Here's the problem: Entrepreneurs need to get paid. Those who finance need return on investment. It's nuts to take any company public that cannot deliver consistent and predictable growth and earnings quarter over quarter for years. We've sold Del.icio.us, FeedBurner, and Tacoda, to Yahoo, Google, and AOL, respectively. Were we happy to take their money? Yes. But look deeper. Del.icio.us: the user base has fallen off. FeedBurner: I don't see any integration between AdWords and FeedBurner. Tacoda: top members of the Tacoda team are gone. I am wondering if there is a better way: a place for private equity investors to trade securities. The companies remain private, do not file with the SEC, and do not trade daily. When an entrepreneur or investor wants liquidity on a position they own, they come to these private markets, offer their position or part of their position for sale, and a trade is made.