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Innovation Is A Game Of Two Halves

The article argues that innovation historically relied on public markets, not just private venture capital, citing Amazon, Microsoft, Cisco and Nvidia as examples that scaled after early IPOs. It highlights a shift toward “private‑for‑longer” financing, with the median age of VC‑backed IPOs rising from 4‑7 years in the 1990s to 14 years today. Data shows 2010‑2020 VC‑backed IPOs underperformed the S&P 500 by 9.5%, and many recent listings debuted at deep discounts or failed. The piece concludes that timely public handoffs are essential for disciplined growth and investor returns.