This is correct. In the 90s you’d do a round or two or private capital and then go public. It was also a lot better for early employees... you can probably hold

This is correct. In the 90s you’d do a round or two or private capital and then go public. It was also a lot better for early employees... you can probably hold out 5 years for a liquidity event... 10 seems highly unlikely. Microsoft famously had a single venture investment for what amounted to less than 10% of the company (but did get a board seat).