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Note the power-law distribution; Airbnb and Dropbox are ~2/3rds of the entire portfolio.

And at least 80% of the portfolio value comes from 23 companies - about 3% of companies funded.

That's the nature of startups. Most don't succeed. I don't think YC would make a claim that they are some automatic path to success, just that they help good ideas to get there

Although having a 3% (or greater based on what happens in the future) shot at your startup becoming worth $100M has got to be significantly better than the odds of any other startup reaching a $100M valuation.

Note that's 3% of the startups that get into YC... which has a 3% acceptance rate.

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