Most VC funds are far too concentrated in a small number (<20–40) of companies. The industry would be better served by doubling or tripling the average number of investments in a portfolio, particularly for early-stage investors where startup attrition is even greater. If unicorns happen only 1–2% of the time, it logically follows that portfolio size should include a minimum of 50–100+ companies in order to have a reasonable shot at capturing these elusive and mythical creatures.
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