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Endgame

JOHN WALECKA, REDPOINT VENTURES

GET YOURSELF TO “CASH-EFFICIENT” AND GOOD THINGS WILL HAPPEN.

CROWDED OCEAN

BEING ACQUIRED MEANS NEVER HAVING TO SAY YOU’RE SORRY.

IT’S EVERY START-UP’S DREAM. You and your team are in New York, up in that little balcony at the New York Stock Exchange. You ring the bell and everyone cheers. You’ve just gone public. Fade to black.

Not so fast. In some ways, chasing an IPO is like a dog chasing a car. What do you do if you catch it? Even though IPOs are down (the American IPO market has declined every year since 1997—down 43.5 percent through 2011), there is still a place for the IPO (Tim Keating, “What’s Behind the Dramatic Decline in IPOs?” Foxbusiness.com). It’s just that it’s not the only option ...

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