Silicon's Valley's Brutal Ageism | New Republic: "The economics of the V.C. industry help explain why. Investing in new companies is fantastically risky, and even the best V.C.s fail a large majority of the time. That makes it essential for the returns on successes to be enormous. Whereas a 500 percent return on a $2 million investment (or “5x,” as it’s known) would be considered remarkable in any other line of work, the investments that sustain a large V.C. fund are the “unicorns” and “super-unicorns” that return 100x or 1,000x—the Googles and the Facebooks.
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