But we settle in for another winter. The best companies — Airbnb, Dropbox, Evernote, Spotify, and of course Twitter — are trapped with $1 billion-plus valuations. In some cases, the valuations are for multiple billions. What yielded a bragging press release at the time is now looking like a gilded trap: They have to go public, do a down round, or sell for a smaller price and largely be viewed as a failure. And that means — as Libin hinted last week — it may be in for another eight years before we see some mega-cap consumer Web exits.

Sarah Lacy, That was quick: After a brief flirtation, top entrepreneurs are back to hating IPOs

As I said at the time of the Microsoft acquisition, this is probably why Yammer was purchased instead of IPOing. Could they have gotten (and maintained) a $1.5B market cap, in this market?

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