Forget SPACs and meme stocks. The companies that go public in the future will have to be of higher quality.
Ready for some surprising data? Some 68% of CEOs plan to increase headcount this year, and 81% are optimistic about the economic outlook of the country. These numbers seem hard to believe, given that every day we are greeted with more headlines about big tech companies moving in the opposite direction: shedding jobs and slashing costs.
It would be easy to discount the results as an outlier, but there’s something interesting going on here. The data comes from a survey of 300 CEOs of companies with at least 100 employees conducted recently by hiring platform Greenhouse. For years, the strength of the FAANG stocks was a proxy for measuring the overall tech economy.
But as big tech companies plod along in the general direction they think the economy is going, growth tech can move like a speedboat. The CEOs surveyed in the Greenhouse report had the benefit of reacting to much more recent economic news. And while no one knows where this economy will land, the consensus is certainly much more positive now than it was a few months or even weeks ago when many of the big tech layoffs were planned and announced.
The implications for the prospects of the IPO market are significant. From an all-time high in 2021, IPOs fell more than 80 percent last year. This year is off to an even slower start. But the vast majority of growth tech CEOs I speak with see an IPO not as a matter of if, but when. They’ve spent the past year getting their financial houses in order, strengthening their products, hiring advisors, and quietly doing all the things necessary to be market-ready.
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