There's a difference between a half-baked idea that is never even written down, and a more developed startup with a nice landing page, working product, and people interested in it. I wonder what the statistics are for the latter.
The same goes for Ivy League applicants...a thrown-together application with poorly-written essays and low test scores and grades would not have as good a chance as a well-crafted application with solid essays, great grades and scores.
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