Silicon Valley's latest revolution: Cutting out Wall Street Companies like Uber and Spotify don’t need IPOs anymore, and that's turning the finance industry on its head. Avoiding IPO fees is just the tip of the iceberg; the much bigger story is that VC-backed companies are avoiding IPOs altogether. They raise money by selling shares all the time; they just don’t use the public capital markets to do so and therefore don’t need to deal with banks, who are the gatekeepers to those markets. (Wired)