1. My exit strategy and plan is to sell this business within the next 5 years. The design and our product will hopefully be sold completely to one of the larger tech accessory companies or directly to Apple, Samsung, LG etc.
2. I choose this because I can see the writing on the wall in this market. The large companies basically control everything and when there is someone new that enters the market they buy them out. That is the goal here because even though this product meets a need our customers have that we want to fill, that's not where we see the most value in this product. The reason that I see value is because this product will fill a need and take business away from the big cell phone companies. It basically calls out their design and pegs the question, why didn't you guys design this? I believe this won't give them much choice but to buy our business to protect theirs.
3. Having this exit strategy in mind has altered the way that I have gone about designing this product and laying out the road-map. There is a lot more we could do with this product and many different chargers/accessories that we could branch off of it. However, that would not fit our exit strategy because that would be typical of company that is trying to last awhile and expand their product. 5 years or less and hopefully this will be sold entirely to Apple, where they will then have another competitive advantage over Android by beating them to the punch.
Hey Brody, great post. That would be awesome to be able to build a successful product and cash out by having a big tech company buy it. That would be a great way to get some cash and then be on to the next big business venture. I like your exit strategy because there is an end date in sight. It would leave them no choice but your buy your company and technology.
ReplyDeleteHi Brody, once again another great post. I too decided to go with the option of selling my company for a large sum of profit. However, my decision was based upon the fact that my product would be able to reach more people, compared to just my business. Either way the money I would receive from a large company would be used for my future.
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