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You do realize that VC funds try to invest in startups that have that 1/10 chance of being a massive success. They don't wilfully throw their money at 9 crappy businesses that they don't think will succeed and really just hope for the 1 they think will do ok. It's simply a reality that you can't have 10/10 startups all succeed so they accept the odds.

Saying investing in startups is all about "throwing away" a bunch of money isn't at all accurate.

The government of Chile isn't looking for a cash return on their investment, they're interested in the long term effects of having globally oriented entrepreneurs in the country interacting with future local entrepreneurs.

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