{"id":1472,"date":"2024-10-01T09:12:20","date_gmt":"2024-10-01T05:12:20","guid":{"rendered":"https:\/\/eoninvestment.com\/?p=1472"},"modified":"2026-04-15T15:43:30","modified_gmt":"2026-04-15T11:43:30","slug":"exit-diagrams","status":"publish","type":"post","link":"https:\/\/eoninvestment.com\/ka\/2024\/10\/01\/exit-diagrams\/","title":{"rendered":"<span class=\"eon-recovered-georgian-title\" data-no-translation=\"\">\u10d2\u10d0\u10e1\u10d5\u10da\u10d8\u10e1 \u10d3\u10d8\u10d0\u10d2\u10e0\u10d0\u10db\u10d4\u10d1\u10d8<\/span>"},"content":{"rendered":"<p class=\"wp-block-paragraph\">Venture capital funds primarily use preferred shares (redeemable, convertible, mandatorily convertible, automatically convertible, etc.) to finance startups. Based on the details of the agreement, exit diagrams are created, which show how profits\/assets are divided in the event of liquidation or the fund\u2019s exit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For example, the diagram below shows a simple exit diagram for convertible shares, with the profitable conversion point:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>If the total value of the organization at exit is less than $5 million, the fund takes the entire amount since it invested $5 million.<\/li>\n\n\n\n<li>If the organization&#8217;s value at exit is between $5 and $15 million, the fund takes $5 million.<\/li>\n\n\n\n<li>If the company&#8217;s value exceeds $15 million, the fund prefers to convert its preferred shares into common shares, as it will take more than $5 million in this case.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1136\" height=\"673\" data-attachment-id=\"4319\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/10\/01\/exit-diagrams\/image-150\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-13.png?fit=1136%2C673&amp;ssl=1\" data-orig-size=\"1136,673\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-13.png?fit=1024%2C607&amp;ssl=1\" class=\"wp-image-4319\" style=\"width: 1000px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-13.png?resize=1136%2C673&#038;ssl=1\" alt=\"\"\/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Thus, the resulting diagram from the agreement looks like this (in this case, the fund owns one-third of the stake):<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1132\" height=\"663\" data-attachment-id=\"4325\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/10\/01\/exit-diagrams\/image-151\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-14.png?fit=1132%2C663&amp;ssl=1\" data-orig-size=\"1132,663\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-14.png?fit=1024%2C600&amp;ssl=1\" class=\"wp-image-4325\" style=\"width: 1000px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-14.png?resize=1132%2C663&#038;ssl=1\" alt=\"\"\/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In this section, I will discuss an example and create diagrams based on different agreement formats. At the end, I will attach an Excel model I created:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Example:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A VC fund plans to invest $5 million in a startup company that has issued 10 million shares, including stock options. In return for the $5 million investment, the issuance of 5 million new shares is being considered.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The fund is also considering other financing formats instead of common shares, for which I will create diagrams:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Common Stock (CS)<\/strong> &#8211; Common Shares.<\/li>\n\n\n\n<li><strong>Redeemable Preferred (RP)<\/strong> &#8211; Redeemable Preferred Shares.<\/li>\n\n\n\n<li><strong>Redeemable Preferred + Common Stock (RP+CS)<\/strong> &#8211; A combination of Redeemable Preferred and Common Shares.<\/li>\n\n\n\n<li><strong>Participation (PCP)<\/strong> &#8211; Preferred Convertible Shares with Participation.<\/li>\n\n\n\n<li><strong>Participating Preferred Convertible with Cap Point (PCPC)<\/strong> &#8211; Preferred Convertible Shares with a Cap Point.<\/li>\n\n\n\n<li><strong>Redeemable + Convertible (RP+CP)<\/strong> &#8211; A combination of Redeemable and Convertible shares.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Common Stock<\/strong><br \/>In this case, regardless of the company\u2019s value at the fund\u2019s exit (during an IPO, liquidation, or sale of a significant stake), the fund will hold one-third of the shares and therefore will receive one-third of the exit proceeds.