Entrepreneurial firms in their young stage are lacking the cash flow and profitability that would enable them to pay interest or dividends. The venture capitalist's return is therefore in capital gains. Venture capital investments, to 90% in high technology companies, experienced a boom from 1995 to 2000. At the same time, Internet shares soared. IPOs (Initial Public Offerings) are the preferential exit means for venture capitalists, entrepreneurs, and investment banks in times of overheated markets. The common goal of those players was to sell as much shares as possible, as quick as possible. Venture capitalists had more money to invest, since the number of entrepreneurial ventures was limited, entrepreneurs had more cash on hand. The number of financing rounds declined sharply. Consequentially, the positive effects of staged capital commitments were highly alleviated and entrepreneurs had more freedom to invest in projects with negative NPV (Net Present Value).