I don’t mean to dwell. Really. But c’mon Peter/Munjal.

Fail Fast, Fail Often but keep enough money in the bank to last (with no revenue) until 2009?

Huh?

At least a commenter (sort of) catches the flaw: “the probability increases after every iteration i.e. it does not stay at 5% after the 2nd iteration because you have valuable learning from the first iteration”.