If you define a failed startup as one that's never made a profit, there's no shortage of them with "$MM exits." Bebo, anyone? Plus its easy to find startups whe

If you define a failed startup as one that's never made a profit, there's no shortage of them with "$MM exits." Bebo, anyone? Plus its easy to find startups where founders or execs took money off the table long before there was a whiff of profit. And since many VC funds include CALPERS as a large investor, it often ends up that "tax payer money" is the ultimate source of the funds.