20VC: 500 Startups' Dave McClure on Whether Unicorns Are Necessary For Venture Returns & Why Ownership Is Not The Math To Think About When Investing

What is the math behind startup investing? Do you really have to find a unicorn in order to win big? Dave McClure placed a few early bets and got very good return as an angel investor, but when it came time to grow 500 Startups, they had to fund a lot more startups just to make sure they also found the unicorns. The math behind being a VC and being an angel investor is not the same, and Dave explains why.