[itsprofitbaron]

I think you missed my point and sure companies fail every day but, Y Combinator doesn't actually need a Facebook or a Google to succeed.

Sure, a $XX Billion IPO would be awesome for them but they're investing $17k for 6% of the company at those levels, they can survive on small acquisitions etc.

Plus, your point of if a company gets acquired for $20M then it still can actually be considered a successful exit. You need to go and look how much they have raised etc most of those I listed had raised only a couple of million or less prior to acquisition.

Also I agreed with you regards to style and type they do look for a particular type of founder (as I highlighted earlier) one that is relentlessly resourceful http://paulgraham.com/relres.html