By defending the pro rata rights of early backers against new, powerful investors, founders play an "infinite game." This builds a reputation for fairness that compounds over time, attracting higher-quality partners and investors in future rounds.

Serial acquirer Lifco improves post-acquisition performance by having sellers retain an ownership stake in their business. This goes beyond typical earn-outs, keeping the founder's expertise and incentives aligned with the parent company for long-term growth, rather than just hitting short-term targets.

To prevent the next generation of leaders from being burdened by debt, WCM's founders transfer their ownership stakes at book value—not market value. This massive personal financial sacrifice is designed to ensure the firm's long-term health and stability over founder enrichment.

Activists can be effective even in companies with dual-class shares or founder control. The mechanism for influence is not the threat of a proxy fight but the power of good ideas and relationships to achieve strategic alignment with the controlling party.

To reignite growth, Supercell created two distinct operating models. Teams managing existing hit games adopted a 'scale-up' playbook, focusing on iteration with larger teams. Teams developing new titles operated like independent 'startups,' focused on high-risk innovation with small, agile teams.

Supercell rejected traditional top-down hierarchy. Instead, they empower small, autonomous teams ('cells') with full creative ownership over their games. Management's role is to support these cells, much like a record label supports its artists, not dictate creative direction.

The most lucrative exit for a startup is often not an IPO, but an M&A deal within an oligopolistic industry. When 3-4 major players exist, they can be forced into an irrational bidding war driven by the fear of a competitor acquiring the asset, leading to outcomes that are even better than going public.

Supercell's culture redefines failure. Instead of punishing unsuccessful projects, they are treated as learning experiments. The company literally celebrates killing a game with champagne, reinforcing that learning from a false hypothesis is a valuable outcome.

Granting a full co-founder 50% equity is a massive, often regrettable, early decision. A better model is to bring on a 'partner' with a smaller, vested equity stake (e.g., 10%). This provides accountability and complementary skills without sacrificing majority ownership and control.