隨著科技公司IPO交易增多，溝通愈發重要

今年7月初在阿斯彭舉行的《財富》頭腦風暴技術大會上，出現了諸多隱晦的主題，其中之一便是科技行業IPO市場已經發展至新階段。

這是因為，IPO不再是募集傳統資本的實際手段。15年前，私募股權和主權財富基金等資金來源難以獲取，現在這些資金能夠讓企業上市之前更長時間地保持私有狀態，并不斷發展。但這也意味著，由于公司上市的時間變晚，IPO的增長曲線不像以前那么陡峭。投資者已經不能再用同樣的方式，期望短時間內IPO并賺取豐厚的利潤。IPO

那么，為什么還有公司要上市呢？對有些人來說，這代表著一種正式的認可。加拿大皇家銀行的董事總經理馬克·馬哈尼在最近接受《財富》《Term Sheet》欄目編輯波琳娜·瑪麗諾娃的電話采訪時指出，公司上市標志著創業者終于在“大聯盟”里取得了成功。又或是像Slack的聯合創始人及首席執行官斯圖爾特·巴特菲爾德在《財富》頭腦風暴技術大會上所說：“上市能給我們提高信譽?！?/p>

但如今的IPO已經不同往日。

首先，有很多公司的營收很高，以極高的估值上市，金額經常創下了紀錄，卻面臨著巨大的虧損?？萍疾┛途W站TechCrunch對15家科技公司2018年的財務數據進行了對比?！叭绻堰@些公司合起來，”喬安娜·格拉斯納寫道，“就會變成一家規模巨大但還在虧錢的超級獨角獸，年度營收超過250億美元，虧損達60億美元以上?！闭蛉绱?，有關IPO贏家（Zoom、PagerDuty）、輸家（Uber、Lyft）和推遲上市者（Airbnb，Palantir）的猜測仍在繼續。

看重增長的投資者可能不會擔心長期前景：舉例來說，Uber剛上市時開局不佳，但實際上估值強勁，因為其擁有Uber Eats等前景看好的新營收模式。話雖如此，該公司在IPO以后的增長曲線下沉，因此指望IPO籌集到現金立刻實現大幅增長已經不再現實，需要重新設定預期。

IPO市場發生變化的第二個原因跟聲譽有關。舊金山正在展開一場頗受爭議的拉票行動，將投票決定是否對股票薪酬征收所謂的“IPO稅”，并將所得資金用于社會公益項目，這是曾經一度備受歡迎IPO變成了收入差距象征的明顯例子。舊金山現在是世界上億萬富翁最多的城市，同時貧困率也位居美國前列，形成了鮮明對比。人們呼吁，企業領導人應該把解決重大社會問題納入核心商業戰略。IPO是一種觸發性事件，首席執行官會以從未想過的方式站到聚光燈下，但很多人都對新情況毫無準備。

在這種背景下，溝通在幫助公司應付相關問題方面變得更加關鍵。我們發現變化主要發生在三個方面。

第一個變化與敘事有關。向人們灌輸某家公司未來發展潛力強大的信念時，差異化比以往更加關鍵，尤其是身處瞬息萬變的市場中。你的公司跟其他公司有何差別；這種差別如何才能夠轉化為推動市場擴張的能力；你如何領跑？換句話說，你有什么本事比其他公司更好地解決問題？

很多臨近IPO的公司之前的成功完全靠快速增長，并未真正理解市場的變化。醫療器械公司Shockwave Medical則是個正面的特例，當前股價達到了IPO發行價的259%。加通貝祥的董事總經理賈森·米爾斯向《舊金山紀事報》（San Francisco Chronicle）表示：“該公司之所以表現很好，是因為市場上真的沒有同類技術，而且從某種程度上來說，其（用于人體的）技術是普遍適用的?！?/p>

