In my recent piece Reengineering Capitalism I highlighted a phenomenon that the global entrepreneurship ecosystem is paying very little attention to: Over 99% of entrepreneurs who seek funding get rejected. Yet, the entire world is focused on the 1% that is “fundable.” The media, when pitched a startup story, is interested in who funded the
Note: YC has recently (April 2014) announced that they will put 120k for 7% of equity. This is a much better deal for entrepreneurs. However, YC is evolving into a seed fund. More analysis: YCombinator’s Further Evolution into a Seed Fund.