Comments on Early Exits
Brad Feld on Early Exits
Brad Feld was in Vancouver for the first ever Bootup Labs Entrepreneurial Society Event on April 22, 2009.
A few days before this event, I was in Atlanta at the National Angel Capital Association meeting presenting a workshop on Exit Strategies. Brad was on a panel about the current dynamics betwen VCs and Angels. We shared a cab back to the airport, and I gave Brad a copy of Early Exits.
Click here to watch Brad Feld’s comments on Early Exits. (Please keep in mind that Brad is a VC.)
Brad’s entire interview is well worth watching on the Bootup Labs site.
From emails with permission:
"The complexity inherent to early stage growth company financing is completely foreign to many of those so reliant upon it. Some people have gamed the system to the detriment of the many. Basil’s voice lends itself to a critical audience: those entrepreneurs who can make informed choices.
Early Exits is a work that draws the broad lines of not only what startup financing conventions are but also why they exist. It’s the way he brings out the "ah hah" that best captures the value of his work. It’s factual. It’s specific. But it also draws the reader in with real case examples providing personal insight. Why do boards of venture-funded companies block exits and vote along preference class lines? Why does institutional venture capital view angel investment in an opportunistic way? What legal instruments benefit one group over the other? I’ve already recommended this book several times."
Sam Hayes, Co-Founder & COO of SharesPost
"I find Early Exits to be a useful, practical and comprehensive exit guide for both angels and entrepreneurs. You are right that little has been written about exits. In fact, I searched and came up empty when my husband and I were planning to sell our business in early 2008. I am grateful that you took the time to write the book to share your wisdom and experience. I know others have said it before, but it IS really hard to put your book down. I read it cover to cover in one sitting. I am going to recommend it to any entrepreneurs and angels that will listen."
Elaine Kong, Program Manager, Business Consulting and Angel Network – Washington Technology Center
"I devoured your book and truly enjoyed it. I bought another copy earlier this week and I’ve lost this one to a fellow director at a client company!"
R. Michael Crill, Managing Director – Atlas Accelerator
"My post about your talk at ACA has become my most re-tweeted topic ever on Twitter! Lots of people seem to be reading and enjoying it. Hope some of them click on the links and buy your book!"
Stephen Fleming – Academic VC
"Thank you for writing Early Exits. It should be required reading. I ordered another five books that I plan to give to entrepreneurs and investors."
"I borrowed Roger Killen’s copy of your book yesterday and could not put it down. Very good advice for an entrepreneur. You have an easy style that kept me captivated. Your concepts are clear and easy to understand. Well done."
Harvey Martens, Founder – www.tomorrx.com
"I think the book brings forward some important truths about VC funding that people have been guessing and gossiping about for some time now. The analysis is important and better yet, indispensable must reading for every new tech entrepreneur. Great work!"
Bob de Wit, Mentor in Residence at Simon Fraser University
"Basil’s book is a must read for any business seeking private investment. His book emphasizes that the top line (strategy, execution, human capital) needs to fit with the right investors so your exit benefits everyone."
Ash Kumra, CEO/Co-Founder DesiYo
"Sara and I both recently picked up your book. I just wanted to let you know that it is one of the most informative and relevant sources of information that I have ever encountered, not just on exits, but on entrepreneurship and startups in general. I really appreciate you begging the question of a statup’s end game, and exposing the information in such an easily consumable manner. The book fills in many gaps in my own thinking about how and why we are building a company. Just yesterday I referred it to an entrepreneur, telling him that he should read it before accepting a single cent of financing. Thank You!"
Arron Kallenberg, Co-founder, Olive Interactive, LLC / DandyId.org
"I just read your book on a flight back to Toronto. Your book is extremely eye opening and I couldn’t put it down. We’ve always questioned whether or not utilizing VC is the way to go and it’s uncanny how relevant your book is to our business and situation. I look forward to reading your blog. "
Somen Mondal, Chief Executive Officer, N4 SYSTEMS, INC.
"I just finished your book Early Exits which I found to be timely, insightful and honest. My first experience with VC’s left me negatively tainted with the realization that multiples drive the strategy, not maximizing exits based on what’s best for the company. I had a company destroyed by such actions. I wish I had your book years ago; my life would be different today. Early and smaller is the way to go!"
"Basil … a friend, Peter Kinash, let me read your book, Early Exits. As a CEO heading out to raise our first round of outside capital for http://www.mob4hire.com, it was very useful to help me understand what I can expect; of investors as well as myself. Thanks for the AWESOME insights!"
Stephen King, mob4hire.com