Interesting to see how the IPO has changed from exit opportunity to "financing event." I fully agree that the emphasis should be on minimizing the capital invested. Quote:
"As the exit valuations have gone down, the only variable left in the equation is how much money you put in before you exit," said Drew Senyei, managing partner of Enterprise Partners in San Diego. Enterprise ran Celladon, a start-up developing gene therapy for heart disease, as a "virtual company," contracting out laboratory work and animal testing. Only now, with human clinical trials approaching, is Celladon recruiting full-time management.
Venture capitalists are discovering life after IPOs - Technology - International Herald Tribune
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