In Duncan Niederauer’s WSJ OpEd piece in yesterdays paper, he does a brilliant job in arguing the importance of the IPO to the American economy. The IPO and the American Dream cites an NVCA study that notes that “92 percent of all job growth within publicly traded US companies occurs after the company goes public.” And calls the IPO a “transformative” experience. I have seen this occur in company after company that I took public in the 1980’s and 1990’s. The ability to use stock as an acquisition currency and access to capital through follow-on public offerings is hugely important in strengthening a company and enhancing its competitive posture. Several of the companies I took public were $10 to 15 million in revenues, and now have market capitalizations of over $1 billion. Some, of course, went on to be acquired and are now part of Cadence, EMC, Oracle, IBM and other major technology companies.