Venture capital is a power law business: most of the underlying investments fail¹ while a tiny fraction generate the bulk of returns.
Additional data here on European VC firms and how unicorn investments are distributed across the population https://x.com/yoramdw/status/1728373524832624769?s=20
Additional data here on European VC firms and how unicorn investments are distributed across the population https://x.com/yoramdw/status/1728373524832624769?s=20