[ericd]

Average is the important metric in startup investing, because the distribution of outcomes is extremely skewed, and the median is likely a net negative outcome at re series A stage. It's those few blockbuster hits that make VC investing work.

New founders might care more about the median, but big investors, not so much.

[whenisayUH]

Absolutely. But it seemed the original TC article was trying to suggest which program was best for startups. So if trying to figure out which program is better for general partners/limited partners, I agree average makes sense. For startup founders, median is what matters.

[ericd]

Fair. That also depends on whether you're the type of person who wants to make something hugely impactful. If you are, average might still be better.