Black swans and the Lindy Effect both play here. Sometimes hitting big with an startup more than compensate the loss of the failed ones. And odds of staying out

Black swans and the Lindy Effect both play here. Sometimes hitting big with an startup more than compensate the loss of the failed ones. And odds of staying out increases with surviving time. It is not totally random that this happens, but maybe for a lot it could be only noticeable on hindsight.