As you noted below, it depends on the industry. But for software, and my impression is that it is even more like this in most other industries, a huge amount o

As you noted below, it depends on the industry. But for software, and my impression is that it is even more like this in most other industries, a huge amount of tech ventures never receive any funding. Many of these are never even properly incorporated and may not be included in datasets. Then, for the ones that do raise seed money, usually with SAFEs, 50-60% of them would fail before raising a significant priced round (series A). The overall point being, there’s a lot of risk between starting a company and raising a sizeable priced round for most people.