Startups are a hit based business, for any angel investor in startups less than 20% of their investments are going to be responsible for almost all of the retur

Startups are a hit based business, for any angel investor in startups less than 20% of their investments are going to be responsible for almost all of the returns. So from a fund/investors point of perspective that's the figure you want to be looking at. I did a more indepth analysis of YC at the end of 2009 but obviously it's a bit out of date now: http://blog.awesomezombie.com/2009/12/analyzing-y-combinator.html http://blog.awesomezombie.com/2009/12/analyzing-y-combinator...