There was a time -- in the late 1990s -- when it was seen as a badge of honor to go public. I've likened it to graduating college and moving out of Mom's basement. A company becomes a better company as a result of the process. You can't really mature until you do that.
Of course, another reason why young Silicon Valley CEOs were willing to IPO in the late 1990s is that free money was being thrown at their feet. Greed trumped fear at that point.
It wouldn't be healthy to go back to a world of the late 1990s (although I'm sure it will happen at some point in this upward cycle we're in). But it's not healthy for the tech world to look at the way Wall Street works as some kind of "black art."
Hopefully, we'll find a healthy balance in between in the coming years.At the time of publication the author had positions in YHOO and AAPL. Follow @ericjackson This article was written by an independent contributor, separate from TheStreet's regular news coverage.