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Given that many successful startups were founded by founders that have several failures under their belt I would say the failure rate is still relatively high for sufficiently smart and determined founders.
Yes, but if you calculate their expected value you'll find it's still high.
Given the diminishing marginal utility of money it's important to keep in mind that expected value of wealth != expected value of happiness.
True, but you can also donate it, and if you do that right the marginal utility doesn't decrease.
What do you think the expected value is for a smart and hard-working person? Sincere question given your experience.
Expected value might be strong but volatility is high. It's still a near binary bet... If only 10% of VC portco's drive returns, 90% of the other "smart and hard-working" founders fizzle out. The 10% in each succeed raise the statistical payout for the 90% who fail.
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