Last week, I had the honour of chairing this year’s TechExit.io conference in Toronto, marking my first time in the role at a conference! Given my background as a 3x entrepreneur, with two of my companies having been acquired, I was thrilled to have the opportunity to share my insights and experiences. Now, as a venture capitalist, I actively support numerous entrepreneurs within the TSFV portfolio, guiding them toward outstanding outcomes.

In recent times, we’ve observed a shift in the landscape: funding has become more scarce, tech valuations more sensible, and consequently, M&A activity more appealing for both sellers and buyers. This is particularly true for traditional players, who now find themselves with greater purchasing power and are no longer priced out.

I was particularly heartened to witness the flourishing tech community in Canada. A decade ago, the focus was predominantly on selling, with most transactions below the $100 million mark. That landscape has transformed dramatically. Our ecosystem has expanded considerably, giving rise to a greater number of scaleups and facilitating larger deals. More importantly, Canadian companies are demonstrating a stronger appetite for acquisitions, with many scaleups actively pursuing growth through M&A, beyond organic means. The dialogue at TechExit.io underscored this shift.

While it’s impossible to capture all the rich content from the conference in a single post, I’d like to share my responses from a panel I had the pleasure of moderating, featuring Amar Varma, Monique Simair, and Mark Steele:

Q. If you had to choose just one thing, what would be the top learning or the biggest obstacle you wish you knew while you were building your company, that you know now?

A. Optionality! At the time of Wattpad‘s acquisition, we were in a great position, self-sustaining and with multiple paths forward, including raising another growth round or even considering an IPO. Ultimately, the decision was ours to make, and we opted for the path that we believed was in Wattpad’s best interest. The acquisition by Naver WEBTOON presented itself as the optimal choice, as it aligned with our strategic objectives and offered the unique opportunity to fully unlock Wattpad’s potential.

Q. Some investors love to ask, and some founders love to answer the following question: ‘What is your exit strategy?’ Were there things you built for an exit that went against building a great business?

A. We actually never did anything specific about the exit or formulated an exit strategy. For instance, we never created a product feature because we had potential acquirers in mind. Of course, we built relationships with them, but we didn’t do anything unnaturally in the hope of driving an acquisition. In other words, we only focused on building a great business.

Q. What did you miss the most after selling?

A. No doubt, my Wattpad team! We built an amazing all-star team. I missed my daily lunch with them in our kitchen!