But the point was not to give details about a specific case and analyze it, it was to show the fallacy that some people seem to consider 1% to be "conservative

But the point was not to give details about a specific case and analyze it, it was to show the fallacy that some people seem to consider 1% to be "conservative estimate" no matter what. Guy Kawasaki says something similar and I think it is because he has heard that a lot, being a VC..