Does Equity Analysis Pay Off When It Comes to Intangible Businesses?

Is the stock market's institutions not conducive? I think there's a number of interesting things going on with IPOs. We're seeing private markets getting better at supplying later and later stage capital. The more equity analysis pays off when it comes to intangible intensive businesses. Tesla has been described as a corporate governance disaster. It kind of raises big questions from a model of corporate governance if you want more equity finance.