Valuation is less important when investing in a portfolio of 10 or more early-stage startups. While it matters for later stage or fewer investments, in early stage the primary concern is whether the investment recovers any capital, not small differences in valuation multiples. Two examples are provided where even paying 50-100% higher than the bid valuation would still yield great returns in a successful startup acquisition. The downside is the same in either case - losing all capital if the startup fails.