I think there is a third distinction that's missing: Idea + Code = Tech Tech + Users = Product Product + Plan = Business It's also worth noting that you

I think there is a third distinction that's missing: Idea + Code = Tech Tech + Users = Product Product + Plan = Business It's also worth noting that you don't have to make it to step three to have a good M&A exit, as many examples illustrate. (Good execution at all steps is, of course, implied)