Great observational article with lots of supporting facts but I fear that translating a lack of IPOs into the possibility that the new big Giants are eating the lunches of entrepreneurs and startups, and that the start ups are not taking enough risks is not true.
Yes, the big new~ish Giants are acting more entrepreneurially, which will affect some potential IPOs, but isn’t there a bigger picture here? If companies such as Dropbox and Uber can wait, then they may actually have some positive numbers to justify a greater valuation, real world numbers instead of the ‘field of dreams’ valuations that Snap are proposing.
This ‘emperor has no clothes’ scenario is as a result of the over -exuberance of VCs, and more importantly the money behind them that contstantly needs a home. As long as the investees have access to capital-on -demand, why would they possibly go to market?
Isn’t if time that stock market investors are being asked to invest in businesses that actually make money, or at least have a clear path to profitably?
Or more realistically, that the VCs become more ‘demand’ and less ‘supply’?
I love what you write, but I just can’t agree with you on this one.