Annual General Meeting 2025: 3 Slides That Changed the Game

At Growth Warrior Capital’s Annual General Meeting this year, there was no need for filler. No fluff. Just three slides.

And they were the only ones that mattered.

Each slide captured a fundamental truth about what’s happening across venture, enterprise and exit strategy. And each one lit up the room—not with hype, but with clarity.

If you’re a founder, investor or operator trying to make sense of what’s next, this one’s for you.

Slide 1: The Exit Landscape Has Collapsed (and That’s a Good Thing)

Yes, you read that right.

IPOs? Down 90%.
M&A? Still recovering.
Late-stage capital? More selective than ever.

It sounds bleak. But the founders we’re backing aren’t waiting around for the market to “come back.” They’re building companies that don’t need permission to exit. They’re engineering leverage from day one.

Because here’s the truth: exits aren’t a function of macro trends. They’re a function of real traction, real differentiation and real profitability.

At GWC, 70% of our founders are on a path to profitability within 18 months of our investment. Not because it’s trendy—but because it’s smart. It gives them control. Optionality. And leverage when acquirers or public markets eventually return.

Slide 2: The Best Companies Are Doing More With Less

This isn’t just a capital efficiency narrative. It’s a talent one.

• Fewer hires
  
• Faster execution
  
• Clearer priorities
  
• Higher margins
  
  

We’re seeing a massive shift away from headcount as a proxy for scale. Founders aren’t bragging about team size anymore. They’re bragging about velocity, gross margin and revenue per employee.

One portfolio company grew ARR 3x last year with only three engineers. Why? Because they had the right product focus, automation where it counted and a founder who lived inside customer problems.

It’s not about being scrappy. It’s about being disciplined.

This is where the new outliers are forming.

Slide 3: The New Moat = Distribution x Opinion

Here’s the unlock most founders miss: your moat isn’t just your tech. It’s your take.

The best startups today have a distribution wedge—and an earned point of view that sets them apart from the noise.

We’ve seen this play out again and again:

• A founder who knew that AI agents wouldn’t just supplement workflows—they’d replace entire software categories
  
• A team that used low-cost GTM channels not to sell, but to learn—and then sold at scale
  
• A company that picked one vertical, crushed it, then expanded with undeniable momentum
  
  

In this market, the winners are specific. They’re sharp. They’re confident enough to be narrow, early.

At GWC, this is what we look for. Not a generic GTM. Not a generic founder story. But a sharp edge. A clear POV. A reason to believe.

What This Means for You

If you’re building:

• Focus on revenue per employee, not headcount
  
• Build in public where it drives learning and audience
  
• Don’t wait for exits. Engineer them by being valuable now
  
  

If you’re investing:

• Watch for real signals—speed, clarity, traction
  
• Look for founders with an earned secret and a real chip on their shoulder
  
• Prioritize operational leverage over capital leverage
  
  

And if you’re watching all this unfold from the sidelines—now’s the time to jump in.

This next wave isn’t about blitzscaling. It’s about out-executing, out-learning and outlasting.

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