What is telling to me is that nobody, not PG or anybody else could have predicted which of the 400 ended up to be billion dollar companies. But for those two that made it to that magical marker being in YC made all the difference.
> And even though most YC companies have no problems raising additional capital, the program has only produced two big “winners.”
The word 'only' has no place in that sentence, it is a pretty good record for early stage investing, and it does not take into account stripe, heroku and others.
The nature of power-law distributions is that there will be a few exceptional outliers. If you set your definition of what a "big winner" is on those outliers, of course you will only have a few.
> And even though most YC companies have no problems raising additional capital, the program has only produced two big “winners.”
The word 'only' has no place in that sentence, it is a pretty good record for early stage investing, and it does not take into account stripe, heroku and others.