Definition
Direct Public Offering (DPO)
Listing existing shares on an exchange without raising new capital. Shareholder to shareholder trading, no IPO roadshow.
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Related terms in Startups & Fundraising
Design partnerAn early customer who helps shape a product, often in exchange for access and influence.Design Partner ProgramAn early-access cohort of customers who help shape a product in exchange for founder-level pricing and direct access to the builder. Chime's program caps at 25 seats at $39/month locked in for life.Design PatentProtects how something looks; typically easier to interpret and litigate.DilutionThe reduction in existing shareholders' ownership percentage that occurs when a company issues new shares, typically during a funding round.Distribution on Cap TableGiving equity — not just commissions — to people who already have relationships, access, and trust inside your target market. Not hiring salespeople after the product is built, but recruiting co-builders who are already known inside the networks you need to reach. Josh Furstoss's first checkbox before starting any new company.Dual-Sided MarketplaceA platform that must simultaneously attract and serve two distinct user groups whose participation depends on the other side being present. In Luxxera's case: patients and clinics.Earn-outA deal structure where part of the sale price is paid later, contingent on the founder staying and hitting targets.Execution PremiumThe principle that execution accounts for 99% of startup outcomes and the initial idea for 1%. Ideas are the starting point — what makes them founders — but validation, iteration, delivery quality, and market timing determine whether anything becomes a business. A great idea with poor execution fails; an ordinary idea executed with relentless customer focus and iteration can succeed. The implication: invest disproportionately in execution infrastructure, not idea protection.