> For a $10mm company to become a $1bn company, know what you need? Luck. Luck is necessary but not sufficient. You also need to be in a position to disproport

> For a $10mm company to become a $1bn company, know what you need? Luck. Luck is necessary but not sufficient. You also need to be in a position to disproportionately benefit from luck. I think PG's latest essay outlines what a venture in such a position looks like. There are qualitative differences between startups that are going for $10m and those going after $1bn. The biggest is variance, which luck is a multiplier for.