The ideas of high risk, high reward projects, value in the tails, etc. are quite common EA positions now. People are usually reminded that they have a low probability of success and that they should expect to fail most of the time. However, most people I know/have heard of who started ambitious EA projects are doing quite well. Examples would be SBF, Anthropic, Alvea, and many more.
My question, therefore, is: Is the risk of failure lower than we expected, or do I just not know the failures? Do I just know the selection of people who succeeded? Is it too early to tell if a project truly succeeded? If so, what are concrete examples of EAs or EA orgs not meeting high expectations despite trying really hard? Is it possible that we just underestimate how successful someone with an EA mindset and the right support can be when they try really hard?
I think some of the worst failures are mediocre projects that go sort-of okay and therefore continue to eat up talent for a much longer time than needed; cases where ambitious projects fail to "fail fast". It takes a lot of judgment ability and self-honesty to tell that it's a failure relative to what one could have worked on otherwise.
One example is Raising for Effective Giving, a poker fundraising project that I helped found and run. It showed a lot of promise in terms of $ raised per $ spent over the years it was operating, and actually raised $25m for EA charities. But it looks a lot less high-impact once you draw comparisons to GWWC and Longview, or once you account for the small market size of the poker industry, lack of scalability, the expected future funding inflows into EA, and compensation from top Earning To Give opportunities. $25 million is really not much compared to the billions others raised through billionaire fundraising and entrepreneurship.
I personally failed to admit to myself that the project was showing mediocre but not amazing results, and only my successor (Stefan) then discontinued the project, which in hindsight seems like the correct judgment call.