Sublime

Advogados especializados em disrupção (os disruptive framers, nos termos do autor) são, na realidade, responsáveis por contornar problemas e desenvolver estratégias legais para os empreendedores, no contexto da destruição criadora.

comparing the data on billion-dollar companies with the random group, companies competing with other highly funded startups had a lower chance of success.

Another managing partner, well informed about a variety of professions, observes that “professional service firms are managed in one of two ways: badly or not at all.”

Start-up companies often prefer to hire a chief executive with a failed start-up in his or her background. The person who failed often knows how to avoid future failures. The person who knows only success can be more oblivious to all the pitfalls.

The number of companies able to get outside funding then begins to drop by orders of magnitude: the percentages (again, very rough) are that 25 percent of startups will get friends-and-family money; 2.5 percent will get angel money; 0.25 percent will get early-stage VC money; and probably 0.025 percent will make it to later-stage VC funds, with onl

at the frontiers where new capital rights are minted day by day in the offices of law firms, states take a back seat. But states provide the legal tools that lawyers use; and they offer their law enforcement apparatus to enforce the capital that lawyers have crafted.

Out of more than 21,000 venture financings from 2004 to 2014: 65% lost money. Two and a half percent of investments made 10x–20x. One percent made more than a 20x return. Half a percent—about 100 companies out of 21,000—earned 50x or more. That’s where the majority of the industry’s returns come from.