Dominique Mégret

"ETH takes an equity stake in spin-offs, usually two percent." 👍 ETH Zürich now offers some of the best terms for spinoffs in Europe thanks to their new Equity and Licensing Policy. Very happy to have played a small part in this thanks to Vanessa Wood and Frank Floessel. 🇨🇭 Other European universities should take note. European deeptech would be much better off with universities creating less friction for spinoff founders, and a big way for them to create less friction is via offering healthier terms. https://lnkd.in/emdx87jp

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The VC secondary market is on fire. But many LPs are rushing in without fully appreciating the risks. VenCap International plc has been active in VC secondaries (LP positions only) since 1987 — and this is one of the hottest markets we’ve seen. In the first half of 2025 we reviewed $6.5bn of secondary VC deals — a 41% jump from the $4.6bn we saw in the same period last year. This includes both GP-led and LP-led deals. Here are 4 lessons we've learned from nearly 40 years of buying secondaries: 1️⃣ Power law still rules – a few companies will drive most returns. 2️⃣ Quality over discount – our best deal was bought at a premium to NAV. 3️⃣ Know the valuation policy – different VCs can value the same company very differently. 4️⃣ Factor in manager behavior – holding winners vs. selling early can make or break returns. VC secondaries ≠ PE secondaries. The risks are different — but for LPs who can access the right deal, at the right price, the rewards can be exceptional.

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I shared this M&A Due Diligence Gantt Chart before. Went viral. 🔥 Sharing again, now with a fresh lens on what it doesn’t show. 👇   This template is solid. (will share the download link in the comments)   But having bought and sold multiple companies, I’ve learned the real value is in the process you build around it.   Three things I’d add:   – Founder transition readiness   Is the seller truly ready to step back? Half the deals I’ve seen fall apart because the founder says they’re done but can’t let go.   – Cultural integration assessment   If the values don’t align, walk away. No amount of financial engineering can fix a culture clash.   – Durable demand validation   Will this business survive a recession? A trend shift? If it’s trendy or seasonal, it’s not durable.   The template is great for staying organized.   But smart acquirers know, we’re not just buying assets.   We’re buying a business that needs to run without the founder.   So don’t just focus on the numbers.   A great EBITDA means little if the business can’t survive the handoff.   #merger #founder #entrepreneurship #acquisition #investment ____ P.S. My newsletter (Join 20,000+ subscribers): https://lnkd.in/dNVbGxXv

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𝗪𝗵𝗲𝗿𝗲 𝘁𝗼 𝗯𝗲𝗴𝗶𝗻 ... For some time now, I’ve wanted to share what I’ve learned (continue to learn) about Innovation, both from my time in venture and engaging with a wide variety of companies around the globe. If I’m being honest here, my colleagues at INNOVERA (https://www.innovera.ai/), a company I’ve started with Kamran Elahian to help companies, governments, and investor groups drive to more effective management of innovation, finally forced my hand to the keyboard. So, where, where, where to begin? Let’s start with how I think about what innovation is. Traditional innovation, think pre-2023, was R&D-driven, product-focused, and efficiency-oriented, centered on breakthrough technologies, patents, and competitive advantage with long development cycles. It was bound mainly by classical definitions of “adjacent”, “sustaining”, and “disruptive”. My argument is that for innovation to succeed, how we look at it must change. Innovation is the continuous transformation of ideas, technologies, and business models to create value while proactively mitigating risks in a dynamic, unpredictable world. Innovation is a strategic risk management tool, and when done right, results in: 𝗙𝘂𝘁𝘂𝗿𝗲-𝗣𝗿𝗼𝗼𝗳𝗶𝗻𝗴 – Anticipation of market shifts, regulatory changes, and technological disruptions before they become threats. 𝗚𝗿𝗼𝘄𝘁𝗵 + 𝗗𝗶𝘃𝗲𝗿𝘀𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼n – Expanded revenue streams and business models while reducing dependency on a single product, service, or market. 𝗔𝗴𝗶𝗹𝗶𝘁𝘆 + 𝗥𝗲𝘀𝗶𝗹𝗶𝗲𝗻𝗰𝗲 – Ability to iterate and pivot in response to crises, competition, and unforeseen changes. Now, what becomes interesting is that managing innovation overlaps with decision-making in the business context. Critical business decisions, such as those related to innovation, ultimately have massive exposure. As I unpack my thoughts on innovation, if you choose to join the journey here, I’ll bring our conversation back to the unifying construct of what I call “decision making under uncertainty”. Before I let you go, let’s do an honesty check. How capable is your organization in managing AI, innovation, and critical business decisions? 𝗔 – Everything is under control 𝗕 – We have a reasonable idea of what to do 𝗖 – We mean well – but can’t execute I’ll share with you what I’ve heard from the audiences to whom I’ve asked this question in my next post. Until then, [p]

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BREAKING: Serena launches €200M fund (Serena IV) to back Europe’s next leaders in AI & Energy Transition! ⚡️ Paris-based Serena Capital just closed its fourth-generation fund, Serena IV, to invest from the very first steps of founders tackling the world’s biggest challenges. Here are the details: 🔥 Fund size: €200M | Final target: €250M 🔥 AI and Energy Transition, solving real problems at scale 🔥 Track record: Backed 100+ startups, including Electra, Underdog, Lifen, Dataiku, Accenta.ai, and others! Congrats Paul, Sébastien, Olivier, and Constance👏 Let’s go 🇪🇺 --- 📍 For more climate-tech insights, follow me @Hugo

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Can this partnership give startups the ultimate boost? I am sharing with StartupValley Magazine how InnoSource Ventures AG and W Ventures David Warschawski and Sam Tomlinson decided to formalize their partnership after years of successful collaboration, creating a true bridge between the #US and #Europe. By combining networks, expertise, and resources, this alliance opens up new opportunities for visionary founders to scale faster, reach further, and drive meaningful global change. Thank you to Sabine Elsaesser for the interview. Read the full article here: https://lnkd.in/dJqm8H_Q #Startups #Innovation #VentureCapital #VC #GlobalGrowth #Partnership

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"Going to the US is hard." - This mindset is costing European founders billions in missed opportunities! Yet, European VCs say this constantly. I've seen this play out too many times: Step 1: European founder gets traction. Starts thinking US expansion. Step 2: European VC: "Focus on Europe first. We know people in Berlin." Step 3: Founder stays in a €50M market instead of chasing a $500m one. Step 4: US competitors own the market before the EU founder even enters. For founders, a US investor is an important signal for US hires and US customers. Index Ventures even reports that 52% of founders say US investors are crucial for winning America. Only 6% think they're irrelevant. If you want to build a global company, get a US investor or a transatlantic one.

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