Getting to an IPO is incredibly difficult, though — it takes years of paperwork, intense scrutiny by regulators and auditors, and countless sales pitches to potential investors.[759] And, these days, tech startups are staying private longer and longer,[760] meaning that only venture capitalists can invest in startups for most of their high-growth early years — everyday investors are locked out until the IPO, at which point much of the company’s growth is behind it.[761]
