IPO fever is back. SnapChat, Instagram, Chegg, and the soon to go off Twitter have once again contributed to the investment energy that is IPO fever. We are reading about the fever from all angles: the composition of investors, the inventors, the bankers, underwriters and VCs, until we all in a lather. It will “bubble out” but that’s not even the worst of it. The worst is when young  entrepreneurs start to think they can build a billion with a smart idea, some energy drinks and an all-yearer (like an all-nighter but longer). Some will, most won’t.

I’ve watched CTOs with the fever working for the big payday, scrimping on quality testing, usability testing and market research all with Sand Hill Road and Union Square dreams dancing in their heads. Some smart VCs see these guys coming an say no, so the “fevered” go looking for angels and second tier investors.

The fever can be market debilitating. It’s exciting and needs to happen in a growing innovation driven economy, it just can’t be so exuberant that the inventors lose sight of business fundamentals.  Let’s just breathe. Invent and breathe.  Peace!