[samatman]

Well, no, because for each VC portfolio, it's either profitable off the survivors, or it isn't.

The point is that from the perspective of investors, the survival of an individual startup is an irrelevant metric. What they're interested in is the profitability of the whole portfolio.

And so far, a 90% failure rate with <5% wild success is a profitable formula. As long as that remains true, they have no reason to change it.