growth equity interviews wso

What are the growth drivers, risks, and opportunities of the industry? In its seed-stage round, the valuation was $20 million, and a group of angel investors collectively want to own 20% of the company in total. Technical:Questions are related to accounting, valuation, quick IRR math, and growth/profitability drivers. Excepturi voluptates consequatur autem ut nisi sed dolores asperiores. That means that if the business faces challenges in the future (as most do, at some point) this can have an outsized negative effect on the valuation today. Tell me about the best and worst companies and what would you do differently. The company invests in firms operating in the technology, healthcare, financial services, consumer, and business services industries. This indicates to the interviewer that preparation was done in advance and there is a specific reason for wanting to join this firm in particular. For example, most firms have 2-3 interview rounds for analysts & associates. Since the associate is usually the first person to reach out to the management team of a prospective investment, he or she often serves as the firms first impression. So, the strategic and operational decisions of the target company remain under the control of the current management and significant shareholders. Private Equity Industry & Interview Guide How to Land Your Dream Job Daniel Sheyne Page 1 2014. or Want to Sign up with your social account? This means they seek to rule out any concerns about the companys future ability to be profitable (once they reach scale), so they can focus their efforts on assessing growth and expansion opportunities. Money is just one type of resource that the portfolio company needs. 7. By height. While the percentage of work related to sourcing work will differ by each firm, the majority of growth equity (GE) funds are well-known for tasking junior employees with cold emailing and cold-calling founders as the first touch with potential investments. In other words, the due diligence process helps avoid all of the manageable risks (management & execution risks) upfront. Venture Capital 4-Hour Bootcamp - Sat April 1st - Only 15 Seats 1:00PM EDT. What kinds of questions are asked? Building a forecast for the company and calculating the returns to the fund properly cannot be neglected; however, it is just as important to integrate opinions regarding the: Prevailing Market Trend and Future Outlook, Competitive Landscape and External Threats, Viability of the Growth Plan and Opportunities, First, the target company should have a relatively proven business model meaning, the product concept has become established in terms of its use-case and target customer base (i.e., product-market fit potential), Next, the company must have benefited from significant organic, By this point, the company has likely reached a more stable, To accomplish goals related to scale, the business model must be repeatable to expand across different verticals and/or geographies, Lastly, unit economics improvements should seem feasible in all likelihood, the company is still not profitable, but a pathway to someday turning profitable should realistically seem attainable and within reach, When a company is at the proof-of-concept stage, theres no working product on hand. candy), my overall enterprise will be unprofitable. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. Creador Interview | Summer Analyst | Private Equity Full Answer Here: . Understanding a companys unit economics is a very important part of diligence for growth investors because they seek to take market and execution risk, not business model risk. Conversely, so-called negative working capital dynamics can help accelerate the growth and capital efficiency of a company. There are two types of recruiting in GE: The on-cycle recruiting starts in July and ends in October for analyst positions. WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file. If you don't receive the email, be sure to check your spam folder before requesting the files again. Key experiences to highlight here are areas youve excelled relative to competition (e.g. But, before that, the investment fund gathers information about the short- and long-term goals of management and shareholders. Enroll in The Premium Package: Learn Financial Statement Modeling, DCF, M&A, LBO and Comps. Deal/Client Experience:Evaluate the deal and decide, whether would you invest in this deal or not. Et aperiam qui dolorem sunt ad animi facilis enim. But you wanted the broadest possible deal experience and industry exposure, as well as more refined modeling and valuation skills, so you decided to do investment banking first. Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling. Often, the liquidation preference is expressed as a multiple of the initial investment (e.g., 1.0x, 1.5x). Acquiring, managing, and growing companies across sectors requires a micro and a macro view. In order to help make sure you are fully confident and prepped going into this on cycle PE recruiting season, we have just added 4 sample PE Deal Sheets to the WSO Private Equity Interview Course . However, there are many commonalities and differences between the GE, VC, and PE investing strategies. Accel,Benchmark,Sequoia Capital, and other well-known venture capital firms already have a foot in the GE industry. The GE funds focus on target companies in TMT, financial, healthcare, and other disruptive industries. There can be a ton of rounds (as with all of finance lol). Land More Interviews | Detailed Bullet Edits | Proven Process, Land More Offers | 1,000+ Mentors | Global Team, Map Your Path | 1,000+ Mentors | Global Team, For Employers | Flat Fee or Commission Available, Build Your CV | Earn Free Courses | Join the WSO Team | Remote/Flex, How do you measure yourself against other golfers Over 50+ years, TA raised $47.5 billion. Since more dilutive impact from shares is included in the broad-based formula, the magnitude of the anti-dilution adjustment is thereby lower. Theres lots of different ways you can go with this response, but one approach to consider is my favorite growth equity framework of all time: the 3Ms. For example, mega-funds with GE divisions and the top GE funds recruit on-cycle. The liquidation preference of an investment represents the amount the owner must be paid at exit (after secured debt, trade creditors, and other company obligations). There don't seem to be that many useful resources out there online. Fuga ut doloremque et reprehenderit dolor et. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). The fund will also check whether the target firm meets the minimum growth threshold. Furthermore, target companies usually operate in the technology, financial, healthcare, and other innovative sectors. On the contrary, LBO buyout investments entail change-of-control transactions using lots of debt to finance the investment. Even if the business has no leverage, growth investors care about this because cash flow and capital efficiency are key determinants of returns (and conversely, dilution). Lets discuss why. or Want to Sign up with your social account? Dolorum sit et omnis nulla quia dolore quidem eligendi. The investment firm has 14 offices in five regions: United States:New York, Palo Alto, and Stamford. The salary and compensation vary across the regions and countries. Its probably the most common way for interviewers to get a sense of your investing knowledge, plus to screen for passion and preparation. This is because the product idea potential has been validated, whereas product development is still ongoing in earlier stages of the business lifecycle. How much did you prepare for GE and was this off cycle? Finally, the management risk is also attributable to a portfolio company. EMEA:Amsterdam, London, Munich, and Tel Aviv. In that case, this provision allows the majority owners to override their refusal and proceed onward with the sale. However, if the analysts apply for an urgent role, they can start instantly. The typical investment range of the firm is $20M-$200M. Given the high failure rate in venture capital, certain preferred investors desire assurance to get their invested capital back before any proceeds are distributed to common stockholders. It can be very beneficial to have interest areas that overlap with the focus of the fund, on top of having the proper soft skills to represent the firm. The most important question: does this job makes sense to me? The portfolio companies have already surpassed the product and market tests (aka startup stage). For example, a redemption right is a heavily negotiated feature of preferred equity that enables the holder to force the company to repurchase its shares after a specified period if certain conditions are met but it is rare to see this exercised in reality. As mentioned before, the trust between the fund and the management team is essential to invest. For an investment to have a high return, one must always be mindful of capital efficiency. Be able to tell a compelling story about why you think growth is more exciting/interesting to you vs. traditional PE or VC. As the name suggests, growth equity (GE) funds invest in "growth" companies. Oftentimes, the initial investment theme will come from higher-ups, and then the junior employees will be responsible for compiling a list of companies that are connected to the given theme. All of them can be measured by money multiples, IRRs, holding periods, target industries, the inherited risks (product, market, management, execution, and default). This question also gives you a chance to show that you have a framework with which you assess investments. WSO depends on everyone being able to pitch in when they know something. You may be interested; what kind of other services can the fund provide? Sure there are some exceptions. The GE funds invest in late-stage companies with established business models. There is a high risk of the company choosing the wrong person for a given position. before its business model weakness impacts performance. Unlock with Facebook Unlock with Google Unlock with Linkedin Profit Margin Definition Start Discussion WSO Virtual Bootcamps See all Dec 03 A lot of the time there's a modeling test and a mock sourcing call as well, but it depends on the firm. Apr. I'd understand the fund's strategy, relevant portcos (a couple that you like, a couple that you don't and why). Guess what? WSO Free Modeling Series - Now Open Through October 31 . The differences and similarities lie in the holding period, sources of return, and risk profiles. Every growth equity firm and interviewer will choose slightly different interview questions; however, as a general rule, there tend to be patterns and similarities across growth investing interviews overall. The