Venture Capital is a game shooting for the 10x. To get the 500mm valuation, Instagram had to convince its investors that a $5B exit was a possibility. So a lot

Venture Capital is a game shooting for the 10x. To get the 500mm valuation, Instagram had to convince its investors that a $5B exit was a possibility. So a lot of smart people were able to justify a higher valuation than what they just got.