I am worried by the constraining exit options for venture backed companies: 1. IPOs: You can’t IPO with less than $500M in revenue and even then, it’s not a slam dunk. Everyone that has so far has been a s*** IPO. 2. Acquisition by Incumbent: Yes but they are so specific. Very specialised in what they want. Not nearly big enough demand side for the supply of venture backed companies. 3. Private Equity: More closed than ever. Thoma, Francisco, Clearlake are on a portfolio of zombies that…