I Said No to a $15 Million Acquisition Offer. Do I Regret It Now?

Five years ago, I stared at an offer for $15 million USD to buy my startup. We were early, energetic, and convinced we were changing the world.

Today, that company is shut down.

This isn't just a story about a number; it’s about conviction, market timing, burnout, and the true cost of regret. This is what happened when we walked away from $15 million and why I don't lose sleep over it.

The Context

Five years ago, the AI space was certainly hot, but it wasn't the firestorm of activity we see today. We had just closed our $3 million seed round and were riding a wave of insane energy.

Our product was focused on AutoML (Automated Machine Learning)—a system designed to train, deploy, and scale complex AI models with just a few clicks. We were genuinely ahead of our time.

• Valuation: We were already valued at $12 million post-money.

• Traction: We had just landed our first two major customers.

• Conviction: We were dreaming nonstop and believed, 100%, that the rocket was about to launch.

And then the offer arrived: $15 million.

It was tempting. It was validating. And yes, my good friend Imposter Syndrome showed up right on time, whispering, “This is your escape hatch. Take the money.”

Why We Said No

After days of intense debate, whiteboard therapy sessions, and a profound commitment to our mission, we decided to decline the offer.

Our logic at the time felt irrefutable:

• Financial Alignment: We had fresh capital in the bank and were already valued very close to the offer price. Selling for a mere 25% premium felt like selling short.

• Sales Momentum: Our sales process was finally clicking, suggesting exponential growth was imminent (our expectation was a 10x ARR increase).

• The Mission: We were convinced that the potential impact of our AutoML system was worth hundreds of millions, if not billions. We believed we would change the world, and $15 million wasn't the price tag for that change.

We bet on ourselves. We bet on the future.

Five Years Later

Fast forward five years.

We shut down the company.

The reality was far harsher than our initial dreams. AI didn't just move fast; it changed direction entirely. The market pivots were brutal:

1. Market Shifts: The rise of open-source models and standardized cloud tools started eating away at the need for specialized, proprietary AutoML platforms.

2. Catastrophic Pivots: We had to pivot twice just to keep pace, consuming capital and crushing morale.

3. Burnout: The relentless energy eventually gave way to exhaustion and founder burnout.

4. Missed Targets: It took us five years to barely 2X our ARR—a far cry from the 10X we expected.

The conviction that once powered us had been beaten down by market complexity and sheer speed.

The Final Verdict

So, standing here today, having poured my heart and soul into a venture that ultimately failed to deliver the promised returns, do I regret not taking that $15 million?

On a truly bad day, maybe a little. That amount of money would certainly solve a lot of problems.

But most days? Not at all.

I try not to let the fear of regret overpower my original conviction. That conviction, even though it led to a financial miss, gave me:

• Passion: I get to do what I love every single day.

• Location: I live in Paris, a decision fueled by post-shutdown freedom.

• Team: I now work with an amazing team that challenges and inspires me.

• Life: I go home to a loving family that makes me feel like I already won.

I learned more about market timing, leadership, and resilience during those five hard years than I could have learned in a dozen acquisition meetings.

I am lucky. I am thankful. I am privileged. Regret rarely crosses my mind.

Read More on AI with Ayushman

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