My instincts agree with his basic point, and there is probably much to learn from the individual companies he has studied. However, the numbers are totally use

My instincts agree with his basic point, and there is probably much to learn from the individual companies he has studied. However, the numbers are totally useless. He has only profiled companies from Minnesota, and many of them are over 40 years old. His data may just as well be pointing to differences in availability of venture capital over space and time.