VC's dirty little secret: Most picks don't pan out

Harvard Business School lecturer Shikhar Ghosh says that venture groups prefer a quiet funeral for their failures. The National Venture Capital Association likes to say that VCs generally see a 25% to 30% failure rate on new technology players. But in reality, he tells The Wall Street Journal, three out of four portfolio picks fail to return investors' capital. He took a look at 2,000 venture plays from 2004 to 2010. Story