It is every startup’s dream to go public. An IPO is the pot of gold at the end of the startup rainbow. The unfortunate reality is that according to recent research by PitchBook of a cohort of 12,574 VC-backed firms from 2018, only 4.7% achieved an IPO. Perhaps it is time for management teams to seriously consider having a ‘Plan B’ if their trajectory to an IPO looks shaky.