When the perceived worth of a piece of some 'internet action' was much higher, along with the 'barriers to entry' being perceived as much higher, of course IPOs

When the perceived worth of a piece of some 'internet action' was much higher, along with the 'barriers to entry' being perceived as much higher, of course IPOs did a lot better. Now, it's easier to grab a tiny slice of pie, either through web-ads, or through selling a service based on cheap hardware, open software and sweat-equity, no IPO needed.