The article discusses how venture capital firms face limits on how many new projects they can handle due to a lack of skilled managers. This leads them to take existing projects public to make room for new ones. The study shows that VC-backed companies are younger, smaller, and less profitable at their initial public offerings (IPOs) compared to non-VC backed firms. VC-backed IPOs are also more underpriced. Additionally, there is a link between underpricing and VC fundraising, with smaller and younger VC firms taking companies public sooner than larger ones. In hot IPO markets, VCs are more likely to take both young and small firms and mature and large firms public, while non-VC backed firms are usually smaller and younger in hot markets.