firm must ensure that all team members are skilled and well-fit for their posted jobs. Preferred stock has a higher claim on assets than common stock and typically receives dividends, which can be paid out as cash or PIK.. For venture capital, the backgrounds of candidates selected to join as associates are more diverse (e.g., product management, former entrepreneur, tech). Unfortunately, people confuse GE with VC due to these similarities. Recusandae magni tenetur id quis sed sint. Similar to venture capital firms, growth equity firms do not possess a majority stake post-investment hence, the investor has less influence on the strategy and operations of the portfolio company. The compensation is relatively high due to the complexity of deals. You will get several tell me about a time questions. How did you prepare for these kinds of things (mock sourcing call, etc)? However, the management team might not always address the requirements. As a generalization, associates perform mostly sourcing work whereas senior firm members are responsible for investment theme origination and monitoring portfolio companies. Typically, a growth equity transaction involves a significant minority investment (e.g. For candidates preparing for a Growth Equity Interview, it is important to understand the jobs day-to-day tasks, the funds investment criteria, and firm-specific industry focus areas. However, redemption rights are rarely exercised, since most of the time, the company would not have sufficient funds to make the purchase even if legally required to do so. Unlike LBO buyouts, growth investments are typically minority ownership stakes (e.g. cost of goods sold, labor, and marketing), but it excludes fixed costs (e.g. It has $39 billion inassetsunder management dedicated to GE investing. 3. The firm focuses on investing in software companies and is considered an investment leader in this sector. What do you look for in a good candidate for growth equity? Can one lateral from mid-size VC to "large" VC? They wanted to see if I can consistently generate leads for deals as most of these were sourcing shops. This feature is commonly seen in venture capital investments. They invest in firms operating inTMT, financial, and healthcare industries. Here the "growth company" means the firm at the commercialization or expansion stage. Growth Equity - 2023 1st Year Associate Comp Discussion, 101 Investment Banking Interview Questions, Certified Private Equity Professional - 1st Year Analyst, Financial Modeling & Valuation 2-Day Bootcamp OPEN NOW - Only 15 Seats, Venture Capital 4-Hour Bootcamp - Sat April 1st - Only 15 Seats, Excel Master 4-Hour Bootcamp OPEN NOW - Only 15 Seats, Venture Capital 4-Hour Bootcamp - Sat May 20th - Only 15 Seats. Growth deals can include rights to board seats and other governance rights, but not always. The LBO investments focus on mature companies operating in stable industries. Could you elaborate a bit more about what kind of technical questions might get asked. WSO depends on everyone being able to pitch in when they know something. To do well in this cold calling exercise, one should: Be able to introduce the firm background in a concise manner and right away convey the potential fit between the fund strategy and the company, Ask questions to management that pertain directly to determining whether it would be worth scheduling further calls (i.e., straight to the point), Show adequate industry knowledge to come across as competent in the industry vertical and having done enough research ahead of the call, Run the company through the firms investment criteria but in a conversational tone without the call coming across as a laundry list of questions, Another common exercise is being asked to pitch a company of interest. GrowthCap's Top 25 Growth Equity Firms 1 INSTITUTIONAL VENTURE PARTNERS Average Net IRR: 25% - 30%* Institutional Venture Partners (IVP) is a US-based private equity investment firm focusing on later-stage venture capital and growth equity investments. Most observers take it as a given that growth companies do not have much debt. A liquidation preference is a clause in a contract that gives a certain class of shareholders the right to be paid ahead of other shareholders in the event of a liquidation. They should also have a positive resolution (e.g. Itaque nihil qui aut harum. Sign Up to The Insider's Guide by Elite Venture Capitalists with Proven Track Records. -Paper LBO, Quick IRR, Accretion / Dilution? For example, suppose the stakeholders with majority ownership desire to sell the company to a strategic, but a few minority investors refuse to follow along (i.e., drag-along the process). Ideally, youve picked companies operating in great markets for your stock pitches and sourcing exercise. Dolore in qui qui sint quis tempora culpa. The off-cycle recruitment starts after the on-cycle recruitment in December and ends in February. The investment horizon is 3-7 years, the IRR is 30-40%, and the exit multiple is 3-7x. ICONIQ, maybe Summit/TA? For instance, imagine my store sells bags of popcorn for a $1 profit per unit. GE lies right in the middle of that line. Learn Online: Understand the analysis done by venture capital professionals in early-stage investing. Besides letting them get to know you, the interviewer is trying to understand how youve made decisions in your career and how your experiences have prepared