As much as we celebrate success on HN, it's always worth remembering that it's a lot easier to lose in business. You can have year after year after year of wins, but one big loss will sink your company.
Most investors get into a company expecting a high probability of losing their money. They invest on the basis that they'll get it right and make a significant profit every few deals, not that they'll win every time. Coming to a deal to sell to Apple (in the face of losing everything by having Apple and FB eat your lunch) at the same valuation as 2 years prior is absolutely not a failure event. It's a huge win. Practically every investor would invest again.
When you invest, you are dealing in probabilities and potentialities. When you exit, you are dealing with actualities. When you actually lose money, it is one of your failures, not one of your successes.
I think what actually happened was the deal fell through and Apple ate their lunch anyway, right? What do you call that?
Most investors get into a company expecting a high probability of losing their money. They invest on the basis that they'll get it right and make a significant profit every few deals, not that they'll win every time. Coming to a deal to sell to Apple (in the face of losing everything by having Apple and FB eat your lunch) at the same valuation as 2 years prior is absolutely not a failure event. It's a huge win. Practically every investor would invest again.