Mostly we care about the people, regardless of how far along the company is. Which can be a problem, actually, because startups that have been running for a wh

Mostly we care about the people, regardless of how far along the company is. Which can be a problem, actually, because startups that have been running for a while generally overestimate the percentage of the work that's behind them. For us the most important thing about the company having been running for a while is that it gives us more information about the founders. E.g. we can ask them "what have you learned from your users?"