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"572\" data-attachment-id=\"4328\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/10\/01\/exit-diagrams\/image-152\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-15.png?fit=800%2C572&amp;ssl=1\" data-orig-size=\"800,572\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-15.png?fit=800%2C572&amp;ssl=1\" class=\"wp-image-4328\" style=\"width: 1000px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-15.png?resize=800%2C572&#038;ssl=1\" alt=\"\"\/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Redeemable Preferred (RP)<\/strong><br \/>Redeemable means the organization has a preferred right to the invested amount\u2014essentially a zero-coupon bond, which in practice is not used separately.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"796\" height=\"569\" data-attachment-id=\"4332\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/10\/01\/exit-diagrams\/image-153\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-16.png?fit=796%2C569&amp;ssl=1\" data-orig-size=\"796,569\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-16.png?fit=796%2C569&amp;ssl=1\" class=\"wp-image-4332\" style=\"width: 1000px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-16.png?resize=796%2C569&#038;ssl=1\" alt=\"\"\/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>RP + CS<\/strong><br \/>The fund has the right to redeem up to $5 million, and above $5 million, it participates in the remaining value as a common shareholder.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"796\" height=\"568\" data-attachment-id=\"4334\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/10\/01\/exit-diagrams\/image-154\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-17.png?fit=796%2C568&amp;ssl=1\" data-orig-size=\"796,568\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-17.png?fit=796%2C568&amp;ssl=1\" class=\"wp-image-4334\" style=\"width: 1000px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-17.png?resize=796%2C568&#038;ssl=1\" alt=\"\"\/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>PCP &#8211; Preferred Convertible Shares with Participation<\/strong><br \/>This version is the same as the previous one\u2014a combination of redeemable and common shares. However, in this case, if the company&#8217;s value reaches a certain pre-defined threshold, the shares are automatically converted into common shares, and the redemption right for the initial investment disappears. In our case, the automatic conversion point is $75 million.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"799\" height=\"571\" data-attachment-id=\"4336\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/10\/01\/exit-diagrams\/image-155\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-18.png?fit=799%2C571&amp;ssl=1\" data-orig-size=\"799,571\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-18.png?fit=799%2C571&amp;ssl=1\" class=\"wp-image-4336\" style=\"width: 1000px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-18.png?resize=799%2C571&#038;ssl=1\" alt=\"\"\/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>PCPC &#8211; Convertible with Participation and a Cap<\/strong><br \/>In this case, the PCP condition is complicated by adding a cap component. In the previous condition, automatic conversion occurred at $75 million, but voluntary conversion could also happen earlier. However, this new condition sets a limit: in the event of voluntary conversion, if the company&#8217;s value is less than $60 million, the fund cannot take more than $20 million\u2014illustrated on the diagram as a horizontal line between the $50-60 million range.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"796\" height=\"569\" data-attachment-id=\"4341\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/10\/01\/exit-diagrams\/image-156\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-19.png?fit=796%2C569&amp;ssl=1\" data-orig-size=\"796,569\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-19.png?fit=796%2C569&amp;ssl=1\" class=\"wp-image-4341\" style=\"width: 1000px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-19.png?resize=796%2C569&#038;ssl=1\" alt=\"\"\/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>RP+CP &#8211; Redeemable and Convertible Shares<\/strong><br \/>In our example, the condition is that up to $4 million is redeemable, with an additional $5 million convertible and a redemption right up to $1 million, resulting in two diagrams. The intersection of these two diagrams gives us a third one:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Redeemable Diagram<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1137\" height=\"668\" data-attachment-id=\"4349\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/10\/01\/exit-diagrams\/image-159\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-22.png?fit=1137%2C668&amp;ssl=1\" data-orig-size=\"1137,668\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-22.png?fit=1024%2C602&amp;ssl=1\" class=\"wp-image-4349\" style=\"width: 