One of the big challenges is the asymmetry in when to go public relative to your competitors. If you go public too soon, you're competitors get the upper hand b

One of the big challenges is the asymmetry in when to go public relative to your competitors. If you go public too soon, you're competitors get the upper hand because they can spend more freely on growth without oversight and that lets them suck investment dollars out of the market like fire consumes oxygen. If you go public too late, then you learn no discipline with how you spend and the market recoils in horror and you burn out before getting costs under control before running out of runway. Blitzscaling has really changed things.