This blog post is part of The Founder Files series, exploring the human side of entrepreneurship, where the distinction between success and failure is often a fine line. From founding and scaling, all the way to the exit, we reveal the unfiltered, authentic stories behind entrepreneurial journeys. Ready to hear the truth?

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The startups that survive through the beginning and scaling stages almost without exception aim for an exit. Some of them aim there because of the funding options they have chosen – at the end of the day, venture capital investors need to exit because that’s how they do business.

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Vincit’s story is very different in that regard. At the beginning, an IPO was not a clear goal for Vincit, and there was no financial pressure to go public or sell the company. No outside funding, excluding bank loans, was used during their growth story.

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"Vincit was growing rapidly and we made a hell of a profit, which allowed me time for other projects. I was serving on multiple boards and helping to scale up Framery, a company known for its soundproof pods and booths for offices. However, after seven years into Vincit’s journey, I had a personal crisis. I had just become a father and I found my work too scattered. I wasn't deriving the same energy from working at Vincit, so I knew I needed to change something”, says Mikko Kuitunen, the co-founder of Vincit.

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He had three options: either go to the US to run Vincit’s operations there, embark on a new adventure as a wilderness guide in New Zealand, or make a decision to exit Vincit. In 2014, he decided that it was time for Vincit to start looking for outside board members and create an exit plan.

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“Back then, I didn't understand those things as much as I do now, and there are things I could have handled differently.”

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However, the IPO turned out to be a challenging venture rather than a smooth market debut. For a company known for a get-down-to-business attitude and snazzy communication, the IPO process was a culture shock. If Kuitunen were to give any advice, he would recommend choosing the partners carefully and mentally preparing to face challenges. 

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“Doing things for the first time is always hard. We were ready to be listed six months before we actually did, but technically we couldn’t do it. During those six months, we had to make big internal changes and restructure the operations. Back then, I didn't understand those things as much as I do now, and there are things I could have handled differently.”

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In hindsight, however, Kuitunen is certain that the IPO was the right direction for Vincit. The listing not only brought widespread recognition but also resulted in broad-based employee ownership as 85% Vincit’s employees participated in the IPO.

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“It became clear that in the near future, I wouldn’t be the right person to grow the business anymore.”

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From the perspective of the founders, two exits are occurring at the same time. One of them is all about the business, while the other one is more personal. After a long stretch, even the most exciting company can start to lose its charm, and even the most accomplished founder might not be able to take it to another level. Businesses change, and people change. 

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Kuitunen felt this change too. “It became clear that in the near future, I wouldn’t be the right person to grow the business anymore. It was evident that the world and the market had changed, and we would shift our focus from people-oriented to business-oriented. I believed that someone else would be better suited to lead the company through this transformation."

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Actually, the term ‘exit’ describes the whole process really poorly. Instead of simply walking through and exiting, business and personal exits can take years and years. After the IPO in 2016, the formalization of processes and practices at Vincit continued for quite some time.

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“I personally feel that our startup phase ended only a couple of years after the IPO”, Kuitunen summarizes. 

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Today, Vincit employs almost 1,000 people and operates in the US, Sweden, and Poland, also. 

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After stepping away from the day-to-day operations at Vincit in 2021, Kuitunen has continued to support other entrepreneurs in building and scaling their businesses at Evli Growth Partners. He is an angel investor and board member for over 30 companies, including Framery, Happeo, and PlugIT. As a Growth Partner, Kuitunen looks for humble – but extremely talented – founders who are eager to scale up their businesses and contribute to making the world a better place. In line with EGP's investment philosophy of "on the road with you", he precisely understands what it's like to be in the founder's shoes. 

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