Nasdaq is fundamental for quicker exits

Venture Capital does not operate on the premises of good will, but rather on a business model of generating revenue through company exits. In some cases an exit can simply become being purchased by a bigger player, in others it means to become publicly traded through an IPO.

In that context, venture capital got a strong foothold in Silicon Valley, and the only way to recover their investments was through favoring quicker exits into the stock market. That is the reason NASDAQ came into existence.

In recent years I've even seen faster ways to reach the stock market, like WeWork tried to do, by piggy bagging on already initiated processes or already traded companies.

There is some discussion about this in [[literature/@mazzucato2018The entrepreneurial state: debunking public vs. private sector myths|@mazzucato2018The entrepreneurial state: debunking public vs. private sector myths]].