Before starting the discussion, it's essential to note that the points mentioned below are entirely based on experiences and interactions I've had with other VCs and funds. Therefore, there may certainly be critiques of this writing that could lead to further refinement and maturity on this topic.

The scarcity of actual exits in Iran's startup ecosystem can be examined and contemplated from several perspectives:

1. The Nascent Stage of the Investment Ecosystem:

Venture capital investment in Iran has a relatively short history. In the early stages of VC operations, the lack of sufficient experience may have led to investments in projects that lacked market traction or had inadequate technology life cycles. As a result, after several years, if these companies survive, finding actual buyers for their shares becomes quite rare.

2. Lack of Necessary Liquidity:

Currently, a significant portion of the resources of VCs, funds, and technology investors is trapped in their investment portfolios. The primary skill for these investors now lies in supporting the survival of their existing investments and providing necessary funding. Additionally, the impact of currency fluctuations and inflation as external factors should not be overlooked. Consequently, the number of investments has decreased, which is one of the main reasons for the reduction in exits.

3. Slow Decision-Making Process: 

In some share sale negotiations, prolonged discussions, lack of consensus in boards of directors, and sometimes non-expert authoritative opinions can lead to exhausting negotiations that, in some cases, result in the failure of the exit process.

4. Valuation Bubble:

Valuation bubbles also significantly affect the exit process. Initially, due to the high interest in investing in knowledge-based companies and startups, some valuations were unrealistic or, in other words, overvalued. This phenomenon leads to prolonged negotiations over share sales and decreases the chances of success.

5. Traditional Structure of Large Industries:

Large industries can easily contribute a tiny percentage of their revenues to invest in knowledge-based companies and startups, fostering dynamism and creating hope within the startup ecosystem. While some large industrial groups, such as Eselect, Golrang, and Foolad, have initiated activities in this regard by establishing Corporate Venture Capitals (CVCs), a significant portion of large industries has yet to enter this cycle.

Certainly, in addition to the points mentioned above, there are other reasons that require insights from experts in the field of venture capital investment.