TL;DR
- TechCrunch Disrupt 2025 will spotlight how startups are adapting growth strategies in a reshaped VC landscape.
- David George of Andreessen Horowitz headlines a key session on the Going Public Stage discussing IPOs, liquidity, and late-stage fundraising.
- The market shift is forcing startups to balance capital efficiency with longer timelines and delayed IPO outcomes.
- Key trends include employee secondaries, tighter scrutiny on burn rates, and multi-billion-dollar valuations pre-IPO.
- Event runs October 27–29 in San Francisco, drawing over 10,000 founders and venture capital leaders.
Scaling in a New Financial Reality
Startups are no longer following the traditional path from seed to IPO. At TechCrunch Disrupt 2025, being held October 27–29 at Moscone West, San Francisco, that transformation will take center stage as over 10,000 tech and venture leaders gather to explore how the startup growth playbook has changed.
Among the top sessions, David George, general partner at Andreessen Horowitz (a16z), will lead a fireside chat on the Going Public Stage. His talk will directly address the core dilemma for today’s founders: How do you scale and succeed when the old rules no longer apply?
What Happens When Startups Stay Private Longer?
The timeline to IPO has stretched dramatically. Companies like Stripe and Databricks have stayed private while reaching valuations north of $50 billion, altering the expectations for growth-stage ventures.
As David George will explain, this evolution brings both opportunities and challenges. On the one hand, late-stage startups can now:
- Raise large rounds without public scrutiny
- Offer liquidity to early employees via secondaries
- Optimize long-term growth strategies instead of chasing quarterly earnings
But these benefits also come with a new set of investor expectations—more emphasis on capital efficiency, path to profitability, and structured exits. Founders must now answer harder questions about burn, runway, and timing.
Meet the Fireside Host: David George of a16z
George leads the Growth investing team at Andreessen Horowitz, and his track record speaks volumes. His portfolio includes iconic brands such as:
Through these deals, George has helped define what success looks like at the growth stage, from early capital deployment to liquidity via secondary markets and late-stage funding. His inside view of VC decision-making makes this one of the must-attend sessions at Disrupt 2025.
Why This Conversation Is Critical in 2025
As the IPO window narrows, startups are forced to sustain momentum longer. The market has shifted from “grow at all costs” to “grow smartly.” For founders, this means:
- Managing dilution without over-raising
- Offering employee liquidity through secondaries
- Aligning with VCs that support longer timelines
George’s session will explore how these trends are redefining startup strategy and what founders must do to thrive in the new regime.
Changing Metrics in the Growth Landscape
| Metric | 2015–2020 Playbook | 2021–2025 Playbook |
| Average Time to IPO | 5–7 years | 10+ years |
| Focus on Burn Rate | Secondary priority | Primary investor concern |
| Use of Secondaries | Rare | Common, often structured |
| Valuation Targets (Pre-IPO) | $1B+ | $10B+ |
| Investor Expectation Timeline | Short-term (2–3 years) | Long-term (5–7+ years) |
Crunchbase, a16z, TechCrunch Research
The Rise of the Secondary Market
George is expected to speak in-depth on the employee secondary market, a growing trend for late-stage companies. Founders are now using secondaries to:
- Reward early team members
- Reduce pressure to exit prematurely
- Align compensation without public listing
With IPOs declining in frequency, this route has become a critical tool in founder and talent retention strategies.
Redefining Liquidity: The Future of Going Public
George will also address new pathways to liquidity beyond the traditional IPO. Options now include:
- Direct listings
- Private equity acquisitions
- Late-stage crossover funding from hedge funds or institutional investors
The Going Public Stage is designed for founders navigating exactly these questions. Whether you’re eyeing a 2026 IPO or planning for a strategic hold, this is where the new rules are being written.
TechCrunch Disrupt 2025: What You Need to Know
Dates: October 27–29
Venue: Moscone West, San Francisco
Main stages include:
- Founders Stage – tactical insights for startup builders
- AI Stage – focused on generative and enterprise AI
- Going Public Stage – scaling, exits, and fundraising
- Builder Stage – growth marketing, GTM, and user acquisition
- Fintech & Crypto Stage – trends in digital assets and financial infrastructure
Over 10,000 attendees, including top VCs from Sequoia, NEA, Index Ventures, and Andreessen Horowitz, will be in the room.
Register now and save up to $675 before prices increase.
