Strategic Pathways: Exploring IPO and alternative exit strategies

From the 2025 Technology Finance Symposium - East

In this session, four seasoned leaders – Kristen Craft, VP and business partner manager at Fidelity Private Shares; Sean Brown, senior manager internal audit, IT and security at Gitlab; Scott Almeida, CFO at Recorded Future; and Kenneth MacAskill, CFO at Snyk – discussed strategic growth, acquisitions, fundraising, talent management and long-term leadership lessons from experienced founders and executives.

A recurring theme of the discussion was the power of adaptability and preparation. On acquisitions, speakers emphasized that successful deals often stem from early relationships and deep familiarity with potential targets. They highlighted that acquiring companies or technologies with complementary products, proprietary data, or strong cultural alignment can accelerate growth, even for smaller or private firms. Deals rarely follow a straight path and optionality – preparing for multiple outcomes such as IPOs, acquisitions or strategic partnerships – enhances a company’s resilience and strategic flexibility.

Fundraising was framed as a tool to support strategic objectives rather than a goal in itself. Founders were encouraged to raise only what is necessary to achieve meaningful progress, balancing cash flow management with growth ambitions. Overshooting capital needs or chasing the highest valuations can create challenges for future fundraising, talent acquisition and operational execution. Previous market cycles, including economic downturns, shaped the approach of raising enough capital while maintaining independence and optionality.

Talent and culture emerged as critical drivers of sustainable success. The speakers underscored the importance of internal motivation, clarity of purpose and building a team that complements the founder’s weaknesses. Hiring people with stronger management or technical skills than the founder, actively monitoring attrition and investing in community engagement were highlighted as key strategies for retention and team cohesion. Compensation alone was seen as insufficient to maintain high performance; a shared sense of mission and culture is essential.

Leadership lessons focused on long-term thinking, adaptability and resisting fixation on a single outcome. Executives were advised to avoid becoming locked into a specific path, such as an IPO and instead concentrate on building a great company that can adjust to market conditions. “Fail fast” principles, aggressive yet flexible planning and ongoing assessment of unit economics, partnerships and growth opportunities were cited as ways to maintain strategic agility. Relationships within the ecosystem, strong execution and clarity of vision were emphasized as central to enduring success, rather than short-term milestones or valuations.