long enough, & you’ll hear this aphorism. It means it’s much easier to sell a company when there’s plenty of demand. In any given year, there’s an 82% chance the value of startup liquidity will change by more than 77% - both up & down. Aside from certain crypto tokens, it’s hard to find a less reliable market than the VC exit market. In 2021, the sun shone brilliantly. 2023 marked the worst year in 14 - since the Global Financial Crisis. Here’s the volatility visualized across web3, consumer, & software startups. In the last few years, we’ve seen markets with deep liquidity. Just as quickly, it’s volatized - poof. It’s a reminder to make hay when the sun shines. |
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