What do I need to know about early‑stage investing? Are these investments risky?

Investing in early‑stage or growth‑stage companies is high risk. These businesses may have limited operating history, evolving business models, and may never become profitable. If the company fails, your entire investment could be lost. Investments like this are typically illiquid and may take many years—if ever—to provide an exit via acquisition, listing, or other liquidity event.