You should plan to put $1.5 million to work in these fifty deals, which is $30,000 per startup on average. However, you’re probably going to want to put $1 million into the first forty-five deals and an extra $100,000 into each of your top five winners. This gives you a chance to get a five-times return on the winners, any one of which might go to a fifteen-times return based on the inside knowledge you have—and return your entire $1.5 million invested.
