unlike real gambling where there are real odds of success, startups are a crap shoot each and every time. There is no science, no formula for success. Even the best investors, the ones who get the BEST deals like Ron Conway, don't have a perfect track record.
And unlike big time investors like YC/RC, these are the people who'll be investing into 1-2 companies max(no diversification), who won't know what they are doing. Who'll be gambling with money they can't afford to lose.
The networth requirement isn't there to stop investment, it's to stop investment from gullible investors who'd likely be defrauded by snake oil salesmen pitching their startups.
OF COURSE the site will make $5 million in 3 years. OF COURSE you should invest in us. YOU CAN'T lose. Hockey stick, hockey stick, hockey stick.
Real odds of success? In gambling, for the house (or state lottery) to make money, the expected value of your bet has to be negative. This is not the case with investments in start-ups.
unlike real gambling where there are real odds of success, startups are a crap shoot each and every time. There is no science, no formula for success. Even the best investors, the ones who get the BEST deals like Ron Conway, don't have a perfect track record.
And unlike big time investors like YC/RC, these are the people who'll be investing into 1-2 companies max(no diversification), who won't know what they are doing. Who'll be gambling with money they can't afford to lose.
The networth requirement isn't there to stop investment, it's to stop investment from gullible investors who'd likely be defrauded by snake oil salesmen pitching their startups.
OF COURSE the site will make $5 million in 3 years. OF COURSE you should invest in us. YOU CAN'T lose. Hockey stick, hockey stick, hockey stick.