It's interesting that Zynga and Groupon could be considered as part of a basket of "decent results". I mean, I'm sure a16z made out quite well, but both companies are worth a fraction of what they were sold to he public for. A less generous interpretation is that the early investors in these companies pulled a fast one on the public. "Getting to IPO" shouldn't be a measure of success, but that's just me.
Keep in mind that IPO investors are not John Q Public, but sophisticated Wall St. types. They knew the game on those investments - stock market musical chairs.
