I can actually see why some VCs would invest that way though. A startup proves that there's a massive market opportunity (think Uber's initial days), it's still

I can actually see why some VCs would invest that way though. A startup proves that there's a massive market opportunity (think Uber's initial days), it's still not a certainty that that startup will be the eventual winner. So, I can see some VCs thinking: Now that one of the biggest risks (finding whether there's a market at all) is reduced, we can just build a better team and maybe become a much better second-mover. Or, although I am convinced that there's a massive market, I disagree with how the first-mover is trying to handle it.