Problem Statement
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The Velvet Rope: Private Market Exclusion
섹션 제목: “The Velvet Rope: Private Market Exclusion”The Contrarian Truth
섹션 제목: “The Contrarian Truth”Information is free, but value is jailed.
Everyone knows SpaceX is winning. Everyone knows Stripe is the internet’s GDP. But only 0.01% of the world can trade on this truth.
The most significant wealth creation of the past decade has occurred in private markets. Companies like SpaceX, Stripe, and ByteDance have grown from startups to $100B+ valuations entirely in the private realm, with retail investors locked out until (if ever) an IPO occurs.
┌─────────────────────────────────────────────────────────────────┐│ THE VELVET ROPE OF PRIVATE MARKETS │├─────────────────────────────────────────────────────────────────┤│ ││ Value Captured Before IPO ││ ├── Founders & Early Employees: 30-40% ││ ├── Venture Capital (Series A-D): 40-50% ││ ├── Late-Stage Private Equity: 10-20% ││ └── Public Market Investors: <10% (post-IPO scraps) ││ ││ By the time they ring the bell at NYSE, ││ the 100x growth is already gone. ││ │└─────────────────────────────────────────────────────────────────┘The Emotional Truth
섹션 제목: “The Emotional Truth”传统世界的不公平：┌─────────────────────────────────────────────────────────────────┐│ SpaceX / OpenAI / Stripe ││ ││ VC / 家办 / 高净值 → 轻松买到 → 10x 回报 ││ 普通人 → 门槛 $1M+ → 只能看热闹 │└─────────────────────────────────────────────────────────────────┘
核心情绪：├── 愤怒："为什么 VC 能买，我不能？"├── 不公："Wall Street 的围墙把我们挡在外面"└── 渴望："用 $100 也能参与 SpaceX 的成长"Private markets satisfy two things: Ego and Inefficiency.
Bankers charge 5% fees to gatekeep fast-growing companies. Employees are held hostage by 4-year cliffs and 10-year IPO timelines. Capital is trapped in a “Black Box.”
The Numbers Don’t Lie
섹션 제목: “The Numbers Don’t Lie”| Metric | Reality |
|---|---|
| Average time to IPO | 12 years (was 4 years in 1999) |
| Value captured pre-IPO | 80-95% |
| Minimum to access secondary | $100K - $5M |
| Accredited investor threshold | $1M net worth or $200K income |
| Global “accredited” population | < 2% |
| Global unicorn count | 1,200+ companies |
| Combined unicorn valuation | $3.8 Trillion |
| Accessible to retail | < 0.1% |
The Access Hierarchy
섹션 제목: “The Access Hierarchy”┌─────────────────────────────────────────────────────────────────┐│ PRIVATE MARKET ACCESS PYRAMID │├─────────────────────────────────────────────────────────────────┤│ ││ ┌─────┐ ││ ╱ ╲ ││ Tier 1: │ Founders│ Direct equity grants ││ ╲ ╱ ││ └──┬──┘ ││ ╱ ╲ ││ Tier 2: │ VC Funds │ $10M+ fund commitments ││ ╲ ╱ ││ └───┬───┘ ││ ╱ ╲ ││ Tier 3: │Family Offices│ $5M+ via brokers ││ ╲ ╱ ││ └────┬────┘ ││ ╱ ╲ ││ Tier 4: │ HNW / Accred │ $500K+ secondary ││ ╲ ╱ ││ └─────┬─────┘ ││ ╱ ╲ ││ Tier 5: │ RETAIL │ ❌ NO ACCESS ││ ╲ ╱ ││ └─────────────┘ ││ ││ 98% of the world is at Tier 5 ││ │└─────────────────────────────────────────────────────────────────┘Pain Points by User Segment
섹션 제목: “Pain Points by User Segment”A: Retail Investors (98% of global population)
섹션 제목: “A: Retail Investors (98% of global population)”Alex, 26 years old, $5,000 to invest
Situation:
- Sees news: “SpaceX valued at $180B”
- Wants exposure to space economy thesis
- Has $5,000 available to invest
- Believes in the future, wants to participate
Current Options:
| Option | Reality |
|---|---|
| ❌ Direct shares | Impossible |
| ❌ Secondary market | $100K minimum |
| ❌ VC funds | Accredited only |
| ⚠️ Public proxies | Poor correlation (Boeing? Lockheed?) |
| ⚠️ Prediction markets | Binary, low limits, regulatory grey |
Result: Watches from sidelines as wealth compounds for others. Peak FOMO.
