I think his point is that not every company can get to $1 billion valuation or wait ten years before going public. Like you said, there is a big void to fill, a

I think his point is that not every company can get to $1 billion valuation or wait ten years before going public. Like you said, there is a big void to fill, and one that could be very productive for the startup ecosystem. Think of all the tech companies that can get to $150 M. in a couple of years and still need sensible capital to grow before they are ready for the big time.