The Unicorn Hedge
Dave McClure

Great piece, thanks Dave and nice meme of ‘unicorn hedge’. Overall, while global M&A is down this year, tech M&A is up by ~2% (source Thomson Reuters). With 58% of venture rounds (by value, source Pitchbook) having corporates already involved and increasing likelihood of larger exits it is likely that the innovation strategies of successful corporations will include this blended approach of R&D, partnering, minority investment and acquisition. Tencent, Naspers, GM, Amazon, GE, Microsoft, Alphabet, etc all ahead of the curve on this strategy. Those trying to ‘hedge’ through one-off large acquisitions of tech might find it harder to do so successfully unless they are clearer on the roadmap required. Be great to see your centaur acq strategy thought-leadership piece! Cheers, Jim

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