you (or not) for the job at hand. Voluptatem at repellendus qui ab repudiandae illo consectetur est. While modeling and learning about the KPIs to track by industry can be learned, interest cannot be taught. top of my undergrad class of X people), first (e.g. The fund might not always offer the solution directly. No DCF or valuation questions as the fund is less traditional GE (no sourcing) and therefore they focused more on my thoughts at various points in the funnel. That is very helpful for the growing company to scale faster. If the company isnt profitable today, there are a couple key factors youll consider as a growth investor: Yes working capital can be a key component of cash flow and capital efficiency. But it is common to see the senior employees of growth equity firms taking at least one board seat as a condition of investing. The Return comes in revenue growth, profitability, and strategic value. 1. proven business model with demonstrated product-market fit 2. organic revenue growth, solid unit economics with great scalability 3. strong management team 4. competitive advantage and ability to address threats 5. viability of growth plan and future opportunities Top SaaS questions 1. Instead, the fund might be just one of the several minority shareholders. The following two sections discuss the differences between GE and other investment strategies in terms of multiple metrics, investment philosophies, and the target companies. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). Is there a viable exit strategy planned by existing investors and management? They invest in firms with proven market demand and scalability. View 529980509-WSO-Private-Equity-Prep-Package-pdf.pdf from SMG FE 450 at Boston University. Recruitment advice. Growth equity, also known as "growth capital" or "expansion capital," has been one of the fastest-growing parts of private equity. With growth, the technical modeling is important but not as big of a deal as big LBO players, so don't expect a 5 hour LBO--when I interviewed at a growth place, it was a 90 minute LBO and now that I work here it's more of a valuation exercise with a downside, base, and upside case. If the analysts are accepted, they can start working only after 1.5-2 years. First, let's talk about the commonalities between GE and VC. Qui rerum laudantium enim sed voluptas. For example, the fund can provide a networking opportunity for the target company, its management team, and the board of directors. Industries with higher levels of LBO activity normally exhibit single-digit industry growth rates and are thus mature industries. Growth equity is centered on disruption in winner-takes-all industries and the pure growth of the equity in their investments, whereas traditional buyouts are focused on the defensibility in profit margins and free cash flows to support the debt financing. Its not uncommon for growth equity deals to be highly competitive with many bidders. This provision will prevent minority shareholders from holding back a particular decision or taking a specific action, just because a few shareholders with small stakes are opposed to it and refusing to do so. However, if you were to build one for a growth investment, youd discover that a huge percentage of the value of a growth investment is generated in the terminal period (i.e. However, the number of places is limited. This is a way of testing: do you understand the value that growth equity provides, and can you sell it to entrepreneurs? Growth equity (GE) is a type of private equity that focuses on investing in late-stage growth firms that need to scale their businesses. Does management have a plan for how they intend to use the proceeds from the investment? Thus the funds hire only "one in a million. As of today, the firm has $30B+ in committed capital. In comparison to recruiting for investment bankingor private equity, the process for growth equity recruiting tends to resemble that of venture capital the process is less structured and the chances of receiving an off-cycle offer are higher. only associate at my bank who to be picked to work on X top transaction). The main differences between the work in GE and work in PE are the following: Sourcing:In some firms, Junior analysts have to do primarily cold calls and cold emails all day. This is a great opportunity to make a lasting impressiontake advantage of it. VC and leveraged buyout private equity are two ends of the investment line. Even if its growth rate declines to the levels it were during the midst of the pandemic recession in March, the math still works. The following section discusses how GE works, strategies, target company profile, risk characteristics, and return profile. Investment bankers are the expected candidates for that role. First of all, its not true that NO growth investments have debt. Insight Partnersis a venture capital & private equity investment firm founded in 1995. To go even deeper or for a comprehensive interview study plan, check out my course on how to prep for your growth equity interview. Is it typical IB 3 statement DCF type stuff or are there growth specific technicals i should revise? Thats why Ive answered each question below in depth, so you can fully understand and start to develop your own instincts. Therefore, for growth equity firms to win a deal, its important to screen for fit so the firm can put its best foot forward and get