As with a lot of posts on Steve Blank's blogs, it contains a lot of good observations but hasn't been very well thought out. Recommending that entrepreneurs target niche markets makes sense, but you shouldn't prefix that advice by implying that a venture-backed startup that fails to reach a $100 million valuation "sucks". And as other people have pointed out, since when is $100 million a useful cutoff for success? By that metric, should Viaweb's inflation-adjusted exit be considered a failure? One gets the impression that the number was picked simply to generate a low success rate, and subtly encourage people to buy the author's book.