The small IPO decline.

Today, the US has fewer than half of the number of publicly-listed companies than two decades ago. Small-company initial public offerings (”IPOs”) are virtually nonexistent.


Why did this happen?

Since 1998 the collapse of the small capital IPO correlates to the expansion of high-frequency electronic stock exchanges. While these electronic exchanges help optimize trading for large companies, small companies lack the volume and liquidity to maintain constant trading transactions.

Harmful effects

Investor Access

The small capital markets are now increasingly private markets where only industry insiders participate, gaining the earliest and largest rewards of company growth prior to public offerings.

Company Access

The current one-size-fits-all stock exchange trading methodology is not working in the US for small-cap stocks as only the largest “unicorn” companies can avail themselves of liquidity from an IPO.

Job Growth

Job growth is stunted within small businesses as 92% of all job growth within a company occurs after the company goes public.

Wealth Creation

Wealth creation is heavily stunted for business owners, investors, and employees.

our solution

Rebuilding the IPO on-ramp.

Venture exchanges will be tailored to help smaller companies list and actively trade their securities. Venture exchanges can serve as small company incubators and create additional incentives such as:
Aggregated liquidity
Regulatory oversight
Customized auctions and tick sizes
Transparent reporting

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More information
The Main Street Growth Act
Venture Exchanges: Executive Summary
Legislative History
114th Congress

Main Street Growth Act first championed through congress.

114th Congress

An earlier version (H.R. 4638) was passed by the House Financial Services Committee – party line vote R 32 for D 24 against.

115th Congress

Dream Exchange proposes modifications (working carefully with Cong. Waters and Cong. Hensarling) to enhance H.R. 4638, now H.R. 5877. Main Street Growth Act which was passed by house financial services committee unanimously (56-0).

2021- 22
117th Congress

Reintroduced on Nov 1, 2021 as H.R. 5795 and S.3097 (Sen. Kennedy R-LA), with bipartisan sponsorship (Rep. Emmer R-MN, Rep. Panetta D-CA). House Financial Services committee hearing was held March 30th, 2022.

118th Congress

Reintroduced on December 6th 2023 as H.R. 6623 with the bipartisan sponsorship of Rep. Emmer R-MN, Rep. Donalds R-FL, Rep. Fitzgerald R-WI, and Rep. Panetta D-CA.

Frequently Asked Questions
Can the Dream Exchange open without the Main Street Growth Act?
What is a venture exchange?
When will the venture exchange be open?
How do I invest in companies on the Venture Exchange?
How do I list my company on the venture exchange?
What types of companies will Dream Exchange list?
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