And the market cap at IPO time will exceed anything yet seen for startups. Stock options with four-year vesting period are no longer a good match for employees when it may take 10 to 12 years for the company to go public or be acquired. VCs need to consider a new stock incentive model: Restricted Stock Agreements for the first key hires and then Restricted Stock Units for everyone else.

When a group of engineers launched Fairchild Semiconductors—the first chip startup in Silicon Valley—in , investors offered the founders a relatively new type of compensation: stock options. On its surface this was a pretty radical idea. The investors were giving away part of their ownership of the company—not just to the founders, but to all employees.

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Everyone—investors, founders, and startup employees—was in the same boat. Therefore, the time until a liquidity event was crucial. Of the four startups I worked at that went public, it took as long as six years and as short as three. Much has changed about the economics of startups in the last two decades. And Mark Suster of Upfront Capital has a great post that summarizes these changes.

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The first big idea is that unlike in the 20 th century when there were two phases of funding startups— Seed capital and Venture capital—today there is a new, third phase. And currently there is an influx of capital to do that. The emergence of growth capital, and pushing an IPO out a decade or more, has led to a dramatic shift in the balance of power between founders and investors. For three decades, from the mids to the early s, the rules of the game were that a company must become profitable and hire a professional CEO before an IPO.

That made sense.

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Twentieth-century companies, competing in slower-moving markets, could thrive for long periods on a single innovation. If the VCs threw out the founder, the professional CEO who stepped in could grow a company without creating something new. In that environment, replacing a founder was the rational decision.

The most valuable thing. Read more.

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