Success for who? Customers: probably, employees: maybe, investors/early founders: maybe, maybe not. Capital has a cost. The job of investors is to allocate it

Success for who? Customers: probably, employees: maybe, investors/early founders: maybe, maybe not. Capital has a cost. The job of investors is to allocate it. A company that gets to moderate success on a million of equity is a much different beast than one who blows though $100 million with little to show for it.