I wonder whether it's really 9 out of 10, or higher, or lower. I suppose it depends how you define "fail," maybe something like "made less money for the liquid

I wonder whether it's really 9 out of 10, or higher, or lower. I suppose it depends how you define "fail," maybe something like "made less money for the liquidity event than I would have working for an established firm all those years." So the answer could be very different for founders than for employee 1 or employee 25.