It depends on how large a VC, too. A small VC might be happy to see you build a $50M company, because their overall requirement for returns is smaller. But if y

It depends on how large a VC, too. A small VC might be happy to see you build a $50M company, because their overall requirement for returns is smaller. But if you have a billion dollar fund that investors want to see turned into $10B (or more), a $10M return (20% of $50M) is peanuts. It's not worth the time of the small number of general partners available for due diligence, board seats, and other oversight. Their business model depends on unicorns, not horses, no matter how beautiful the horse.