IPOs are businesses last-ditch, later-round financing after sovereign wealth, institutional investors, investment bankers, superangels and everyone else says "n

IPOs are businesses last-ditch, later-round financing after sovereign wealth, institutional investors, investment bankers, superangels and everyone else says "no." They're becoming rarer, except for ventures which require an enormous amount of working capital, because angels and other investors typically have more cash than pre-Sequoia times to lend out to ventures which are smart about their cash & business models.