> Capital has historically been vastly overrated as a predictor of startup success. > Compare the performance of the 30 most funded and the 30 most valuable startups in this data set. The most valuable companies raised half as much capital and produced nearly 4X the value. Lessons from 166 startup IPOs: 1. Venture Capital is an extraordinary asset class 2. The last five years have been more extraordinary than usual 3. You need less than you think to get public 4. Venture Capital has diminishing returns 5. Outliers create bad mental models for founders 6. Public markets aren’t particularly generous 7. Maintaining valuation is tough 8. Some of the best companies are rarely discussed 9. Four of the 20 least-funded companies are decacorns 10. B2C Companies are worth more, But there are more B2B winners > Summary: Capital has no insights.