The author mentions the strategy of the VCs: to find the next billion-dollar company. One success of this magnitude will mask many, many failures. We should not

The author mentions the strategy of the VCs: to find the next billion-dollar company. One success of this magnitude will mask many, many failures. We should not look on a large seed round as saying "X is worth Y" (although by the definition of "worth", it is), but rather that "X has a not-insignificant chance of being worth 100Y in 5 years".