Unicorn executives say IPOs should not drive startup strategy

By Arjay L. Balinbin, Associate Editor

MADRID — Executives and founders from three unicorn technology companies said startups should focus on solving customer problems and building sustainable businesses rather than treating an initial public offering (IPO) as the ultimate objective.

“Setting your target on an IPO, to me, feels like a bad target,” Joe Wilson, chief evangelist at European digital bank bunq, said in response to questions from BusinessWorld during a June 4 media roundtable at South Summit Madrid 2026, co-organized by IE University.

“I think the idea that if the goal of your company is to cash out or to go public, I think you’ve got the wrong set of priorities because that’s really talking about the founders as opposed to the users or the customers or the people that you serve,” he added.

Mr. Wilson said companies should instead remain focused on their mission and customers.

Joleen Liang, co-founder and international chief executive officer of Squirrel AI Learning, an AI-powered education technology company, shared a similar view, saying that while public listings may happen eventually, they should not define a company’s direction.

“IPO is not a goal, but we are going to,” she said. “But it’s not a goal setup.”

Ms. Liang said founders should focus on building products and creating meaningful outcomes rather than becoming preoccupied with exit strategies.

“This is our lifelong journey,” she said.

The founders’ emphasis on fundamentals aligns with broader changes in venture capital. According to The Real Impact of Artificial Intelligence on the Entrepreneurial Ecosystem, a report released by South Summit and PwC in May 2026, investors are becoming increasingly selective and are prioritizing “solid, scalable, and profitable business models.”

The report said AI accounted for 61% of global venture capital investment in 2025, up from 30% in 2022, while startups integrating AI command valuations 38% higher than traditional companies.

Renaud Visage, co-founder and general partner at Slate VC and co-founder of event technology platform Eventbrite, said investors continue to look for strong teams and businesses, but expectations have risen as startup ecosystems mature.

“What’s changed is the bar,” Mr. Visage said during a separate June 5 media briefing. He said founders are now expected to have stronger operational experience and financial discipline as competition becomes increasingly global.

Dmytro Voloshyn, co-founder and chief technology officer of Preply, a global online language-learning platform serving users in more than 190 countries, said startups should prioritize growth and product development while recognizing that investors and employees eventually seek liquidity.

“As a founder of a company, I agree that you should build the best product and solve the problem for your customers,” he said.

“There is always a question of liquidity,” Mr. Voloshyn added, noting that investors and employees often seek opportunities to realize gains from their holdings.

He said Preply does not treat an IPO as a goal and has instead pursued alternative ways to provide liquidity.

“In Preply, we don’t put IPO as a goal,” he said. “We put the goal to grow and to make sure that you build the best product.”

Mr. Voloshyn said the company recently conducted an employee tender offer that allowed staff to sell part of their holdings to existing investors without requiring a public listing.