But that's not how VC funding works! Many to most of their investments will fail - that's completely normal. In the case of Tesla, that was also true - and then

But that's not how VC funding works! Many to most of their investments will fail - that's completely normal. In the case of Tesla, that was also true - and then some of them (e.g. his transformers) resulted in massive wealth creation for Westinghouse's companies at least. JP Morgan understood that as well as anyone. Venture capital is a numbers game. The world is full of examples of founders whose first few companies failed and they then went on to start companies that were successful. The very nature of the US's system that allows failure is why it has such a booming startup ecosystem...