As technology venture investors, there is nothing we like more than seeing fast-growing tech companies such as Snap (SNAP), Uber (UBER), or Lyft (LYFT) making their way into their IPO rounds. One thing that these companies share in common is, of course, the fact that they all sacrifice today’s profits for future ones. In some cases, it takes a long time before a technology venture becomes profitable, which helps create a perception that a lot of these investments are Ponzi schemes. While we certainly don’t think that is true at all as we are bullish in almost every technology company today, one solid bearish position we have developed for some time is that one of Snap. Our belief as of today is that Snap was not the kind of technology company that was ready for an IPO just yet.

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