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That's not true. Sitting in the Boston meetup recently they spoke directly to people who wanted a BIG exit and those who wanted a lifestyle company. They will fund either. Only VCs need the homeruns constantly to earn their risk/reward profile returns.

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That's interesting, in his interview on Mixergy, PG was asked about investing in lifestyle businesses and he did not seem enthused - "there’s got to be an exit for it, equity holders to get any money. I mean, maybe — maybe in the future there is some model where companies pay dividends instead of an exit that like we’ve never tried to get anybody to do that, and we don’t have any real hopes about it. So, no."

Wonder if there's a change in outlook or something else we're missing?

Thus the emphasis on a lot

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