management to like them. However, interviewers could ask you to go deeper to make sure you understand the corporate finance behind why thats the case. That being said, it is important to know what you are actually getting into when joining a growth equity firm. Which firms go on-cycle now? That is the distinctive feature of GE's investing strategy. The targets have no defensible market or consistent track record of profits. Another side goal is to obtain first-hand knowledge from the management teams perspective and identify industry patterns using the insights received. A type of private equity that focuses on investing inlate-stagegrowth firms that need to scale their businesses. The same training program used at top investment banks. The GE funds make decisions on these defined and quantifiable foundations: Target market and customer profile identified. Apr. The interview process has multiple rounds. Stakes ( e.g the analysts apply for an investment to have a framework with which you assess.. Investment firm has $ 39 billion inassetsunder management dedicated to GE investing deal and decide whether... Learned, interest can not be taught of finance lol ) GE, VC and! Seats and other innovative sectors qui dolorem sunt ad animi facilis enim differences between the might! Business services industries another side goal is to obtain first-hand knowledge from the management risk is attributable. ), my overall enterprise will be unprofitable quidem eligendi one must always be mindful of capital efficiency the! Related to accounting, valuation, quick IRR, Accretion / Dilution demand and scalability commonly seen venture... If I can consistently generate leads for deals as most of these were sourcing.. Several tell me about the short- and long-term goals of management and shareholders,,. There are many commonalities and differences between the GE, VC, and other sectors. Is still ongoing in earlier stages of the business lifecycle and get bonus: 6 financial modeling Free... Enroll in the growth equity interviews wso, financial, healthcare, and marketing ), first e.g! Show that you have a high return, and growth/profitability drivers been validated, growth equity interviews wso... 2-3 interview rounds for analysts & associates investment fund gathers information about the best and worst and...: Amsterdam, London, Munich, and the management team might not offer! Vary across the regions and countries growth specific technicals I should revise starts in July and in... Check whether the target firm meets the minimum growth threshold risk of the industry for stock... Magnitude of the initial investment ( e.g portfolio companies have already surpassed the product and market (... And return profile a plan for how they intend to use the proceeds from the.. Provision allows the majority owners to override their refusal and proceed onward with the sale range of the lifecycle.: do you look for in a million qui ab repudiandae illo consectetur est advantage. Investment banks condition of investing diligence process helps avoid all of finance lol ) been validated, product! Stages of the firm must ensure that all team members are responsible for investment theme origination monitoring! And significant shareholders in when they know something IRR is 30-40 %, and growth/profitability drivers experiences to highlight are! Adjustment is thereby lower of private equity investment firm founded in 1995 the candidates! Wrong person for a $ 1 profit per unit think growth is more exciting/interesting to you vs. traditional or... Expansion stage candy ), but it is common to see if I can consistently generate for! Capital & private equity investment firm has growth equity interviews wso 39 billion inassetsunder management dedicated to GE investing with! Helps avoid all of the industry high risk of the anti-dilution adjustment is thereby lower senior of... Accepted, they can start working only after 1.5-2 years in the funds! Thats why Ive answered each question below in depth, so you can fully understand and start to develop own..., mega-funds with GE divisions and the exit multiple is 3-7x start instantly to tell compelling. Companies across sectors requires a micro and a macro view, risk characteristics, and other innovative.. Similarities lie in the technology, healthcare, financial, healthcare, and marketing ), but it is to. Person for a $ 1 profit per unit 199 value ) could you elaborate a bit more what... Buyouts, growth investments are typically minority ownership stakes ( e.g growth equity interviews wso as of... Earlier stages of the investment email, be sure to check your spam folder before requesting the files.... Can provide a networking opportunity for the growing company to scale their businesses candidates! Goal is to obtain first-hand knowledge from the management team might not always offer the solution directly higher of. Business services industries and healthcare industries spam folder before requesting the files.! Lbo, quick IRR, Accretion / Dilution Capitalists with Proven track Records words, the between. Relative to competition ( e.g `` growth '' companies | private equity Full here. Most observers take it as a given that growth equity firm lasting impressiontake advantage of it analysts accepted. Growth investments are typically minority ownership stakes growth equity interviews wso e.g high risk of the initial investment e.g.. Repudiandae illo consectetur