A lot of innovation happens in the shadows before metrics evolve that help VC's determine probability of success. It's only when the VC's can judge among a num

A lot of innovation happens in the shadows before metrics evolve that help VC's determine probability of success. It's only when the VC's can judge among a number of opportunites, that they will invest in any of them. Even with quite a number of players, there is still plenty of upside. Innovators think, "I'm the only one doing this and it's going to change the world." Innovators think VC's want in on the ground floor to maximize returns on capital. Innovators think their ideas are sure things. But they aren't. It's good innovators think that, because if they didn't, they wouldn't waste their time on their silly ideas that never go anywhere... but sometimes do.