> 1% of US-based companies are publicly traded.

Well, let's broaden the scope a bit then. Beyond simply issuing new shares, you can found a new company. This happens a lot, outside the bay, you just don't hear or think about it unless it's a VC backed firm hoping to make it huge. When it's a sole proprietorship, crickets. Perhaps this is fine, but there are different modes of ownership across the country.