I was shocked that none of the top-voted comments mention this aspect of the matter. The attitude of founders is one thing, and possibly worrisome, but the atti

I was shocked that none of the top-voted comments mention this aspect of the matter. The attitude of founders is one thing, and possibly worrisome, but the attitude of funders is predictable: they'd like to maximize some index that combines "likely to start a company that goes huge" and "likely to be much better at starting that company than at negotiating how much of a stake we'll get in it." There is an obvious economic incentive to be balancing those, not just looking at the first. With respect to pg, VCs clearly vary in how they construct that index - but a cold look at the matter through the lens of economics should tell anyone that it certainly is an index, not just Most Likely To Succeed.