For a less comprehensive, but also less complex and opaque, analysis, I looked at the cash on cash returns from seed, series a and series b investments in some

For a less comprehensive, but also less complex and opaque, analysis, I looked at the cash on cash returns from seed, series a and series b investments in some of the top performing companies in recent years: Uber, lyft, twitter, Dropbox, Pinterest, snap and zoom [0] I did this as a way to compare tech and biotech seed investing (I work in biotech). Outlier returns in biotech are lower than in tech, so managing risk across a portfolio is more important than just getting in on big winners (i.e. Consistent base hits and home runs, not just going for one or two grand slams) Interestingly, biotech VC has outperformed tech VC over the last decade. This is despite lower returns on an individual- investment basis. This suggests that concentrated portfolios with low loss rates can perform better than portfolios than power law portfolios [1] So if you are a biotech investor, you probably shouldn't follow the tech investing playbook [0] https://www.baybridgebio.com/blog/anatomy_of_a_decacorn.html https://www.baybridgebio.com/blog/anatomy_of_a_decacorn.html [1] https://www.baybridgebio.com/blog/anatomy_of_a_top_vc.html https://www.baybridgebio.com/blog/anatomy_of_a_top_vc.html