Exits are important to the UK’s high-growth economy for three main reasons: the liquidity they provide to early investors providing them with capital back (and hopefully a gain) which can be re-invested into earlier stage startups; the release of the founders to start or back new ventures (though this doesn’t happen in every deal); and the platform for further expansion that an exit often provides. UK businesses are often criticised for exiting too early (particularly to foreign acquirers). But exits at an any stage create opportunities: the wealth they can create often gets recycled back into startups and scaleups; acquirers can elevate the commercialisation prospects of IP; the investment that comes with an acquisition or IPO creates jobs. It’s one thing to lament the lack of tech behemoths in the UK; it’s another to castigate founders and CEOs for pursuing exits.

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