Current generation of leading companies, such as Uber, and Airbnb, have opted for as long as time remains in the non-listed State, and through continuous VC financing obtained large sums of money. However, investor sentiment is changing, and begins to feel anxious.
Maris said attractive valuations many start-up companies, rather than to market, and they will feel regret for this decision in the future. He said: "they set a very high benchmark, which will lead to their own survival difficult. This will have negative consequences: some companies will be large losses. ”
Maris predicts that next year there will be many companies cannot continue through the venture financing or forced to accept lower valuations. Since its inception 6 years ago, Google ventures has invested in more than 300 companies.
Investors piled into closed markets in order to have access to Ube, Airbnb and Snapchat and other companies. In recent weeks, however, investors began to risk-averse mood, especially after the blood test startup Theranos challenged.
Maris said: "more, worry less funds on the market, people are becoming more cautious. ”
He also pointed out that the Federal Reserve may decide to raise interest rates, and this venture will be further disadvantaged. "In all of a sudden, became a publicly traded company will be more exciting. ”
The warnings indicated in the latest round of tech industry boom stroke cast ring reversal of attitude. Earlier, the VCs founders said they are allowed to remain in a non-listed State, rather than through IPO (initial public offering), to exit their investments.
Well-known VC Marc Andreessen (Marc Andreessen) said last month that if his investment company are not listed in 15 years, so he will be happy.
Maris said that if is not listed for a long time, shares held by the investors and employees could not be liquidated, and the price of the shares should be decided by Wall Street, instead of through an opaque non-open market.
He said: "I have not seen too much in 15 years maintained high growth in non-listed companies in the case. We should not ignore shareholders and employees. If your shares are not market prices, it would be difficult to meet their needs. ”
Previously, Sequoia Capital maikeer·molici (Michael Moritz) have made similar warnings. Moritz noted that technology companies through IPO, so that business operations are more disciplined. "In the open market under the supervision of, they can do better. ”
About Uber IPO plans, Maris said: "I don't think they considered this issue, because I know that people have been put to them the question. It is clear that their IPO is one of the leading candidates, with good business. ”
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