In this article, Graham says "about 85 percent of the companies eventually receive further funding". Elsewhere, on this message board, he has put the number closer to 1 in 8. In 5 minutes of Google searching, the best I came up with was:<p><a href="http://news.ycombinator.com/item?id=145760" rel="nofollow">http://news.ycombinator.com/item?id=145760</a><p>Which says (non-authoritatively, and in paraphrase) "50% of the minority of companies that we fund that want VC score it".<p>I'm sure there's a semantic thing going on here that reconciles these figures, but I'm wondering what it is.