Average is the important metric in startup investing, because the distribution of outcomes is extremely skewed, and the median is likely a net negative outcome at re series A stage. It's those few blockbuster hits that make VC investing work.
New founders might care more about the median, but big investors, not so much.
Absolutely. But it seemed the original TC article was trying to suggest which program was best for startups. So if trying to figure out which program is better for general partners/limited partners, I agree average makes sense. For startup founders, median is what matters.
New founders might care more about the median, but big investors, not so much.