> 25% produce a return between 1x-3x In addition, notice that this business is considered a failure for the VC while for the founders and employees it may be a

> 25% produce a return between 1x-3x In addition, notice that this business is considered a failure for the VC while for the founders and employees it may be a perfectly fine business. So, roughly 1/3 are failures and 1/3 are unicorns. But then there is a full 1/3 of startups where VCs and founders are completely misaligned. Taking VC money takes your "success" numbers from 2 in 3 to 1 in 3 as a founder. That's a huge drop. The number one credo of a startup is "You have to be alive to be lucky." Sure, the VC wants you dead within 5 years, but lots of businesses burble along with "merely profitable" for many, many years until they hit their lucky event.