Future Boy reports: Being thirsty makes it hard to think, but the current capital drought in Silicon Valley makes now a good time for reflection. The last technology IPO to make it out of the gate was in July (for LeapFrog Enterprises; the stock’s actually up about 10 percent from its closing price that first day), and there have been fewer than 60 IPOs — both tech and nontech — so far this year. That’s down from nearly 500 in 1999. Now that Wall Street is in retreat, high-tech CEOs should be asking themselves how much they need the services of investment banks in the first place. I’d argue not much. Continue here.

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