It takes a decade+ to build a startup.
Looking over all the charts we’ve built in 2024 and this may be the most important shift we captured within venture-backed companies.
It affects founders (obviously) since they need to be committed to a huge chunk of their lives if things go right.
It affects employees since liquidity is a more remote prospect if IPOs don’t happen until year 12.
If affects investors whose funds are set up on a 10-year timeframe (but whose distributions may lag until year 15).
Maybe the return of IPOs narrows this range slightly. But overall there is just so much cash flowing into private markets that I don’t see these timelines reversing any time soon.
Startups staying private for longer has a cascading impact across all of private markets. What will it mean in 2025?
#startups #founders #venturecapital #privatemarkets
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