Share the wealth

These numbers are indeed impressive, and the founders, investors and sweat equity-endowed employees of Indian unicorns deserve their gains as valuations rise. Private equity firms and angel investors must be rewarded for their role in our startup ecosystem. For their next stage of growth, though, successful startups should look at using public money. This would diversify their funding sources, open their books to wider scrutiny, and let their wealth creation be shared widely. Some already have public offers of equity lined up. For those daunted by the rigmarole of a direct listing, riding special-purpose acquisition vehicles (SPACs) could be a complexity-easing option if policymakers tweak our taxation policy and other rules in the idea’s favour. SPACs are now a Silicon Valley favourite. Even here, SPACs would help ordinary folks share the success of unicorns.