> Techstars alone has 28 email-related companies with only 5 exits - an exceedingly high failure rate (sometimes calculated to be 80%+).
This is actually better than overall failure rate. At 80% I would absolutely be investing in more email companies!
The entire analysis is skewed to satisfy their own messaging or perhaps internal motivation. Mentioning Cyrus IMAP and SpamAssassin is ... being stuck in a time warp.
Being self-funded, their position is not surprising. However they really need some perspective.