Ten thousand pitches

Hover a square, or tap one, to see how far that pitch got.

10,000 pitches

100 get funded. 4 return ten times or more.

Every square is one pitch a venture firm considered. The greys are how far it got before a pass; the colours are what happened to the hundred that were funded.

Funnel: Gompers, Gornall, Kaplan & Strebulaev, “How Do Venture Capitalists Make Decisions?”, Journal of Financial Economics (2020), a survey of 885 venture investors — about 100 opportunities considered, 28 management meetings, 10 partner reviews, 5 in due diligence and 1.7 term sheets for every deal closed. Outcomes: Correlation Ventures, 21,000+ US venture financings, 2004–2013 — 65% returned less than 1×, 25% 1–5×, 6% 5–10×, 4% 10× or more.