Your observation is not wrong, and it’s part of the reason why so many of these startups lose money. However the element I think you’re overlooking is the distr

Your observation is not wrong, and it’s part of the reason why so many of these startups lose money. However the element I think you’re overlooking is the distribution of potential returns. If you invest $10m into a a startup, maybe you lose $10m or earn $250m, vs investing $1b into an infrastructure project and maybe making $200m or losing $200m…