The path to a billion-dollar exit reveals itself as both an art and a science, where patterns emerge but no single formula guarantees success. While the data illuminates clear trends—from the dominance of enterprise-focused sectors to the prevalence of two-founder teams and the decade-plus journey to exit—perhaps the most compelling insight is the sheer diversity of paths to success. For every data point suggesting a "typical" route, we find remarkable outliers that challenge our assumptions.
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