So, I would think that startups do have a better chance on first and second pivot. After all, by the time it's time to pivot, the startup will have more staff

So, I would think that startups do have a better chance on first and second pivot. After all, by the time it's time to pivot, the startup will have more staff than when it started, the social relationships will be established, and the staff's skills understood. It's a huge advantage compared to the day the startup is founded. > Does past performance matter? If a startup is pivoting, that means that "past performance" is negative. Does it say anything about future performance? Maybe it says "they'll fail and fail and fail again", or maybe it says "they've learned some lessons and now are staffed appropriately for a pivot". Investors have to put time in to understand what they might be investing in.