IPO isn't the end; it's the beginning

IPO helps recruiting, credibility, discipline → builds a better company

they have fallen out of favor because IPOs are perceived as...

• risky
• costly
• inefficient at capturing capital investment

these are to some extent true but unexamined and mostly false

IPOs are better than acquisitions for...

• founders
• employees
• public shareholders
• innovation

six reasons to go public:

1. build a company that's recognized (pride, legacy)
2. share success (reward investors, employees)
   1. employees often leave and start new companies, so IPO helps innovation
   2. later IPOs deny access to middle class & retail investors to share in wealth creation