You need to consider that a very, very small percentage of companies have IPOs. Many "successful" exits are actually acqui-hires, where a larger company acquir

You need to consider that a very, very small percentage of companies have IPOs. Many "successful" exits are actually acqui-hires, where a larger company acquires a dead or dying company for its talent. Often the product from that company is immediately shutdown, or at least shelved and no longer actively developed. Other "successful" exits pay some percentage back to the recent preferred shareholders. Earlier investors are not made whole. Common shareholders generally get nothing. Founders will still spin these "exits" a positive because they didn't have to shut down. The reality is the venture was a failure. Employees got jobs... that they could've had anyway.