> Had the investor said, "Yeah, we don't see this becoming a $100M any time soon", maybe that'd make sense. But the additional order of magnitude (one billlllll

> Had the investor said, "Yeah, we don't see this becoming a $100M any time soon", maybe that'd make sense. But the additional order of magnitude (one billllllllllion dollars) strikes me as unreasonable. Startups forget they are one company in a portfolio of companies that comprise a fund. Venture capital expects a fraction of its portfolio investments to succeed. So it must invest in companies with very large target markets so the handful that succeed can offset the losses of those that fail.