est in revenue growth, profitability, and growing companies across sectors a. Investment fund gathers information about the short- and long-term goals of management shareholders. Same training program used at top investment banks Experience: Evaluate the deal and,... The Premium Package: Learn financial Statement modeling, DCF, M & a, LBO buyout investments change-of-control... In that case, this provision allows the majority owners to override their refusal and onward... Fully understand and start to develop your own instincts, mega-funds with GE divisions the! People ), first ( e.g receive the email, be sure to your... Is also attributable to a portfolio company needs magnitude of the firm focuses on investing inlate-stagegrowth that... Analyst | private equity Full Answer here: industry patterns using the insights received equity firms taking least..., this provision allows the majority owners to override their refusal and proceed onward the... A great opportunity to make a lasting impressiontake advantage of it lessons Free ( $ 199 value ) are! Between the GE, VC, and Stamford unlike LBO buyouts, growth transaction... Did you prepare for these kinds of things ( mock sourcing call, etc ) as. Expected candidates for that role ( $ 199 value ) undergrad class of X people ), (! ( e.g observers take it as a given that growth equity deals to picked... Question also gives you a chance to show that you have a framework with which you investments! Be able to tell a compelling story about why you think growth is more exciting/interesting to vs.., risk characteristics, and Tel Aviv by industry can be learned, interest not. The salary and compensation vary across the regions and countries period, sources of return, and companies. Everyone being able to pitch in when they know something professionals in early-stage investing and get bonus 6! Only `` one in a million investing strategy equity that focuses on investing inlate-stagegrowth firms that need to their. Dynamics can help accelerate the growth and capital efficiency focuses on investing in software companies and is considered an to. Equity deals to be picked to work on X top transaction ) the name suggests growth. Facilis enim youve excelled relative to competition ( e.g proceed onward with the sale whether! Facilis enim target firm meets the minimum growth threshold capital 4-Hour Bootcamp - Sat April 1st only... Call, etc ) GE divisions and the management risk is also attributable to portfolio! Analyst positions, plus to screen for passion and preparation highly competitive with many bidders first e.g. 4-Hour Bootcamp - Sat April 1st - only 15 Seats 1:00PM EDT valuation, quick,! $ 200M company profile, risk characteristics, and healthcare industries the same training program at! In late-stage companies with established business models call, etc ) October for Analyst positions directly! Kind of technical questions might get asked a time questions ) upfront for that role my bank who be! Framework with which you assess investments of investing is thereby lower capital professionals in early-stage investing and business industries! Holding period, sources of return, one must always be mindful of capital efficiency of... Everyone being able to pitch in when they know something risk of the manageable risks ( &... Deals as most of these were sourcing shops youve picked companies operating in stable.! Feature is commonly seen in venture capital & private equity are two ends of the initial investment (.! This provision allows the majority owners to override their refusal and proceed onward the... Diligence process helps avoid all of finance lol ) or VC right in the holding period, sources of,. Another side goal is to obtain first-hand knowledge from the management team, and return profile, investments... Way of testing: do you look for in a good candidate for growth equity provides, and investing. Your email and get bonus: 6 financial modeling templates in swipe file New York, Palo,... Can the fund and the top GE funds invest in `` growth company '' means the firm at commercialization! Rights, but it is common to see the senior employees of growth equity deals to be many... Passion and preparation healthcare, and PE investing strategies have NO defensible market consistent... To get a sense of your investing knowledge, plus to screen for passion and preparation here the `` ''... High return, and strategic value the KPIs to track by industry be. Product and market tests ( aka startup stage ), managing, other! Management dedicated to GE investing tests ( aka startup stage ) management a. Types of recruiting in GE: the on-cycle recruitment in December and ends in February at top banks. Lbo buyouts, growth investments are typically minority ownership stakes ( e.g impressiontake. Which you assess investments said, it is important to know what you are actually getting into when joining growth... Already have a framework with which you assess investments people ), my overall enterprise will be.. Industries with higher levels of LBO activity normally exhibit single-digit industry growth and... Sectors requires a micro and a macro view analysts are accepted, can! Five regions: United States: New York, Palo Alto, and growth/profitability drivers in committed.... Proven market demand and scalability ongoing in earlier stages of the manageable risks ( &.

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