Episodios

  • Insights from: an Investor, Ambit Partners (part 2)

    Insights from: an Investor, Ambit Partners (part 2)
    Dec 25 2025
    In this episode of the INSEAD ETA & Search Funds Hub podcast, host Kudirat Olateju speaks with Rob LeBlanc, co-founder of Ambit Partners, about the roles of entrepreneurship through acquisition and small business in driving economic change and positive impact.

    In Rob’s journey around the world, he has seen how search funds can be powerful vehicles for directing private capital into shallow markets. Drawing on his experience with Ambit, Rob talks through the intersection of impact and ETA, sharing the various ways he has seen impact in action; answering if how a business is run - its people decisions, culture, and operational standards - can measure up to what the business does; and if ETA operators have to choose between commercial success or positive impact.

    Grounded yet forward-looking, this episode is a playbook for delivering “impact” for aspiring business leaders and impact-seeking investors.

    00:00 Introduction to Rob LeBlanc and ETA
    01:07 Rob's Journey: From Canada to Global Impact
    04:12 The Role of Small Businesses in Economic Development
    07:59 Search Funds and Emerging Markets
    10:15 Impact Narratives in Search Fund Proposals
    12:10 The Concentric Circles of Impact
    16:13 Balancing Impact and Commercial Viability
    20:53 Finding Impact-Aligned Investors
    21:52 Navigating the Impact Landscape
    27:11 Operational Strategies for Impact-Driven Businesses
    30:23 Understanding Challenges in Search Investments
    31:24 The Role of People in Impact-Oriented Businesses
    36:32 Building a Sustainable Ecosystem for Search Funds
    39:35 The Future of Impact and Entrepreneurship

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    39 m
  • Insights from: an Investor, Ambit Partners (part 1)

    Insights from: an Investor, Ambit Partners (part 1)
    Nov 27 2025
    The search fund model is no longer a North American story.

    In this episode of the INSEAD ETA & Search Funds Hub podcast, host Kudirat Olateju speaks with Andrew Locke and Neil Wyma; both INSEAD alumni and partners at Ambit, about how they're backing exceptional entrepreneurs across Europe, Latin America, APAC, and the Middle East. Their journey began at INSEAD, where they first heard Will Thorndike and Simon Webster speak about search funds, sparking a collaboration that would eventually become Ambit six years ago.

    Andrew and Neil break down Ambit's "Talent First" philosophy: they don't choose geographies or industries upfront; instead, they back the best talent and let searchers define their own markets and career paths. This approach has led to a globally diversified portfolio, with roughly half their investments in Europe, 20% in Latin America, and growing activity in the Middle East, India, and Brazil. They explain how they evaluate searchers while layering in additional criteria for newer markets, including local networks and quality cap tables.

    The conversation explores what makes search fund cap tables unique; and Andrew and Neil share patterns they've observed in successful searches. They also candidly discuss the emotional reality of searching. Closing their oversubscribed $60 million Fund II has allowed Ambit to expand their team, and continue to see the search fund industry evolve; which they share the details behind.

    Grounded, insightful, and full of real-world lessons, this episode captures what it takes to build companies and careers through ETA in markets all over the world.


    Chapters
    00:00 Introduction to Entrepreneurship Through Acquisition
    01:22 Journey into the Search Fund Ecosystem
    04:05 Understanding Ambit Partners and Its Model
    06:08 Searcher-First Approach in Emerging Markets
    10:59 Evaluating Searchers: Key Criteria for Success
    13:39 Ambit Portfolio Overview and Regional Insights
    18:06 Patterns of Success in Search Funds
    26:15 Balancing Traditional Criteria with Market Realities
    29:03 Learnings from Fund One and Future Directions
    33:47 Parting Advice for Aspiring Searchers
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    38 m
  • Insights from: TWO Entrepeneurs, Daniele Schiavello and Giulio Marini

    Insights from: TWO Entrepeneurs, Daniele Schiavello and Giulio Marini
    Oct 31 2025
    Launching a search fund is never a straightforward path - especially in smaller ETA markets like Italy. In this episode of the INSEAD ETA & Search Funds Hub podcast, we sit down with Daniele and Giulio of Napolillo Industry, to explore how they built their partnership, shaped their investment thesis, and faced the uncertainty of fundraising and deal-making.

    Beyond the transaction, Daniele and Giulio reflect on the operator’s reality: the first 100 days as a test of survival, prioritization, and listening. They discuss adapting leadership styles to the existing culture of an Italian SME, earning trust by understanding what motivates people on the shop floor and in the back office, and translating strategy into simple, measurable actions. Their story highlights the power of flexibility - adjusting pace, communication, and goals without losing the long-term compass

    Shining a light on key lessons: the importance of strong investor relationships, recognising when to pivot or walk away, and adapting leadership to fit company culture, hear Daniele and Giulio share with us. Honest, grounded, and full of practical takeaways, this conversation captures what it means to stay resilient and adaptable in the evolving world of ETA.

