Michael Milken

Once I was meeting with a very brave man, President Gorbachev, when he asked “how do we get into venture capital?” So I told him that in early stage financing it’s quite possible 7 out of ten start up companies will fail. He asked me “do you put those 7 people who failed in jail?” I said no, we hope they learned something from the experience and they’ll be better next time. Then I told him I don’t think you’re quite ready for venture capital.