RESEARCH_FILE
Shikhar Ghosh
Harvard Business School
Known for:Empirical research on venture-backed startup failure rates, finding approximately 75% fail to return investors' capital — a figure that directly challenges survivorship-biased startup culture narratives
SEE THE PRACTICE
Turn a thought this research explains into one clear move.
THE THOUGHT
“They funded us by mistake and they're going to figure that out”
YOUR RECORDED RESPONSE
“The money arrived because someone chose this risk, not because the universe made a typo.”
ONE PRIVATE MOVE
Open a blank note and write three columns: what is already true, what is still unfinished, and what only feels like exposure. Spend under ten minutes sorting items without editing or sending anything.
Key findings
- 2012
Research across a large sample of venture-backed companies found that approximately 75% fail to return their investors' capital. Of these, 30–40% liquidate all assets, meaning investors lose their entire investment. The data was compiled from companies that received VC backing, not just those that achieved any press visibility — giving an unusually complete picture of the distribution. Why Most Venture-Backed Companies Fail ↗