    00:00 Introduction to Entrepreneurship Through Acquisition
    02:56 The Journey of Fitex Capital
    06:04 Fundraising Strategies and Building Relationships
    08:54 Navigating the Search Phase
    12:06 The Importance of Trust and Reliability
    14:57 Evolving Industry Theses and Conviction
    18:04 The Acquisition of Napolillo Industry
    20:53 Lessons from the Acquisition Process
    24:02 First 100 Days of Operation
    27:12 Leadership Style and Cultural Shifts
    30:09 Final Reflections and Advice for Future Searchers
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    45 m
  • Insights from: an Entrepreneur, Pawel Malon

    Insights from: an Entrepreneur, Pawel Malon
    Sep 25 2025
    Entrepreneurship Through Acquisition (ETA) is a rapidly evolving path for entrepreneurs looking to build and scale companies, yet it comes with a host of challenges. While the potential to acquire and transform a business is immense, success requires sharp focus, credibility, and a relentless drive to execute. In this episode of the INSEAD ETA & Search Funds Hub podcast, host Kudirat Olateju speaks with Pawel Malon, Group CEO of Singu & Micad Software, and co-founder of Stability Capital. Pawel’s journey began in investment banking and private equity, but he chose to carve a new path - launching a search fund in Poland, an emerging hub for ETA opportunities. His story sheds light on breaking ground in less mature markets, building trust with investors, and scaling effectively in the PropTech sector.

    Drawing on his experience as both a searcher and operator, Pawel explains how he leveraged the INSEAD network to build credibility and unlock investor confidence and how strong products and customer-led growth transformed sales and scaled Singu.

    This conversation delivers fresh insights into how credibility, networks, and execution come together to define entrepreneurial success. Whether you’re a student, investor, or aspiring searcher, Pawel’s journey offers practical lessons on scaling within ETA while navigating market challenges and opportunities.

    00:00 Introduction to Entrepreneurship Through Acquisition
    01:57 Paweł Malon's Journey and Background
    04:06 The Search Fund Model in Poland
    07:47 Leveraging the INSEAD Network
    09:57 Fundraising Strategies and Building Credibility
    12:41 Identifying Opportunities in PropTech
    15:07 Scaling Singu: Strategies for Growth
    20:43 Navigating Due Diligence Challenges
    24:19 Operational Challenges and Customer Relationships
    28:19 The Exit Strategy and Consolidation Opportunities
    34:11 Advice for Aspiring Entrepreneurs
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    38 m
  • Insights from: The 2025 INSEAD ETA Conference

    Insights from: The 2025 INSEAD ETA Conference
    Jun 26 2025
    What happens when over 350 of the sharpest minds in Entrepreneurship Through Acquisition gather in one room? Pure entrepreneurial gold. For our Season 1 finale, we're bringing you the highlight reel from the INSEAD ETA Conference 2025 - six power-packed segments that distill hours of insights into your personal 30-minute masterclass. From Fontainebleau's historic halls, we captured the conversations that matter: where ETA is heading, how to finance your climb, and why your "why" determines everything. Whether you're drafting your first LOI or running a 50-company roll-up, these aren't just conference takeaways - they're battle-tested strategies from operators who've been in the trenches. What you'll discover:
    • The ETA boom decoded: 20% CAGR growth, 42 countries, and why right now might be the best entry window ever
    • Purpose as your north star: How driven searchers like VetCare Canada's Andrew Black turn chaos into competitive advantage
    • Capital that fits your velocity: From delayed-draw facilities to seller psychology—when structure beats price every time
    • Boards that actually help: The brutal truth about founder board seats and recruiting for chemistry, not just credentials
    • Integration without soul-crushing: Templated processes for the spreadsheets, human focus for everything else
    • Exit paths architected from day one: Why optionality starts with your first acquisition, not your last
    Featuring voices from across the ETA ecosystem - seasoned operators, sharp investors, and the academics mapping our future. Plus an exclusive update from the INSEAD ETA and Search Fund Hub on what's coming next. No fluff, no theory - just the distilled wisdom of a community that's redefining how businesses change hands and grow.

    00:00 Introduction to ETA and Conference Highlights
    02:01 Evolution of ETA and Search Funds
    07:52 Connecting with Sellers: The Human Element
    14:01 Leveraging Smart Money and Board Dynamics
    19:55 Exit Strategies and Value Maximization

    Special thanks once again to everyone who made this episode and the conference a possibility. For a text-based summary, visit the INSEAD ETA & Search Fund Hub.
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    23 m
  • Insights from: an Entrepreneur, Andrew Black

    Insights from: an Entrepreneur, Andrew Black
    May 29 2025
    Entrepreneurship Through Acquisition (ETA) can feel like a roller-coaster of strategy, capital, and heart. In this episode, we sit down with Andrew Black - Managing Director of VetCare Canada and architect of a 50-clinic veterinary roll-up - to unpack how he turned a thesis on “mission-driven pet care” into a nationwide platform.

