We study how firm characteristics evolve from early business plan to initial public offering (IPO) to
public company for 50 venture capital (VC) financed companies. We describe the financial performance,
line of business, point(s) of differentiation, non-human capital assets, growth strategy, top management,
ownership structure, and the board of directors. The most striking finding is that firm business lines or
ideas remain remarkably stable from business plan through public company. Within those business lines,
non-human capital aspects of the businesses are more stable than human capital aspects. In the crosssection,
firms with more alienable assets experience more human capital turnover suggesting that specific
human capital becomes less critical as firms establish non-human assets. We obtain qualitatively similar
results to those in our primary sample for all non-financial start-up IPOs in 2004 – both VC- and non-VC
backed. This suggests that our main results are not......

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Title: Evolution From Early Business Plans To Public Companies
Approximate Word Count: 2507
Approximate Pages: 11 (250 words per double-spaced page)

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