When we talk about entrepreneurship, we often focus on the beginning: the idea, the product, the first clients, the first fundraising round.
Much more rarely do we talk about the exit.
And yet, for Pierre-Alexis Léonard, CEO of DUPS, thinking long term is part of building a strong company from the start.
During a conversation recorded at The PoD ahead of his workshop dedicated to exits and company transfers, Pierre-Alexis shared his perspective on fundraising, acquisitions, founder dynamics and the transformations currently reshaping the tech ecosystem.
DUPS: at the crossroads of legal, finance and strategy
Originally trained as a corporate lawyer, Pierre-Alexis Léonard gradually moved closer to the entrepreneurial ecosystem before launching DUPS five years ago.
The ambition was clear: help entrepreneurs navigate the key moments of growth and transformation.
Today, DUPS supports startups, scale-ups and SMEs with:
- fundraising,
- acquisitions,
- company sales,
- shareholder structuring,
- and strategic negotiations with investors.
A hybrid approach combining legal expertise, financial advisory and access to an international network of investment funds.
A fundraising market that has become more demanding
One of the strongest takeaways from the conversation: raising capital is still possible, but expectations have changed significantly.
Investors now pay much closer attention to:
- real traction,
- the path to profitability,
- operational maturity,
- and the solidity of the business model.
According to Pierre-Alexis, sectors such as AI and deeptech continue to attract strong investor interest, while other verticals face a more challenging environment.
The SaaS market in particular is going through a rapid transformation.
Products that are easy to replicate are losing value, while companies able to demonstrate:
- real expertise,
- a solid client base,
- a structured team,
- and a differentiated positioning
continue to generate strong interest.
The message is clear: growth alone is no longer enough. Resilience matters.
Exit is not only a financial decision
One of the most interesting parts of the conversation focused on the human dimension behind exits.
Selling a company is not just about valuation or multiples.
Behind every acquisition are questions of:
- transmission,
- alignment,
- trust,
- culture,
- and sometimes even personal identity.
Who are you selling to?
- A competitor?
- A private equity fund?
- An internal successor?
- A strategic buyer?
Each scenario creates a very different future for the company and its teams.
Pierre-Alexis also highlighted something many founders underestimate: the importance of preparation.
Preparing for an exit also means:
- resolving potential shareholder conflicts,
- securing intellectual property,
- reducing critical dependencies,
- clarifying contracts,
- and structuring the company properly before entering negotiations.
All of these elements directly influence the quality of a transaction.
An ecosystem that continues to mature
The discussion also touched on the evolution of the Belgian tech ecosystem.
Between local initiatives, growing innovation hubs and stronger entrepreneurial communities, Belgium is gradually building a more mature environment for startups and scale-ups.
For Pierre-Alexis, this collective dynamic plays an important role: founders are better connected, better prepared and increasingly surrounded by peers and experienced operators.
Preparing earlier means building stronger
Should founders think about exit strategies from day one?
Not necessarily.
But according to Pierre-Alexis, the strongest exit processes are usually the ones that leave enough time:
- to structure the company properly,
- to prepare the next chapter,
- to clarify long-term objectives,
- and to choose the right partner at the right moment.
Because beyond the transaction itself, an exit remains, above all, a human story.
And as is often the case in entrepreneurship, the most strategic decisions are rarely only financial.
About DUPS
DUPS supports startups, scale-ups and SMEs with fundraising, acquisitions and company transfer operations through a combined legal, financial and strategic approach.
Pierre-Alexis Léonard regularly contributes to workshops and discussions at The PoD around entrepreneurship, growth and strategic transactions.