In yesterday’s VentureWire there were two articles indicating more signs of life in the entrepreneurial world. One had to do with M&A activity and the other with the NVCA ‘s efforts (such as they are) to bring back IPO activity.   Based on my own subjective experience, ther is more postive buzz than there has been for some time.  These two articles fit this mode. 

Here is one quote from the article on M&A Deal Uptick Holds Caution for VCs:

Now, Williams said, these buyers are dipping their toes back into the water. "We're announcing an acquisition [of one of Montgomery's clients] tomorrow in which we actually had multiple bidders bidding up on a deal. We haven't seen that happen in the last four months."

Williams, speaking at the National Venture Capital Association's annual meeting Wednesday in Boston, said his firm has 12 active term sheets for its clients. "So people are putting offers out there, but the question is how you get from that term sheet to closing that deal," he said.

Other anecdotal information suggests that there is increasing M&A activity but this evidence also indicates that it is hard to get deals done on strong valuations. Activity is activity and it needs to start somewhere.

Here is one quote from the article titled NVCA Unveils Plan To Jump-Start IPOs:

A four-point plan announced Wednesday at the NVCA annual meeting in Boston incorporates a wide range of elements, some of which the trade group has talked about for a while. They range from encouraging small IPOs led by boutique investment banks to preserving tax breaks for long-term capital gains.

Every little bit helps.  While it is hard to see how a robust IPO market develops any time soon, any market is better than no market. 

As I have noted before, I continue to believe that changing the treatment of NOLs would do some good for both the IPO market and the M&A market. I also think that now is the time for such an initiative.

It is spring and I hope we are not cruelly deceived by these early signs of life.