"Paul Buchheit, a Y.C. partner, points out that in Y.C.’s portfolio “the number one company is worth more than [the] next 199 companies combined, while number two is worth more than [the] next 198 combined, and so on.” One could say that the outliers—Dropbox and Airbnb—are the only ones that matter to the Y.C. fund. Perhaps it would be better to say that Y.C. is in the hits business, and uncertainty about which start-up will become the one monstrous hit benefits many founders who are funded. Graham and the other Y.C. partners tell the founders that start-ups fail only when founders give up. It is not necessarily in the interest of founders to follow that advice indefinitely, however." - Adriano