Great post. Quick question — Why did you assume $10M for 25% ownership over the life of the startup in 2 rounds?

Depending on how they entered the rounds, seems like the company was valued around $30–40M+ for the B round (if not higher). For a SaaS business, that translates to $4–10M ARR depending on growth rate.

Do 50% of companies that reach that level go to zero?