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rhollerith_dot_com comments on Risk-aversion and investment (for altruists) - Less Wrong Discussion
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Did you read the part where Paul Graham implies that a significant fraction of the startups in his program (YC) grow at a rate of 5-7% a week? I.e., every week they get 5-7% more users than they did the week before.
Yes, most of these users are non-paying users, but the experience of VCs and angel investors has been that if even one startup in an investor's portofolio manages to acquire multiple 100s of millions of non-paying users, that startup will usually eventually figure out how to make enough money to make up for all the failed startups in the portfolio.
Agree.