Investing in startups is a bit like a horse race. Everyone has their strategy.
Some buy one horse outright, and back it for the big win. Others put place bets on a bunch of horses, looking for a more modest payday.
The similarity ends when the starting gun fires.
In this race, a couple of horses will sit chewing grass in the gates, while the jockey dreams about his next race. A couple more will get half way around, then wander off to another track. One feisty mule will buck off it's rider, who will be replaced, then bucked off again, then replaced, etc. Several horses will drop dead mid-track... but their riders will jog on around the turf under their own power, oblivious.
Finally, there's no finish line. Each horse simply has to keep running until someone blows a magic horn and holds up their name. A special number is revealed on the back, derived from a combination of swagger, patience, effort, and blind chance.
Despite all this, it's kinda fun.