#IPO Learning 1: IPO is not an exit event

• Don’t time the market with your IPO

• Raise money when you need it

• IPO is the beginning of a journey for a founder, important not to lose money for your investors – public or private

•Once you trade red, it’s hard to get ahead

• If the IPO market is not valuing your narrative, maybe step back delay the IPO or fix the narrative

• Eventually win-win in public markets ensures longevity as a company