The Lie of "Wait for the Market Window": Why Exit Readiness Must Start 18 Months Earlier Than You Think

Ask any Asian founder when they'll prepare for an IPO or strategic sale, and you'll hear the same answer every time.

"When the market improves."

This is the most expensive lie in Asian tech.

Look at what just happened. In February 2024, S&P upgraded Grab to B+ based on positive EBITDA and improved cash flow not because markets suddenly opened, but because Grab spent 18 months preparing its financial infrastructure before the upgrade window arrived. Meanwhile, Goldman Sachs analysis shows that with 600 software unicorns globally and only 25 IPOs plus 30 M&A transactions per year, it will take 12 years to clear the existing backlog Twelve years. Companies waiting for "the perfect moment" will watch that window close on someone else.

U.S. markets don't reward founders who time windows. They reward founders who are ready when windows open.

The counterintuitive fact: Market windows don't create exits. Exit readiness creates market windows.

Asian companies get this backward. They assume the calendar determines their fate. It doesn't. Bankers, acquirers, and underwriters don't care about market timing. They care about clean financials, rock-solid governance, dual-standard audits (U.S. GAAP or IFRS alongside local standards), structured capital stacks, credible narratives, KPI predictability, and proven readiness to run dual-track processes.

None of this can be built quickly.

Here's the mistake. What Asian founders see as a "three-month sprint" is actually a 12 to 18-month transformation. This timing mismatch is why so many companies miss their moment. They start preparing after markets open instead of before.

Think about racing. The best riders don't show up to the track the morning of the race and start tuning their bikes. They spend months before the season even starts: dialing in suspension, perfecting their lines, building muscle memory, studying competitors, optimizing pit crew choreography. When the flag drops, they're already three seconds ahead. Everyone else is still adjusting their mirrors.

NED's approach is the opposite of "wait and see." We build readiness first.

We align your capital structure, create KPI scorecards that pass institutional scrutiny, fix governance gaps, construct narratives that resonate with U.S. investors, accelerate audit readiness, prepare data rooms that underwriters trust, brief bankers months in advance, and map potential buyers or IPO paths.

Once a company is exit-ready, the window finds them. Not the other way around.

Asian founders are wired to play offense. Exits require playing positioning. Not speed. Not hype. Not luck. Position.

Here's the key insight: An exit window is not an opportunity. It's a test.

Only companies that have prepared for 12 to 18 months pass it. Waiting for the window is how companies die slowly. Preparing early is how they exit quickly.

NED's value is simple. We compress an 18-month journey into a clean, disciplined, operator-led roadmap that removes friction and unlocks credibility. We've done this across multiple sectors and geographies. We know what works because we've lived it.

2026's winners are being built in 2025's preparation. The clock is running.

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1.  S&P Global Ratings, "Research Update: Grab Holdings Ltd. Upgraded To 'B+' On Positive EBITDA And Cash Flow, Lower Debt Load; Outlook Stable," February 29, 2024, https://www.spglobal.com/ratings/en/research/articles/240516-south-and-southeast-asia-unicorns-a-new-credit-story-post-ipo-13107153.

2.  Ctech, "State of the unicorns 2024: Who's ready for an IPO?," January 11, 2024, https://www.calcalistech.com/ctechnews/article/n09l0o7wt.