Plain talk about valuations

These days, to keep the average venture investor in the average private company happy, the average pre-money valuation of a company's IPO has to be $200 million. On average, that has been the case in this window, where the average pre-money valuation is $209.5 million.

But appearances can be deceiving. Indeed, there is downward pressure on venture rounds in response to this window, and the reason is that averages don't tell all...