Access is the Scarcest Commodity in Startupland

The article argues that access to high-growth private companies has become the scarcest resource in venture capital, driven by companies staying private longer at much larger scales than in the late 1990s. Private market investors now pay a premium (50-100%) for pre-IPO shares compared to public market valuations, reversing the historical liquidity premium. This shift is prompting venture capitalists to pursue vertical integration strategies, investing continuously from seed through pre-IPO stages to maintain concentrated ownership in exceptional companies.