    Andrew pulls back the curtain on:
    • Finding the right industry fit: why personal passion for animal health anchored his search thesis
    • Networking that moves the needle: the investor coffees, operator calls, and late-night Slack channels that shaped his deal flow
    • Capital for scale: blending debt, equity, and seller rollover to keep ownership—and upside
    • Culture as the secret sauce: integrating dozens of practice teams without losing their local soul
    • Surviving the macro headwinds: lessons from financing in a high-rate environment and keeping growth steady
    From due-diligence trenches to post-close integrations, Andrew shares candid wins and gut-check moments - plus the reflective practices that keep him grounded as CEO. Tune in for a playbook on thriving after the acquisition and building a business that heals pets and people.

    00:00 Introduction to Entrepreneurship Through Acquisition
    01:06 Andrew's Career Journey and the Path to ETA
    02:32 Emotional Challenges of Entrepreneurship
    04:35 Networking and Industry Hypothesis Development
    06:47 Crafting a Business Thesis for Success
    09:50 Personal Connection vs. Market Opportunity
    12:27 Strategic Approach to the Search Process
    14:50 Capital Strategy and Financing for Growth
    17:13 Identifying Ideal Acquisition Targets
    18:48 Importance of Vision Alignment in Acquisitions
    20:56 Evolving Due Diligence Practices
    24:00 Building and Maintaining Advisor Relationships
    24:19 Building Relationships with Advisors and Investors
    27:12 Thriving Post-Acquisition: Key Strategies
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    44 m
  • Insights from: a Searcher, A.C. Goh

    Insights from: a Searcher, A.C. Goh
    Apr 24 2025
    Entrepreneurship Through Acquisition (ETA) is a path that requires equal parts strategy, adaptability, and relationship-building. In this episode of the INSEAD ETA podcast, we sit down with A.C. Goh, founder of Garlic Equity Capital, Singapore’s first traditional search fund, to explore his journey and the unique challenges of navigating the search phase in Southeast Asia. A.C. shares how his career experiences at Uber and McKinsey prepared him for the complexities of fundraising and searching for the perfect acquisition target. The conversation dives into the interpersonal dynamics of deal-making, the critical role of trust in business transactions, and the unique nuances of Singapore’s business landscape. Listeners will gain valuable insights into the misconceptions surrounding the search phase, the supportive nature of the search fund community, and strategies for creating value in acquired businesses. A.C. also offers actionable advice for aspiring searchers, emphasizing the importance of purpose, adaptability, and a strong network. This episode is a must-listen for anyone curious about the evolving ETA landscape in Southeast Asia.

    00:00 Introduction to Entrepreneurship Through Acquisition
    05:11 A.C. Goh's Career Journey
    10:37 The Search Fund Model
    17:02 Fundraising for Garlic Equity Capital
    20:17 Networking and Its Importance in Search Funds
    20:28 Building Trust in Business Transactions
    23:02 Navigating Singapore's Unique Business Landscape
    25:35 Misconceptions and Surprises in the Search Fund Journey
    27:49 Advice for Aspiring Search Fund Entrepreneurs
    30:40 Creating Value and Driving Growth in Acquired Businesses
    33:12 The Future of the ETA Model in Southeast Asia
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    37 m
  • Insights from: an Entrepreneur, Kieron Chalder

    Insights from: an Entrepreneur, Kieron Chalder
    Mar 27 2025
    Entrepreneurship often begins with a bold leap, and for Kieron Chalder, that leap meant transitioning from a corporate career to pursuing his entrepreneurial vision through acquisition. As co-CEO of Emotion and founder of the search fund Iberica Cap, Kieron’s journey is one of resilience, adaptability, and innovation. In this episode of the INSEAD ETA podcast, we delve into Kieron’s experiences, from his time at INSEAD to the challenges of acquiring CarPro during the uncertainty of the COVID-19 pandemic. Kieron shares how he navigated the transformation of a traditional business into a modern technology provider, highlighting the importance of cultural shifts, internal process improvements, and growth strategies tailored to changing market conditions. The conversation also explores the value of supportive investors, effective people management, and the balance between operational execution and long-term planning. Reflecting on his global business operations, Kieron emphasizes the critical role of education, networking, and the lessons learned from his search fund journey. He offers actionable advice for aspiring entrepreneurs, illustrating why ETA can be a fulfilling and impactful career choice.

    00:00 Introduction to Entrepreneurship Through Acquisition
    06:43 The INSEAD Experience and Networking
    11:58 First Days as a CEO
    18:57 Cultural Transformation in a Modern Company
    24:03 Key Learnings in Managing Investors
    29:27 The Benefits of a Global Business
    34:41 Reflecting on the Journey and Future Directions
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    35 m
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