The Power Law in Practice •  10,000-20,000 companies will be funded by Angels •  1,000-2,000 will get VC funding •  50-100 are “OK, but not great” (exit > $50M) •  10 +/- 5 will be special (exit > $500M) •  The best company in a given year will usually be more valuable than all other 9,999 companies combined