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Why Venture Capital is a game of outliers - Marc Andreessen

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January 16, 2026

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Marc Andreessen, co-founder and general partner at a16z, explains why venture capital is a game of outliers.

Venture returns are highly concentrated. Out of thousands of startups that receive funding, only a few breakout companies go on to become unicorns and generate the majority of the returns for investors.

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Marc Andreessen

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