~ "Start up" company naturally has a small tight group of...

~ "Start up" company naturally has a small tight group of "investors" (nobody likes risk!)
~ As company starts to kick its goals, it attracts more capital as the main core "loosens the reins" a bit
~ Company starts to get recognized (& believed in) by a wider & more diverse group (Traders?)
~ Traders offer greater liquidity
~ Greater liquidity leads to greater interest
~ Greater interest leads to broader capital base
~ Broader capital base leads to more stability
~ More stability leads to lesser investment risk and greater odds of business success
~ More business success leads to greater earnings
~ Greater earnings leads to dividends and a growing market cap.
~ A stable business with a growing market cap. can lead to all sorts of nice things...........

Maybe not all in that exact sequence but I'm sure you get the picture.