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Another factor is that it takes some time for a company to admit it failed, and everyone's opinion of "failed" is different. I suspect the actual number is higher, especially from an investors perspective.

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If you can just avoid dying, you get rich. That sounds like a joke, but it's actually a pretty good description of what happens in a typical startup.

http://www.paulgraham.com/die.html

Unfortunately many only prolong their dying, not avoid it.

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