Make Hay When the Sun Shines : Liquidity in Startup Exits
Tom Tunguz
JANUARY 6, 2024
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.
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