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In this Legal Ninja Snapshot, we'll decode the cliff from multiple angles: what it is, why it exists, the different flavors it comes in, how it can serve as a strategic hiring tool, and how cliff cultures differ between PE-backed and VC-backed companies. As always, we'll draw on practical data and real-world examples.

This OLNS Snapshot reflects our experience advising tech companies through IPO processes on both sides of the Atlantic.

In this second part, we turn to the middle ground: listing on the Frankfurt Stock Exchange while still accessing U.S. investors through an "ADR" (American Depositary Receipt) program.

In this Snapshot, we explore how the diverging timelines between exit horizons and employee tenure are breaking traditional ESOP models – and what you can do about it.

What you need to know about settling employee participation programs in an exit scenario, with a focus on the German market.

As the German VC market becomes increasingly founder-friendly (again), investors and founders alike are rethinking the balance between risk and reward

We are excited to share the initial findings from our comprehensive Founder Equity Study 2025. About the Study Our research analyzed founder teams and equity distributions across almost 2,200 German start-ups established between 2019 and 2024, each having secured external funding through angel investors or (corporate) venture capital. While our dataset focuses on funded start-ups rather than the entire German start-up ecosystem, it provides valuable insights into team composition, gender distribution, and equity allocation patterns. The analysis tracks developments over multiple years and offers both aggregate and sector-specific perspectives.

We are excited to share the initial findings from our comprehensive Founder Equity Study 2025. About the Study Our research analyzed founder teams and equity distributions across almost 2,200 German start-ups established between 2019 and 2024, each having secured external funding through angel investors or (corporate) venture capital. While our dataset focuses on funded start-ups rather than the entire German start-up ecosystem, it provides valuable insights into team composition, gender distribution, and equity allocation patterns. The analysis tracks developments over multiple years and offers both aggregate and sector-specific perspectives.

Defense technology companies in Germany operate in a highly regulated environment that requires careful navigation of various legal requirements. Key regulations include national or EU legislation on handling of defense-related goods and international treaties. The legal landscape is complex: Beyond defense-specific laws, start-ups must also comply with general public law requirements, including building permits and emission protection permits. Besides regulatory requirements that need to be assessed on a case-by-case basis, defense start-ups should even at an early stage consider three areas: (i) foreign investment controls when it comes to investments by foreign investors; (ii) export control; and (iii) sanctions related questions. In this three-part series, we'll examine each area in detail: Part I: Navigating Investment Control Regulations for Defense Start-ups in Germany Part II: Understanding Export Control Regulations for Defense Start-ups in Germany Part III: Sanctions Compliance: A Guide for Defense Start-ups in Germany Understanding and complying with these regulations is crucial to avoid severe penalties and ensure successful business operations.