今年7月初在阿斯彭舉行的《財富》頭腦風(fēng)暴技術(shù)大會上，出現(xiàn)了諸多隱晦的主題，其中之一便是科技行業(yè)IPO市場已經(jīng)發(fā)展至新階段。

這是因為，IPO不再是募集傳統(tǒng)資本的實際手段。15年前，私募股權(quán)和主權(quán)財富基金等資金來源難以獲取，現(xiàn)在這些資金能夠讓企業(yè)上市之前更長時間地保持私有狀態(tài)，并不斷發(fā)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(jīng)不能再用同樣的方式，期望短時間內(nèi)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(rèn)可。加拿大皇家銀行的董事總經(jīng)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(biāo)志著創(chuàng)業(yè)者終于在“大聯(lián)盟”里取得了成功。又或是像Slack的聯(lián)合創(chuàng)始人及首席執(zhí)行官斯圖爾特·巴特菲爾德在《財富》頭腦風(fēng)暴技術(shù)大會上所說：“上市能給我們提高信譽(yù)。”

但如今的IPO已經(jīng)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(jīng)常創(chuàng)下了紀(jì)錄，卻面臨著巨大的虧損。科技博客網(wǎng)站TechCrunch對15家科技公司2018年的財務(wù)數(shù)據(jù)進(jìn)行了對比。“如果把這些公司合起來，”喬安娜·格拉斯納寫道，“就會變成一家規(guī)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(dá)60億美元以上。”正因如此，有關(guān)IPO贏家（Zoom、PagerDuty）、輸家（Uber、Lyft）和推遲上市者（Airbnb，Palantir）的猜測仍在繼續(xù)。

看重增長的投資者可能不會擔(dān)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(qiáng)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(xiàn)金立刻實現(xiàn)大幅增長已經(jīng)不再現(xiàn)實，需要重新設(shè)定預(yù)期。

IPO市場發(fā)生變化的第二個原因跟聲譽(yù)有關(guān)。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(jīng)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(xiàn)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(yè)領(lǐng)導(dǎo)人應(yīng)該把解決重大社會問題納入核心商業(yè)戰(zhàn)略。IPO是一種觸發(fā)性事件，首席執(zhí)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(zhǔn)備。

在這種背景下，溝通在幫助公司應(yīng)付相關(guān)問題方面變得更加關(guān)鍵。我們發(fā)現(xiàn)變化主要發(fā)生在三個方面。

第一個變化與敘事有關(guān)。向人們灌輸某家公司未來發(fā)展?jié)摿?qiáng)大的信念時，差異化比以往更加關(guān)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(zhuǎn)化為推動市場擴(kuò)張的能力；你如何領(lǐng)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(yī)療器械公司Shockwave Medical則是個正面的特例，當(dāng)前股價達(dá)到了IPO發(fā)行價的259%。加通貝祥的董事總經(jīng)理賈森·米爾斯向《舊金山紀(jì)事報》（San Francisco Chronicle）表示：“該公司之所以表現(xiàn)很好，是因為市場上真的沒有同類技術(shù)，而且從某種程度上來說，其（用于人體的）技術(shù)是普遍適用的。”

第二個變化則關(guān)于發(fā)展路線。Uber和Lyft的IPO交易、以及WeWork在IPO之前的教訓(xùn)是，公司必須更清楚、更廣泛、更詳細(xì)地向投資者介紹盈利模式——以及逐漸實現(xiàn)盈利的計劃細(xì)節(jié)。尤其對于增長規(guī)模很大、燒錢同樣迅速的公司來說，如果想管好投資者預(yù)期，就需要讓投資者相信公司能夠保持可持續(xù)地增長和創(chuàng)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(xì)介紹了IPO之前、IPO期間和IPO之后如何打造可擴(kuò)張的商業(yè)模式方面就做得非常出色，其當(dāng)前股價與每股36美元的IPO發(fā)行價相比已經(jīng)上漲了一倍以上。出席頭腦風(fēng)暴技術(shù)大會的淡馬錫董事總經(jīng)理穆庫爾·查拉還建議，公司應(yīng)該提出具有吸引力的盈利理論依據(jù)，內(nèi)容包括如何盈利目標(biāo)，以及如何克服障礙等。他指出，目標(biāo)可能無法迅速實現(xiàn)，可能需要5到7年——但公司還是應(yīng)該制定好。

最后一個變化則關(guān)于公司與使命之間的關(guān)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(yōu)勢，也是因為對可持續(xù)食物替代品的需求由道德驅(qū)動，同時又能夠賺錢。可能會有投資者質(zhì)疑該股過熱，但都認(rèn)同公司的使命是創(chuàng)造更具可持續(xù)性的食品體系，而這正是社會所需要的。共同的目標(biāo)也是Beyond Meat的員工、客戶和合作伙伴背后的驅(qū)動力，能夠激發(fā)和激勵人們參與其中，鍛造應(yīng)對未來挑戰(zhàn)的韌性。格言“行善得福”已經(jīng)演變成“行善是必要籌碼，如此才能成功”。這算不上公關(guān)手腕，而是聰明的商業(yè)手段。

公司的使命與領(lǐng)導(dǎo)層也有關(guān)。在IPO之前，創(chuàng)業(yè)者往往無法理解的一件事情是，隨著公司規(guī)模的擴(kuò)大，看似只是核心業(yè)務(wù)附屬的倫理和社會問題越來越重要。原因很簡單：公司規(guī)模越大，責(zé)任也就越大。企業(yè)領(lǐng)導(dǎo)者要努力解決重要的社會問題，納入核心業(yè)務(wù)戰(zhàn)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(zhàn)性的社會問題。

對公司來說，IPO是發(fā)展歷程中一個意義深遠(yuǎn)的時刻；公司完成IPO以后，無論是在財務(wù)上還是在聲譽(yù)上，利害關(guān)系都比過去大得多。公司首席執(zhí)行官、首席運(yùn)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(wǎng)）

步春歌（Kathy Bloomgarden）是羅德公關(guān)的首席執(zhí)行官，羅賓·金姆（Robin Kim）是羅德公關(guān)的全球技術(shù)和創(chuàng)新實踐總監(jiān)。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(guān)系或其他關(guān)聯(lián)。

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.