Startups used to IPO while there was still a large amount of risk, so it was possible for a public market investor to invest and capture value. Today's startup

Startups used to IPO while there was still a large amount of risk, so it was possible for a public market investor to invest and capture value. Today's startups choose not to. Anti-government types will say that the only reason is SOX. Honest and intelligent people will admit that there are a lot of other factors too, mostly around the finance sector getting better at capturing growth stage value.