1995 Customer Development Employee Equity 
Steve Blank
SEPTEMBER 14, 2009
3) invest in and take equity stakes in exchange for capital. In theory when you went public, everyone’s shares were now tradable on the stock exchange, but usually the underwriters required a six month “lockup” when company insiders (employees and investors) couldn’t sell. They taught you about customers, markets and profits.
A Smart Bear: Startups and Marketing for Geeks
OCTOBER 23, 2012
” Here’s the summary of his track record (excerpted from the Fast Company article): Forefront — IPO’ed in 1995 by CBT — CBT stock fell 85% in 1998 and prompted class-action lawsuits. After all, before the house of cards inevitably tumbles, private equity investors get a tidy return. And it is magic.
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