It really varies by VC.
But I’ll tell you what I look for — just one thing. Someone better than me, as a founder-CEO … adjusted for time.
I don’t expect a first-time 25 year old CEO to know everything I know today. But I do look keenly to see if they are better than I was when I started each of my start-ups.
If they are better than me (ideally, much better) … and the unit economics are strong (even it’s really early) … and the space could be hot (even if it’s not today) … I’m in.
And VCs with “financial” backgrounds don’t get this. But founders get it. We all know who is better than us. In somewhere between 5 and 20 minutes. Max.