????那么，现在到底该怎么办？对于那些准备在未来12个月内上市的后期初创公司，这是个好时机。如果出现更多宏观变故（像欧元区等），短期内成功上市的可能性将大大降低，但截至目前，IPO市场回归长期趋势的过程看来仍在照常推进，并有望得到延续。

????对于短期内还不会进行IPO的初创公司，2-5年后的情况更难预料，但我比较相信过去的10-12年是对长期趋势的一个背离。我并不是在预测科技股IPO市场会回到不可持续的90年代末，而是回归长期趋势，让高成长的优秀科技公司获得更多的IPO机会。而且，即便你的初创企业未来不可能IPO，上市科技公司总数的增加（加之成熟公司的大堆现金）也应能让未来一些年的并购环境更为有利。

????李?豪尔是NextView Ventures风投公司的共同创始人和一般合伙人，这家总部位于波士顿的投资公司主要从事早期互联网化公司投资。他曾经是商务社交网站LinkedIn的创始团队成员，从LinkedIn创立至成长初期曾经担任企业发展总监。他的博客地址是 AgileVC。

? ? 译者：老榆木

????So now what? Well for entrepreneurs running late-stage companies prepping for IPO in the next 12 months, it's an excellent time. If we experience additional macro disruptions (Euro zone, etc) it might constrain your ability to IPO for a brief period, but as of now the normalization of the IPO market appears healthy and sustainable.

????For startups many years from IPO, it's harder to predict what things will be like 2-5 years from now but I'm more hopeful the last 10-12 years were an aberration. I'm not predicting a return to the unsustainable late 90s but rather a long-term normalization, where strong and rapidly growing tech companies have a decent shot at IPO'ing. And even if your startup is unlikely to IPO someday, an aggregate increase in the number of public tech companies (coupled with large cash piles for big established ones) should make the M&A climate more favorable in coming years.

????Lee Hower is a co-founder and general partner at NextView Ventures, a Boston-based investment firm focused on seed stage Internet-enabled businesses. He previously was part of the founding team at LinkedIn, serving as director of corporate development from the company's inception through its early growth phases. He currently He blogs at AgileVC.