????那么，現在到底該怎么辦？對于那些準備在未來12個月內上市的后期初創公司，這是個好時機。如果出現更多宏觀變故（像歐元區等），短期內成功上市的可能性將大大降低，但截至目前，IPO市場回歸長期趨勢的過程看來仍在照常推進，并有望得到延續。

????對于短期內還不會進行IPO的初創公司，2-5年后的情況更難預料，但我比較相信過去的10-12年是對長期趨勢的一個背離。我并不是在預測科技股IPO市場會回到不可持續的90年代末，而是回歸長期趨勢，讓高成長的優秀科技公司獲得更多的IPO機會。而且，即便你的初創企業未來不可能IPO，上市科技公司總數的增加（加之成熟公司的大堆現金）也應能讓未來一些年的并購環境更為有利。

????李?豪爾是NextView Ventures風投公司的共同創始人和一般合伙人，這家總部位于波士頓的投資公司主要從事早期互聯網化公司投資。他曾經是商務社交網站LinkedIn的創始團隊成員，從LinkedIn創立至成長初期曾經擔任企業發展總監。他的博客地址是 AgileVC。

? ? 譯者：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.