Before we leave this graph, we must highlight the dynamic between venture capital and risk. Typically, at the pre-seed or seed stage, the capital need of a venture company is comparatively low, for example, $2 million, but the risk of failure is very high. The business has yet to generate sales or even prove that it has a product or service that will appeal to customers. At the series C and beyond, rounds of capital in the tens of millions of dollars could have been invested in a company. Once a company has demonstrated PMF and an ability to scale, the risk of failure should begin to decline slowly, but the company's need for capital will only continue to rise. Once a company has shifted into profitability and has scaled the business up to its target, investors may start to consider exiting the company. This would typically be via selling their stake built up over the various funding rounds to a new investor, strategic sale, or other investors within the company. Or it may consider an IPO. An IPO or initial public offering requires completing a number of steps to list the company on the stock market. This can be an expensive and time consuming process, but ultimately should set the company up for further growth. Most importantly, by issuing publicly available shares, this once private company will have much greater liquidity for its shareholders and should attract new interest in the company.