第二個變化則關于發展路線。Uber和Lyft的IPO交易、以及WeWork在IPO之前的教訓是，公司必須更清楚、更廣泛、更詳細地向投資者介紹盈利模式——以及逐漸實現盈利的計劃細節。尤其對于增長規模很大、燒錢同樣迅速的公司來說，如果想管好投資者預期，就需要讓投資者相信公司能夠保持可持續地增長和創新。

善于溝通的人都深諳此道。舉例來說，Zoom在向投資者公司詳細介紹了IPO之前、IPO期間和IPO之后如何打造可擴張的商業模式方面就做得非常出色，其當前股價與每股36美元的IPO發行價相比已經上漲了一倍以上。出席頭腦風暴技術大會的淡馬錫董事總經理穆庫爾·查拉還建議，公司應該提出具有吸引力的盈利理論依據，內容包括如何盈利目標，以及如何克服障礙等。他指出，目標可能無法迅速實現，可能需要5到7年——但公司還是應該制定好。

最后一個變化則關于公司與使命之間的關系。植物性人造肉公司Beyond Meat就是個很好的例子，其股價之所以會上漲，不僅是因為該公司作為先行者而擁有差異化優勢，也是因為對可持續食物替代品的需求由道德驅動，同時又能夠賺錢?？赡軙型顿Y者質疑該股過熱，但都認同公司的使命是創造更具可持續性的食品體系，而這正是社會所需要的。共同的目標也是Beyond Meat的員工、客戶和合作伙伴背后的驅動力，能夠激發和激勵人們參與其中，鍛造應對未來挑戰的韌性。格言“行善得?！币呀浹葑兂伞靶猩剖潜匾I碼，如此才能成功”。這算不上公關手腕，而是聰明的商業手段。

公司的使命與領導層也有關。在IPO之前，創業者往往無法理解的一件事情是，隨著公司規模的擴大，看似只是核心業務附屬的倫理和社會問題越來越重要。原因很簡單：公司規模越大，責任也就越大。企業領導者要努力解決重要的社會問題，納入核心業務戰略考慮。這就意味著，公司要以有意義且真實的方式積極參與解決頗具挑戰性的社會問題。

對公司來說，IPO是發展歷程中一個意義深遠的時刻；公司完成IPO以后，無論是在財務上還是在聲譽上，利害關系都比過去大得多。公司首席執行官、首席運營官和首席法律顧問都必須掌握聰明的溝通技巧，充分理解整體歷程，把故事講圓滿。（財富中文網）

步春歌（Kathy Bloomgarden）是羅德公關的首席執行官，羅賓·金姆（Robin Kim）是羅德公關的全球技術和創新實踐總監。除非另有說明，否則他們與本文提到的任何公司都沒有投資關系或其他關聯。

譯者：艾倫

審校：夏林

When it comes to the tech IPO market, we’re in new territory. This was one of the many implicit themes coming out of Fortune’s Brainstorm Tech conference in Aspen in earlier July.

This is because IPOs are no longer the de facto means of raising traditional capital. Funding sources that weren’t available 15 years ago, such as private equity and sovereign wealth funds, are enabling companies to stay private longer and fueling their growth before they come to market. Yet it also means that by coming to market later, the growth curve at IPO is not as steep. Investors can no longer take the same approach, expecting to be in an IPO for a lucrative, short time.

So why do companies decide to go public? For some, it’s a stamp of approval. RBC managing director Mark Mahaney noted on a recent call with Fortune Term Sheet editor Polina Marinova that public markets can be a sign that you’ve finally succeeded in the big leagues. Or as Slack co-founder and CEO Stewart Butterfield said at Brainstorm Tech, “It gives us some credibility.”

Yet IPOs are different now.

First, there are a record number of companies with high revenues that are going public at lofty valuations, while sustaining massive losses. TechCrunch recently compared 15 tech unicorns by their 2018 financial statistics. “Put these companies altogether in a pot,” writes Joanna Glasner, “and they’d make one enormous, money-losing super-unicorn, with more than $25 billion in annual revenue coupled to more than $6 billion in losses.” That’s also why speculation continues regarding IPO winners (Zoom, Pagerduty), losers (Uber, Lyft), and delayers (Airbnb, Palantir).

