At TechCrunch Disrupt 2025, startup and VC leaders will address the evolving landscape for founders. Companies are staying private longer, leading to new expectations around capital efficiency and growth strategies. David George will discuss crucial factors for building enduring companies amidst fewer IPOs and increased liquidity scrutiny. Late-stage firms must navigate shifting incentives and longer timelines while moving towards significant outcomes. The session will unpack the role of secondary markets in providing liquidity for employees and how to adapt strategies for success.
Startups today can reach multibillion-dollar valuations, cash out early employees, and stay private far longer than their predecessors. But those benefits come with trade-offs.
Late-stage founders now face a new set of expectations around capital efficiency, liquidity, and growth strategy.
With fewer IPOs, increased scrutiny on burn, and more capital staying private longer, today's late-stage companies are navigating a totally different set of incentives.
This session will explore how the IPO window is shifting, what role secondaries play in employee liquidity, and how startups can set themselves up to weather longer timelines.
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