> [...] but a startup with no revenue is a joke unless you haven't launched yet or is Instagram. And as much of a black swan as Instagram was, don't forget tha

> [...] but a startup with no revenue is a joke unless you haven't launched yet or is Instagram. And as much of a black swan as Instagram was, don't forget that you don't have to be Instagram, you just have to convince a VC that there's non-negligible chance that you might be.