The Great Venture Liquidity Illusion: Why an IPO Must Be Worth 3x an M&A Offer
Executive Overview For decades, the Initial Public Offering (IPO) has been heralded as the holy grail of startup growth—the ultimate Plan A for founders, early employees, and venture capitalists alike. Conventional wisdom holds that ringing the bell on Wall Street transforms paper wealth into liquid capital, validating years of late-night coding, strategic pivots, and dilution….
