Phil Libin, the co-founder of Evernote, was no longer managing the business by 2022, but he remained an attentive investor and still used the note-taking app every day. He knew that Evernote was stagnating and that its bosses were entertaining buyout interest. The acquirer, he learned, was a Milan-based company he’d never heard of called Bending Spoons SpA. “Frankly,” Libin says, “I didn’t have any expectations.”Several other entrepreneurs have gone through similar experiences since. Bending Spo...