Many entrepreneurs, and the venture investors who back them, seek to build billion-dollar companies. Why do investors seem to care about “billion dollar exits”? Historically, top venture funds have driven returns from their ownership in just a few companies in a given fund of many companies. Plus, traditional venture funds have grown in size, requiring larger “exits” to deliver acceptable returns. For example - to return just the initial capital of a $400 million venture fund, that mi...
