$445 billion flowed into startups in the last five years. Now it’s threatening to upend one of Silicon Valley’s most celebrated customs (SPOT, GOOGL)

The traditional initial public offering process may be in the process of being disrupted. Spotify went public last year using a different process and may soon be followed by enterprise software company Slack. Startups have good reasons to spurn regular IPOs — they’re costly and time-consuming. Thanks to the massive amounts of money that have flowed into Silicon Valley in recent years, many companies are likely well positioned to go public a different way.

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