I read that 1 out of 10 VC-funded start up succeeds, on average. I am assuming "succeed" means profitable exit. Activity wise, there certainly are enough data

I read that 1 out of 10 VC-funded start up succeeds, on average. I am assuming "succeed" means profitable exit. Activity wise, there certainly are enough data to pull a reasonable sample size to create a model. However, the tricky part is to identify the right variables. In my opinion, unlike the stock market, the variables to start-up success is much difficult to quantify. Would love to see their theory behind their model though!