It's been a lackluster year for tech IPOS, with rising regulation and an inundation of venture capital money. But the lull in new stock offerings is no indication of success for young Silicon Valley companies, according to Guy Kawasaki, former Apple chief evangelist.
"The purpose of a company is to create a great product or service or to create a customer," Kawasaki told CNBC's "Squawk Alley" Monday. "Going public should be a natural outcome of success but it is not the definition of success."
So-called "unicorns" have grabbed the attention of venture capitalists but individual investors are far less involved. So far this year, 31 companies have gone public in the U.S., down from 69 in the first five months of 2015 and 115 in the same period in 2014, Barron's reported, citing Renaissance Capital.