You are a startup founder launching your product, or you have raised capital, or you plan to do so soon. An IPO is your end goal. You are looking at incumbents that trade on the public markets and you follow the news about the hot startups that plan to go public soon. You may envy their success or be inspired by their journey, and you double down your efforts. There is conviction that they must be super successful and pretty much they should have checked all the boxes by now. But is it so?