Weekly Update #142: The SEC Takes a Look At Pre-IPO Unicorns

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Weekly Update #142: The SEC Takes a Look At Pre-IPO Unicorns
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Hello Investors,
Eyes On the Unicorns 
SEC Chair Mary Jo White addressed the growing number of pre-IPO technology companies this past week. Our very own Shri Bhashyam covered the talk in detail on TechCrunch.
In other news...
SEC Chair Mary Jo White came to the heart of Silicon Valley to deliver a speech at Stanford University’s Rock Center for Corporate Governance on March 31, 2016, which touched on a variety of topics but was rather forthright in addressing startup valuations.
Over the last several decades, there were two distinctly dark periods for American technology companies – the bursting of the dot-com bubble in 2000 and the 2008 financial crisis. In those periods, investors had such distaste for risk that technology companies shied away from initial public offerings of stock.
In recent months, venture capital firms and mutual funds have become choosier about which technology startups they’re prepared to back. Now hedge funds, after helping push valuations to dot-com-era heights, are getting more picky, too.
2015’s technology IPOs took a beating early this year. In the opening months of 2016, the group in aggregate was down double digits from both its original IPO price, and first day close. January and February were rough enough on the recently-public that a grand total of zero United States-based tech companies went public.
Phil Haslett | Founder + Head of Investments | EquityZen 

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