Go IPO or Stay Private
summary
Argues that IPOs remain a valid route to create enduring companies and discipline growth, citing OpenTable IPO 2009 as an example where public markets rewarded profitability, while new pools of capital — late-stage billion-dollar rounds from mutual funds, hedge funds and sovereign wealth funds — let companies stay private much longer. Warns that ultra-high private valuations and preferred terms can bite, urges founders to control destiny through profits, and highlights marketplaces and FinTech (the unbundling of banking) plus regulatory arbitrage in London.
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chapters (11)
- 0:00IPO versus staying private
- 1:02Why going public builds companies
- 2:27OpenTable IPO war stories
- 3:51Public markets discipline
- 5:57Late-stage private investors
- 6:39Tech valuation bubble deflating
- 8:24Silicon Valley business cycles
- 9:27Risks of unicorn valuations
- 10:29Marketplaces and FinTech
- 12:37Europe’s FinTech edge
- 14:03Banks struggle with disruption
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