Anatomy of a unicorn: Why tech start-ups are staying private

<table width="633" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="403" valign="top"> <font face="Verdana, Arial, Helvetica, sans-serif" size="-1" color="#4c4949"><span style="font-size: 13px;">Up-and-coming technology companies are no longer racing to list their shares on public markets. A massive increase in late-stage venture capital has enabled many start-ups to reach valuations of more than $1 billion while remaining in private hands.</span></font><br/> <a href="https://podcasts.mckinsey.com:443/l?r=unknown&s=_unknown&i=6c633a313030303031633373336c3332756f75743477&he=687474702533412532462532467777772e6d636b696e7365792e636f6d253246617373657473253246646f74636f6d2532467468652d6d636b696e7365792d706f64636173742532464d502d416e61746f6d792d6f662d612d756e69636f726e2d5768792d746563682d73746172742d7570732d6172652d73746179696e672d707269766174652e6d7033"><font face="Verdana, Arial, Helvetica, sans-serif" size="-2" color="#006699">Read more &#62;</font></a><br/> <a href="https://podcasts.mckinsey.com:443/l?r=unknown&s=_unknown&i=6c633a313030303031633373336c3332756f75743477&he=253246253246706f6463617374732e6d636b696e7365792e636f6d253246706f646361737425334670632533446d61696e2532367075253344687474702532353341253235324625323532467777772e6d636b696e7365792e636f6d25323532466173736574732532353246646f74636f6d25323532467468652d6d636b696e7365792d706f646361737425323532464d502d416e61746f6d792d6f662d612d756e69636f726e2d5768792d746563682d73746172742d7570732d6172652d73746179696e672d707269766174652e6d7033253236706e253344416e61746f6d792532426f6625324261253242756e69636f726e25323533412532425768792532427465636825324273746172742d75707325324261726525324273746179696e6725324270726976617465"> <img src="//podcasts.mckinsey.com/x/img/podcast.gif" border="0"/></a>&nbsp;&nbsp; <a href="https://podcasts.mckinsey.com:443/l?r=unknown&s=_unknown&i=6c633a313030303031633373336c3332756f75743477&he=253246253246706f6463617374732e6d636b696e7365792e636f6d253246706f646361737425334670632533446d61696e25323