Friedberg states the odds of building a billion-dollar company are 0.0006%, yet that's what gets all the attention.
“The odds of the guy of being the guy on the left are according to a study and I put the URL up there, point 0006%.”
Friedberg says median startup founder exit is $300,000 over 49 months ($73k/year) with 67% probability of making nothing.
“And assuming three founders, your median expected payoff to the founders would be about $300,000 each, which works out to an annualized salary equivalent of $73,000 And the probability that you actually make no money is 67%.”
Friedberg states 800 million people live on under 1,200 calories daily, up from 500-600 million pre-COVID.
“today on planet Earth, there's about 800,000,000 people worldwide that still live on less than 1,200 calories a day. They are technically deemed malnourished by the UN, by the FAO.”
Friedberg notes college administrators grew from 10% to 60% of staff over thirty years due to unlimited loans.
“My salary will go from $1.30 to 200 if I become a manager and hire four people. Fast forward thirty years, 10% of staff as administrators to 60% of staff as administrators.”
Friedberg describes Koch Industries as a family business founded in 1940 with 120,000 employees across diverse sectors in 60 countries.
“It's a family owned business based out of Wichita founded in 1940 by Fred Koch with businesses ranging from energy, agriculture, chemicals, building products, consumer products, even cloud computing, and a very active minority investment portfolio a 120,000 plus employees, that statistic might be off across 60 countries.”