Usually when you hear the theory that the public markets encourage “short-termism” you are hearing the special pleadings of senior management that wants an easier life and the right to consume shareholder value.
With this knowledge Eric Reis’s idea is an exchange run by the company’s management! It sounds great if you are management right up to the point that you realize that investors discount your stock to reflect management indulging their preferences.
How many startups can afford the discount required to choose Reis’s Disneyland exchange? It will be popular with fraudsters, but few others, and that will kill it.