"Initially we didn't have what turned out to be the most important idea: funding startups synchronously, instead of asynchronously as it had always been done before. Or rather we had the idea, but we didn't realize its significance. We decided very early that the first thing we'd do would be to fund a bunch of startups over the coming summer."

I wonder what the best batch size is: each cohort seems to be larger than the last. When does it makes sense to do three, four, or six a year as smaller batches.