Ilya Strebulaev

“The top 1% of VCs (about 120 VCs) earned 56.6% of the $1.2 trillion in net profits. The top 5% (about 600 VCs) earned 90.1%.”

“PayPal's odds ratio as a founder-producing employer fell from 12.0x pre-2016 to 1.7x since.”

“Among employers with 10+ unicorn founders, OpenAI alumni are 14.7x overrepresented versus a random sample, ahead of Check Point (11.2x) and D.E. Shaw (9.8x).”

“For talent scouts and pre-seed investors, Google, Facebook and OpenAI are the new proxy worth watching.”

“Among 1,377 multi-founder US unicorns, 68.6% have co-founders who previously worked together or studied together, with shared employers (57.8%) more common than shared schools (33.3%).”

“619 unicorns were created between 2020–2022; only 99 have exited. At five years, the cohort sits at 20% cumulative exit rate. The 1999–2015 and 2016–2019 cohorts were at 54% and 52% at the same mark.”

“Take a look at who sits in the 5% of VCs that have generated roughly 90% of the industry's profits. Researchers Ilya Strebulaev and Blake Jackson put together an inaugural list of the top VC firms.”

“The Kabbage case study shows common shareholders holding the largest fully diluted stake (~28%) received zero at a $430M exit, because six preferred series with combined preferences exceeding $435M cleared first.”

“Stanford's Ilya Strebulaev uses real cap tables from Dropbox and Kabbage to show that liquidation preferences, not ownership stakes, determine exit proceeds.”

“474 of 1,078 Unicorn Founders Are Foreign-Born, From 65 Countries... The relocation effect is large across multiple origin countries, with startups from several nations 2.5x to 9x more likely to reach unicorn status after moving to the US than those that stayed home.”

“Only Stanford, Harvard, and MIT appear in every single year's top 10 across all nine vintages (2017-2025): Stanford took the #1 spot in six of nine vintages but slipped to #3 in 2023 and 2024 before bouncing back to #1 for 2025.”