SCENARIOS OF THE INVESTOR’S EXIT FROM VENTURE INVESTMENTS

Abstract

The subject of research is contractual relationships between the investor and the founders of a young company, which predetermine exit scenarios for the investor at different stages of the company's development. To identify the main scenarios of the investor's exit from venture capital investments, the author uses research methods such as synthesis and comparative analysis. Analysis of Russian and foreign scientific literature has revealed that the main focus is on the exit of a venture investor from a business, and insufficient attention is paid to the exit of a business angel. The article considers additional contract terms that are not widespread in Russia, but are used in practice in foreign countries, which regulate the exit of an investor from a business, namely "drag-along", "tag along" and "demand right". The advantages and disadvantages of the main scenarios of the investor's exit from a business for both sides of investment relations are determined. Based on the results of considering the main scenarios of investor’s exit from a business and the key risks characterizing them, the instrument of internal hedging against the risk of a radical change in the company's development strategy due to the change of investor has been determined - multi-voting shares. Founders and investors can use the results obtained in the study at the early stages of company's development.