It isn’t as radical change as it seems, but direct listings will become much more common.

Now we have 2 big successes (Spotify + Slack), and 0 failures here.

In the Age of the Unicorn, more and more start-ups will raise IPO levels of capital before an IPO. This is a new phenomenon, relatively speaking.

Assuming their burn rate is also low, and the brand is strong enough to jump start liquidity without an IPO … why sell any primary shares and take the dilution from a traditional IPO?

There’s no reason anymore, in many cases.

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