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> This is why normal businesses don't interest a VC. They want something that scales 40x
This is accurate, yes. If you have enough money to buy mining rights in one location, it may or may not pay off. If you can afford to buy mining rights in thirty locations and one of them pays off, you've made money. So VCs don't want a stable business: they're buying a stake each in 100 different moonshots. This is why it deforms the entire business model: they're pushing all of them to become unicorns, which means hockeysticks everywhere and a completely distorted risk/reward proposition. If you are going for hockeysticks, you make very different decisions than a normal business would. One of the startups is a unicorn and that's an exit event; the other 99 companies get shat out into the meat grinder within five years; 90 get the entire hose, 9 get a modest acquisition pushed on them.