The truth is that we need the IPO market more than ever, just not at valuations already picked over by the underwriters. That's a tough act when you have something with the enormous notoriety that Facebook does. Not so when carpet bombing the public with ZNGA in double digits at their dead top. By virtue of size these investment banks are arbiters of the business, so when people feel like they're getting screwed, they're getting screwed.
Some recent offerings, like CHUY, demonstrate that you can still go for the ride if you scan the IPO list and do a little homework.
Finally - THIS IS IMPORTANT - this market still handsomely rewards good ideas. The VC culture is real and accessable. Chase your notions, especially the good ones.
