What? That's literally the point. Why would you want to imitate startups that don't survive?

What if their reports all said the same things?

Or more to the point of survivorship bias, what if there were things in the failed reports you could learn to address.

Survivorship bias is taking positive outcomes from existing sources without considering all the failures that went through similar processes but have nothing to show for it. Survivorship bias underscores exactly why imitating successful people/companies may not be in the best interest of the imitator.

Many startups likely downplay financials and instead focus on future innovation in their statements...that makes sense...but from an investor perspective if you are years into development and still not seeing financials that are consistent, that is a huge red flag.