Ipos are arguably just a form of crowdfunding. Certainly back a few decades there's little difference, nowadays Ipos cannot be done without several volumes of

Ipos are arguably just a form of crowdfunding. Certainly back a few decades there's little difference, nowadays Ipos cannot be done without several volumes of paperwork by expensive lawyers. If efficient IPOs were still around the crowdfunding market would be smaller. And IPOs of early stage companies certainly do not generate returns in a predictable way.