1000px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-22.png?resize=1137%2C668&#038;ssl=1\" alt=\"\"\/><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Convertible Diagram<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1134\" height=\"689\" data-attachment-id=\"4352\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/10\/01\/exit-diagrams\/image-160\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-23.png?fit=1134%2C689&amp;ssl=1\" data-orig-size=\"1134,689\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-23.png?fit=1024%2C622&amp;ssl=1\" class=\"wp-image-4352\" style=\"width: 1000px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-23.png?resize=1134%2C689&#038;ssl=1\" alt=\"\"\/><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Total Result Diagram<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"795\" height=\"568\" data-attachment-id=\"4348\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/10\/01\/exit-diagrams\/image-158\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-21.png?fit=795%2C568&amp;ssl=1\" data-orig-size=\"795,568\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-21.png?fit=795%2C568&amp;ssl=1\" class=\"wp-image-4348\" style=\"width: 1000px\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-21.png?resize=795%2C568&#038;ssl=1\" alt=\"\"\/><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P.S.<br \/>It&#8217;s also important to consider protection from subsequent funding rounds. Suppose you&#8217;re the Series A investor and paid $10,000 for 1%. If things don&#8217;t go well and the Series B investor buys 1% for $5,000, your interests could be harmed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There are protection mechanisms for such cases, which determine the conversion prices of preferred shares. You might have a fully protected contract that allows conversion at a 2:1 ratio (i.e., $10,000\/$5,000), or partial protection to restore some &#8220;fairness.&#8221;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><a href=\"https:\/\/eoninvestment.com\/wp-content\/uploads\/2024\/09\/exit-diagrams.xlsx\">Exit Diagrams Excel Model (Geo)<\/a><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u10ec\u10e7\u10d0\u10e0\u10dd:<br \/>Venture Capital &#038; the Finance of Innovation<br \/>Andrew Metrick &#038; Ayako Yasuda<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You can also find agreement models here:<br \/><a href=\"https:\/\/nvca.org\/model-legal-documents\/\">Model Legal Documents &#8211; National Venture Capital Association (NVCA)<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>\u10d5\u10d4\u10dc\u10e9\u10e3\u10e0\u10e3\u10da\u10d8 \u10e4\u10dd\u10dc\u10d3\u10d4\u10d1\u10d8 \u10e1\u10e2\u10d0\u10e0\u10e2\u10d0\u10de\u10d4\u10d1\u10d8\u10e1 \u10d3\u10d0\u10e1\u10d0\u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10d4\u10d1\u10da\u10d0\u10d3 \u10eb\u10d8\u10e0\u10d8\u10d7\u10d0\u10d3\u10d0\u10d3 \u10de\u10e0\u10d8\u10d5\u10d8\u10da\u10d4\u10d2\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 \u10d0\u10e5\u10ea\u10d8\u10d8\u10e1 \u10e4\u10dd\u10e0\u10db\u10d0\u10e2\u10e1 \u10d8\u10e7\u10d4\u10dc\u10d4\u10d1\u10d4\u10dc (\u10d2\u10d0\u10db\u10dd\u10d7\u10ee\u10dd\u10d5\u10d0\u10d3\u10d8, \u10d9\u10dd\u10dc\u10d5\u10d4\u10e0\u10e2\u10d8\u10e0\u10d4\u10d1\u10d0\u10d3\u10d8, \u10e1\u10d0\u10d5\u10d0\u10da\u10d3\u10d4\u10d1\u10e3\u10da\u10dd\u10d3 \u10d9\u10dd\u10dc\u10d5\u10d4\u10e0\u10e2\u10d8\u10e0\u10d4\u10d1\u10d0\u10d3\u10d8, \u10d0\u10d5\u10e2\u10dd\u10db\u10d0\u10e2\u10e3\u10e0\u10d0\u10d3 \u10d9\u10dd\u10dc\u10d5\u10d4\u10e0\u10e2\u10d8\u10e0\u10d4\u10d1\u10d0\u10d3\u10d8 \u10d3\u10d0. \u10d0.\u10e8.) \u10e8\u10d4\u10d7\u10d0\u10dc\u10ee\u10db\u10d4\u10d1\u10d8\u10e1 \u10d3\u10d4\u10e2\u10d0\u10da\u10d4\u10d1\u10d8\u10d3\u10d0\u10dc \u10d2\u10d0\u10db\u10dd\u10db\u10d3\u10d8\u10dc\u10d0\u10e0\u10d4 \u10d3\u10d2\u10d4\u10d1\u10d0 \u10d4.