I have been part of multiple funded startups. As a stakeholder, we are chasing a mirage: An investor bets on growth for the future. A founder sells his equity at a premium showing the total addressable market and disruption.
On most occasions, this does not work out and, the company shuts its doors. An investor knows out of 10 companies 9 will fail. One will recover all their investment across the fund.
Many founders are battle-tested with the scar of multiple stents in varied persona, continue chasing the mirage. The lust of chasing a mirage and making it a reality is something the ecosystem cheers celebrates.