The problem isn't that startups fail. It's that financiers are too chickenshit to live with that fact.
Reset is the correct and true response to failure. But the emotional frailty of financiers forces founders to pivot, dramatically degrading their chances of success.
Here's a thought experiment. Instead of dumping tens of billions behind WeWork, what if SoftBank devoted a single billion to the garage? That would be ten thousand checks of 100k each.
Ten thousand seed investments? That's madness. That's like, multiple transactions per day.
Yes, and that's way cooler than committing cascading billions to fucked ideas.
Adrenalin doesn't have a billion bucks, but we can "just say no" to pivots. We reset mercilessly, which makes us the most efficient prospector.