Well, yeah. Presumably the way they achieve a good ratio is by being more discerning with their investments. If you try to scale that you get the US's numbers as you throw money at anyone with a pitch deck.

The thing is, the US model is still better in aggregate as it basically results in every single unicorn being birthed (in theory, there’s simply no lack of funding for plausibly good ideas). Focusing on a conversion metric is a vanity exercise when absolute value creation is available.

We would all rather own a huge low margin business than a tiny high margin business. Eg, 5% margin on $1B of sales is better than 80% margin on $10M sales.