Alexander I. Platt Contributor
Alexander I. Platt is an associate professor at the University of Kansas School of Law.
Once upon a time, a successful startup that reached a certain maturity would “go public” — selling securities to ordinary investors, perhaps listing on a national stock exchange and taking on the privileges and obligations of a “public company” under federal securities regulations.
Times have changed. Successful startups today are now able to grow quite large without public capital markets. Not so long ago, a private company valued at more than $1 billion was rare enough to warrant the nickname “unicorn.”