The Changing Exit Environment for Early Stage Companies

In the "good old days," angels invested in seed-stage startups and teed up promising companies for subsequent venture capital financing. If the company was successful, this quickly led to an IPO – a very happy ending for the entrepreneur, the angels and the venture capitalists. My, my…how the world has changed.

The two major differences in the exit environment in the past decade are (1) the disappearance of the IPO market and (2) the rapidly increasing size of the average VC fund.

Bill Payne

Full Story: http://billpayne.com/2012/01/06/the-changing-exit-environment-for-early-stage-companies-2.html