Investors who prize growth may not be concerned long-term: Uber’s rocky start, for example, belies a strong valuation, given its promising new revenue models such as Uber Eats. Having said that, the lower growth curve following an IPO means that it’s no longer realistic to expect a dramatic growth spurt immediately off of IPO cash: Expectations need to be reset.

There’s a second reason why the IPO market has changed, and that has to do with reputation. A controversial ballot effort in San Francisco, which would levy a so-called IPO tax on stock-based compensation and apply the funds toward social programs, is a good example of how the once-celebrated IPO has become an emblem for income disparity. The Bay Area is now home to more billionaires than any other city in the world, a stark contrast to California’s ranking as the state with the highest poverty rate in America. Corporate leaders are being asked to address major social problems as part of their core business strategies. IPOs are trigger events that put CEOs in the spotlight in ways many have never anticipated before. Many are simply unprepared for the new landscape that awaits them.

In this context, the role of communications has become even more critical in helping companies navigate this journey. We see this change happening in three areas.

The first is in the narrative. Differentiation is now more critical than ever in instilling the belief of a company’s strong future potential, particularly in fast-changing markets. How are you differentiated; how does this translate into your ability to drive market expansion; how are you moving ahead of the curve? In other words, what is your inherent ability to solve problems better than anyone else?

Many pre-IPO companies, whose success have been based purely on growth, do not understand this. A positive exception to the latter is ShockWave Medical, whose current stock is worth 259% of its IPO start price. Canaccord Genuity managing director Jason Mills told the San Francisco Chronicle, “The reason it’s done so well is that there is really no other technology like it and its applicability is somewhat ubiquitous” through the body.

The second change is in the roadmap. One lesson from the Uber and Lyft IPOs, and ahead of WeWork’s IPO, is the imperative for companies to communicate much more clearly, accessibly, and in greater detail their profit model—along with specifics on their plans to achieve profitability over time. This is particularly the case for companies with massive growth and equally massive burn rates, if they are to manage investor expectations and increase confidence that they can sustainably invest in growth and innovation long-term.

Savvy communicators get it. Zoom, for example, did this brilliantly in communicating how it built a scalable business model before, during, and after its IPO. Its stock is currently up more than double its initial price of $36. Temasek managing director Mukul Chawla at Brainstorm Tech also called out the need for companies to present a compelling intellectual case for profitability, including the path to get there and how they are overcoming obstacles to achieving it. That path may not be immediate, he noted, and it can take five to seven years to achieve—but it still needs to be there.

The final change is in a company’s link to purpose. Beyond Meat is a great example. Its stock sizzles not just because of its first mover differentiation, but because the demand for sustainable food alternatives is as ethically driven as it is good financial sense. Investors may question whether the stock is overheated, but they all agree that its mission to create a more sustainable food system is what society needs. This shared purpose is also what drives employees, customers, and partners to seek Beyond Meat: It excites, inspires, engages, and creates a foundation for resilience in weathering future challenges. The adage of doing well by doing good has evolved to doing good as essential table stakes to doing well. That’s not good PR. That’s smart business.

Purpose is also linked to leadership. Entrepreneurial founders pre-IPO often fail to grasp that ethical and social issues that seem ancillary to their core business are increasingly inherent to their business as they scale. The reason is simple: With greater size comes greater responsibility. Corporate leaders need to be committed to addressing major social problems as part of their core business strategies. That means being actively engaged in solving societal challenges in meaningful, authentic ways.

The IPO is a profound moment in a company’s journey, and the stakes are much higher than they used to be—financially and reputationally. It will require CEOs, CMOs, and general counsels to demand that smart communicators fully understand this journey and get the story right.

Kathy Bloomgarden is the CEO of Ruder Finn. Robin Kim is the practice head in global technology and innovatio at Ruder Finn. They have no investments in or associations with any of the companies mentioned in this article, unless otherwise indicated.