B: Tech Employees (Unicorn Staff)
섹션 제목: “B: Tech Employees (Unicorn Staff)”David, 32 years old, $2M in vested options
Situation:
- 5 years at Stripe, $2M in vested options
- Company delays IPO indefinitely
- Personal life needs liquidity (house, family, diversification)
- 100% net worth tied to single illiquid asset
Current Options:
| Option | Reality |
|---|---|
| ❌ Sell shares | Company ROFR, transfer restrictions |
| ❌ Bank loan | Illiquid collateral rejected |
| ⚠️ Secondary sale | 6-month process, 20-30% discount |
| ❌ Hedge risk | No instruments exist |
Result: Hostage to a single point of failure. WeWork employees learned this painfully when their $1M paper wealth went to zero.
The Unique Pain: David is the ONLY person who cannot bet against his own company’s valuation. Everyone else can stay away. David is trapped.
C: High-Net-Worth / Family Offices
섹션 제목: “C: High-Net-Worth / Family Offices”Mr. Chen, $50M AUM family office
Situation:
- Wants 5% allocation to pre-IPO tech
- Needs reliable sourcing and fair pricing
- Has capital, lacks access
Current Options:
| Option | Reality |
|---|---|
| ⚠️ Broker networks | Opaque pricing, slow execution |
| ⚠️ Secondary platforms | Limited inventory, 30-day settlement |
| ⚠️ Direct VC | Requires relationships, fund commitments |
| ❌ Price discovery | No transparent market |
Result: Pays 20-40% premium due to information asymmetry. Or misses allocation entirely.
D: Global Investors (Non-US)
섹션 제목: “D: Global Investors (Non-US)”Aisha, Singapore-based investor, $500K
Situation:
- Wants exposure to US tech unicorns
- Excluded from US-domiciled funds and platforms
- Has capital and sophistication
Current Options:
| Option | Reality |
|---|---|
| ❌ US secondary platforms | KYC restrictions |
| ❌ US VC funds | Regulatory barriers |
| ⚠️ Offshore funds | Limited selection, high fees |
| ⚠️ ADRs | Post-IPO only — too late |
Result: Systematically excluded from US innovation economy despite having capital and conviction.
Market Inefficiencies
섹션 제목: “Market Inefficiencies”1. Information Asymmetry
섹션 제목: “1. Information Asymmetry”Price Discovery in Private Markets├── Funding rounds: Every 12-18 months (stale)├── 409A valuations: Backward-looking, manipulated├── Broker quotes: Wide spreads, selective disclosure└── True fair value: Unknown until IPO/M&A
Result: Insiders know the price. You don't.2. Liquidity Fragmentation
섹션 제목: “2. Liquidity Fragmentation”Secondary Market Landscape├── Forge Global: US accredited only├── EquityZen: $10K minimum├── Carta: Company-controlled├── SharesPost: Limited inventory├── Broker networks: Relationship-based└── Direct P2P: High friction, fraud risk
Result: Liquidity scattered across incompatible venues.3. Settlement Inefficiency
섹션 제목: “3. Settlement Inefficiency”| Traditional Secondary | Timeline |
|---|---|
| LOI Signing | Day 0 |
| Due Diligence | Days 1-14 |
| Company ROFR | Days 15-45 |
| Legal Documentation | Days 45-60 |
| Funds Transfer | Days 60-75 |
| Share Transfer | Days 75-90 |
90-day settlement in an era of T+1 public markets and instant crypto settlement.
The Opportunity
섹션 제목: “The Opportunity”Why Crypto?
섹션 제목: “Why Crypto?”| Feature | Benefit |
|---|---|
| Permissionless | No accreditation gatekeeping |
| 24/7 Liquidity | AMM always available |
| Instant Settlement | Minutes, not months |
| Transparent | On-chain, auditable |
| Composable | DeFi integrations possible |
| Global | No jurisdictional barriers |
The Market Gap
섹션 제목: “The Market Gap”┌─────────────────────────────────────────────────────────────────┐│ THE MARKET GAP │├─────────────────────────────────────────────────────────────────┤│ ││ Traditional Finance Crypto Finance ││ ───────────────────── ─────────────── ││ Private Equity Access Permissionless DeFi ││ Covered Warrants AMM Liquidity ││ Institutional Grade Retail Accessible ││ 90-day Settlement Instant Settlement ││ ││ ┌───────────────────────┐ ││ │ PIPO │ ││ │ Bridging the Gap │ ││ │ │ ││ │ "Wall Street won't │ ││ │ let you buy SpaceX.│ ││ │ Crypto will." │ ││ └───────────────────────┘ ││ │└─────────────────────────────────────────────────────────────────┘Summary
섹션 제목: “Summary”The private market wealth gap is not a technical problem — it’s an access problem.
The infrastructure exists to tokenize assets, provide liquidity, and settle instantly. What’s missing is a compliant, user-friendly bridge between private market exposure and crypto-native capital.
The core emotion: Anti-establishment + Financial democratization.
“华尔街不让你买的，Crypto 让你买。” “用 $100 参与 SpaceX。”
PIPO fills this gap.
Next: Solution Overview