\u10ec. Exit Diagram-\u10d4\u10d1\u10d8, \u10e0\u10dd\u10db\u10da\u10d4\u10d1\u10d8\u10ea \u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10d4\u10dc \u10d7\u10e3 \u10e0\u10dd\u10d2\u10dd\u10e0 \u10ee\u10d3\u10d4\u10d1\u10d0 \u10db\u10dd\u10d2\u10d4\u10d1\u10d8\u10e1\/\u10e5\u10dd\u10dc\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10e7\u10dd\u10e4\u10d0 \u10e4\u10dd\u10dc\u10d3\u10d8\u10e1 [\u2026]<\/p>","protected":false},"author":12998525,"featured_media":1473,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_eon_insights_quality":"","_eon_insights_decision":"","_eon_insights_destination":"","_eon_insights_merge_group":"","_eon_insights_required_changes":"","_eon_insights_start_order":0,"_eon_featured_insight":0,"_eon_insights_map_version":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":true},"categories":[774675955,164077271],"tags":[8590,4269,6635,13843,8589],"eon_topic":[],"eon_learning_path":[],"eon_collection":[],"eon_level":[784445728],"eon_content_type":[],"eon_source":[784445711],"eon_idea":[784445697],"eon_framework":[],"class_list":["post-1472","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-venture-capital-the-finance-of-innovation-by-a-metrick-a-yasuda","category-vc-valuation","tag-economy","tag-finance","tag-investing","tag-stock-market","tag-stocks","eon_level-advanced","eon_source-venture-capital-the-finance-of-innovation-by-a-metrick-a-yasuda","eon_idea-vc-valuation"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Exit Diagrams - Eon Investment<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/eoninvestment.com\/ka\/2024\/10\/01\/exit-diagrams\/\" \/>\n<meta property=\"og:locale\" content=\"ka_GE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Exit Diagrams - Eon Investment\" \/>\n<meta property=\"og:description\" content=\"\u10d5\u10d4\u10dc\u10e9\u10e3\u10e0\u10e3\u10da\u10d8 \u10e4\u10dd\u10dc\u10d3\u10d4\u10d1\u10d8 \u10e1\u10e2\u10d0\u10e0\u10e2\u10d0\u10de\u10d4\u10d1\u10d8\u10e1 \u10d3\u10d0\u10e1\u10d0\u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10d4\u10d1\u10da\u10d0\u10d3 \u10eb\u10d8\u10e0\u10d8\u10d7\u10d0\u10d3\u10d0\u10d3 \u10de\u10e0\u10d8\u10d5\u10d8\u10da\u10d4\u10d2\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 \u10d0\u10e5\u10ea\u10d8\u10d8\u10e1 \u10e4\u10dd\u10e0\u10db\u10d0\u10e2\u10e1 \u10d8\u10e7\u10d4\u10dc\u10d4\u10d1\u10d4\u10dc (\u10d2\u10d0\u10db\u10dd\u10d7\u10ee\u10dd\u10d5\u10d0\u10d3\u10d8, \u10d9\u10dd\u10dc\u10d5\u10d4\u10e0\u10e2\u10d8\u10e0\u10d4\u10d1\u10d0\u10d3\u10d8, \u10e1\u10d0\u10d5\u10d0\u10da\u10d3\u10d4\u10d1\u10e3\u10da\u10dd\u10d3 \u10d9\u10dd\u10dc\u10d5\u10d4\u10e0\u10e2\u10d8\u10e0\u10d4\u10d1\u10d0\u10d3\u10d8, \u10d0\u10d5\u10e2\u10dd\u10db\u10d0\u10e2\u10e3\u10e0\u10d0\u10d3 \u10d9\u10dd\u10dc\u10d5\u10d4\u10e0\u10e2\u10d8\u10e0\u10d4\u10d1\u10d0\u10d3\u10d8 \u10d3\u10d0. \u10d0.\u10e8.) \u10e8\u10d4\u10d7\u10d0\u10dc\u10ee\u10db\u10d4\u10d1\u10d8\u10e1 \u10d3\u10d4\u10e2\u10d0\u10da\u10d4\u10d1\u10d8\u10d3\u10d0\u10dc \u10d2\u10d0\u10db\u10dd\u10db\u10d3\u10d8\u10dc\u10d0\u10e0\u10d4 \u10d3\u10d2\u10d4\u10d1\u10d0 \u10d4.\u10ec. Exit Diagram-\u10d4\u10d1\u10d8, \u10e0\u10dd\u10db\u10da\u10d4\u10d1\u10d8\u10ea \u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10d4\u10dc \u10d7\u10e3 \u10e0\u10dd\u10d2\u10dd\u10e0 \u10ee\u10d3\u10d4\u10d1\u10d0 \u10db\u10dd\u10d2\u10d4\u10d1\u10d8\u10e1\/\u10e5\u10dd\u10dc\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10e7\u10dd\u10e4\u10d0 \u10e4\u10dd\u10dc\u10d3\u10d8\u10e1 [\u2026]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/eoninvestment.com\/ka\/2024\/10\/01\/exit-diagrams\/\" \/>\n<meta property=\"og:site_name\" content=\"Eon Investment\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/eoninvestment\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-01T05:12:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-15T11:43:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/1704444376166.jpeg?fit=800%2C451&ssl=1\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"451\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"neoinsight\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"neoinsight\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 \u10ec\u10e3\u10d7\u10d8\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/wp-json\\\/wp\\\/v2\\\/posts\\\/1472\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/#website\"},\"author\":{\"name\":\"neoinsight\",\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/#\\\/schema\\\/person\\\/9bb6a82e15a5231535d10233395afa89\"},\"headline\":\"\u10d2\u10d0\u10e1\u10d5\u10da\u10d8\u10e1 \u10d3\u10d8\u10d0\u10d2\u10e0\u10d0\u10db\u10d4\u10d1\u10d8\",\"datePublished\":\"2024-10-01T05:12:20+00:00\",\"dateModified\":\"2026-04-15T11:43:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/2024\\\/10\\\/01\\\/exit-diagrams\\\/\"},\"wordCount\":692,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/2024\\\/10\\\/01\\\/exit-diagrams\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/eoninvestment.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/1704444376166.jpeg?fit=800%2C451&ssl=1\",\"keywords\":[\"economy\",\"finance\",\"investing\",\"stock-market\",\"stocks\"],\"articleSection\":[\"Venture Capital &amp; the Finance of Innovation - by A. 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