Lucanus ⛵️ Polagnoli

"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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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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"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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NLC Health Ventures is a masterclass in building a studio without raising capital upfront. Here’s what they did: 1. Licensed dormant IP from EU universities as the foundation for new companies. 2. Secured MOUs to access that IP, turning untapped potential into opportunity. 3. Approached trusted angel investors with compelling pitches: - The IP. - The market opportunity. - Their track record of successful company building. Investors said yes. That funding didn’t just launch portfolio companies—it also covered the studio's operating costs. For 3+ years, they built 3+ companies annually with this model. But their genius didn’t stop there. NLC Health excelled in disciplined evaluation: - Only pursuing IP worth their time, resources, and vision. This is a repeatable playbook. Consider the untapped IP in many ecosystems: - Universities. - Corporates. - State governments. It’s just sitting on the shelf. The Venture Studio model can transform dormant IP into real-world value. NLC Health proves it. Special thanks to Bert-Arjan Millenaar (Founder and CEO of NLC Health) for building a leading example within this space. 

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It’s no longer enough to just buy well and hope for multiple expansion. Time to roll up your sleeves. GPs have been hearing this from LPs for years — especially during fundraising. #Operational value creation has become the main act in private equity, not the footnote. Why? - Because with rising competition, more dry powder, and tighter exit markets, helping your portfolio companies actually improve is the only real edge left. I’ve kicked off a short YouTube series on how experienced funds approach value creation — where it starts, what works, and what LPs are now asking about in diligence. We started with a fireside chat featuring Anne Arlinghaus from KKR Capstone (link below in comments). In Part 1, I cover: • Why the real work begins long before the ink is dry • The go-to value levers (and why overhead reduction is just the start) • How firms are building internal ops teams — and tracking impact If you’re curious what “hands-on” really means — or what it takes to become an Operating Partner — this one’s for you. 🎥 Watch the full video here: https://lnkd.in/drfgcsMV Next up: Buy & Build — and yes, it’s as messy as it sounds. #PrivateEquity #ValueCreation #OperationalExcellence #PortfolioCompanies #GPstrategy #LPperspective #INSEAD Arnaud Bonzom Bowen White Michael Prahl Harsh Temurnikar @

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 A bifurcation in the venture capital market: AI investments are up 📈 while Non-AI investments are down 📉 From DealRoom: ➤ 43% of global venture capital in 2025 has been raised by AI startups. ➤ In the US the share is even higher, at 56% of all VC in 2025.    ➤ There have been 142 rounds of over $100M for AI startups so far in 2025. ➤ AI investment this year has already surpassed the 2024 full year total.   "In short, AI is eating tech, and venture capital." I think we're at the stage were AI *is* tech. All new startups are AI startups. All companies will be AI companies, eventually.

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