Entrepreneur and Shark Tank impresario Mark Cuban is trying to reinvent the initial public offering (IPO) process for small companies.

That's because regulations and a lack of interest by investment banks have made it too difficult for smaller companies to go public, Cuban writes in an essay entitled "We Don't Live in the World We Were Born Into," published earlier this month by the George W. Bush Institute

The changing dynamics can be seen in the number of public companies, which has fallen to 3,700 from 8,000 over the past decade, Cuban writes. To change the downdraft, he is working with several banks to create a market for IPOs between $20 million and $50 million.

Cuban declined to comment on the details of his efforts, but his plan may be related to recent rule changes promulgated by the Securities and Exchange Commission, specifically with regard to something called Regulation A, which allows companies to raise money in amounts between $20 million and $50 million, in an abbreviated process sometimes referred to as a mini IPO.

In recent years, the size of IPOs has grown dramatically. Numerous well-funded companies have raised hundreds of millions or even billions of dollars. Chinese tech giant Alibaba set the high-water mark, raising $25 billion in its 2014 offering.

"The business of capital formation has been changing dramatically right before our eyes," Cuban writes. "I hope that kids coming out of college the next few years will be able to brag about how easy it is to take a company public and grow it into something special."