White Papers

Private Company Liquidity - A Year In Review

In our 2015 Year-End Private Company Report, the first since NASDAQ Private Market acquired SecondMarket, we take a look at the growing phenomenon of private company liquidity. Using data from programs on both the NASDAQ Private Market and SecondMarket platforms, we analyze the top-line trends and how and why private companies use private tender offers to deliver liquidity to their shareholders.

How Regulation A+ Can Help Private Companies Raise Money

The new rules allow companies to take on investors with fewer costly requirements. Brought to you by NPM and The Wall Street Journal this white paper looks at the history of Reg and the future potiental of Reg A+.

The Marketing Secrets of the Unicorns

The business world has been fascinated lately with "unicorns," companies valued over $1 billion that have not yet filed for an initial public offering. Many of these companies became blockbuster successes by creating powerful, often disruptive technologies. But that's not the only smart thing they did: They also developed sophisticated marketing and public relations operations that have greatly contributed to their success—and achieved it relatively affordably. Brought to you by NPM and The Wall Street Journal this white paper looks at the marketing behind these privately held companies

Want to Turn Your Startup Into a Unicorn?

Brought to you by NPM and The Wall Street Journal this white paper takes a look at some common traits among companies with $1 billion-plus valuations.

The Value of Teaching Employees About Their Stock Options

Companies don’t reap their stock program’s full value if employees don’t understand how they work. Brought to you by NPM and The Wall Street Journal this white paper looks at how stock award programs are intended to help companies attract, motivate and retain employees and how unfortunately, they don't always achieve these goals.

Why Funds are Scooping Up Private-Company Shares

Brought to you by NPM and The Wall Street Journal this white paper explores how many fast-growth startups, VCs are no longer the only ones eager to invest.

What's the Future of Secondary Equity Markets?

Brought to you by NPM and The Wall Street Journal this white paper explores how this report takes a look at why private markets were created - and what lies ahead.

Why Fast-Growth Startups Are Setting Up Stock Liquidity Programs

Brought to you by NPM and The Wall Street Journal this white paper explores how employees can sell their shares to handpicked, well-established investors.

Value of an Exit

Who Gets What After an Exit? Founders might get rich—or not. After years of hard work, you sell your startup to a big fish for millions of dollars—but you and your team receive none of that money. Could it really happen? Brought to you by NPM and The Wall Street Journal this white paper explores the value of an exit in different scenarios.

Term Sheets 101: What You Need to Know

Understand the key terms—and review the fine print. A term sheet—the document that outlines the terms of a future funding agreement—may be the closest thing to a golden ticket in the startup world. In fact, if an investor offers a company a term sheet, it often indicates he or she is strongly interested in making an investment—quite possibly very soon. Brought to you by NPM and The Wall Street Journal this white paper explores the world of term sheets.