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“Today’s entrepreneurs would do well to note that Microsoft made minimal use of venture capital. Microsoft’s only VC only owned 6.2 percent of the company. Gates didn’t trust them.”

“Today’s entrepreneurs would do well to note that Microsoft made minimal use of venture capital. Microsoft’s only VC only owned 6.2 percent of the company. Gates didn’t trust them.”
https://dfarq.homeip.net/microsofts-1986-ipo/

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Totally agree. The rise of the seed round and pre-seed checks has changed this more than anything.

Different time. Companies don’t go public until way later in the cycle. If at all. 

Now we have many seeds. 

angel -> VC -> PE . 

IPO is the last money grab. 10% float . Let it run.