Mayfield had once been one of the investors in Bit Company, based on its market value today.
If they had retained that 5% share, even after two rounds of dilution, it would still be valued at over 700 million US dollars.
Unfortunately, Mayfield had jumped ship before the third round of financing.
At that time, Bit Company was involved in a lawsuit with Bell and AT&T.
Glenn Miller pessimistically believed that a startup like Bit could not compete with AT&T, which monopolized the telecommunications industry.
So, he sold his fund's shares at a premium to KeyPoint Ventures.
This transaction also turned Glenn Miller and Mayfield into a laughingstock in the Silicon Valley venture capital circle.
For a several million-dollar gain, they gave up the potential for several hundred million dollars in profit.
Now, newcomers in Silicon Valley's venture capital scene are taught by the veterans,
when a promising startup faces challenges, do not rush to withdraw your investment.
