To fund a software start-up you need 5 people and 5 laptops to get to tens of millions of value.
To fund a similar sized hardware start-up you need a full lab andddd already the proposition is dead.
To fund a similar sized hardware start-up you need a full lab andddd already the proposition is dead.
And engineering teams usually scale up with revenue as well.
I feel like your numbers are the myth that gets told not what actually often happens