tified as potentially excluded were still receiving funding. The five still in private hands can be regarded as examples of the imprecision of our assumptions—they may, as discussed in Section 3.2, be firms that received more than $5 million or more than one round of venture funding, but did not for various reasons cede a controlling interest. The fact that only one of the 51 firms identified as publicly traded was still applying suggests even more strongly that these firms have been largely excluded.

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