Fred Wilson has some good commentary on an earlier post. We seem to agree that at the end of the day if you build a real business with sustainable cash flow, the exit will take care of itself. I seem to have oversimplified the “IPO potential” comment for the sake of keeping my post short. To further explain, my only point regarding “IPO potential” is that using pre-bubble metrics a company cannot go public (for the most part) unless it has already been profitable for at least 2 quarters, have a diversified customer base, and be a leader in its market. In other words, it must be a real business with sustainable cash flow. When I look at making new investments, being able to look like the above within a reasonable time frame is a prerequisite for me. Those are the types of businesses that can be bought and not sold.