> When VCs [...] walk away, that is a really bad sign for a company. VCs eventually need to post cash-on-cash returns to their LPs if they want to raise their

> When VCs [...] walk away, that is a really bad sign for a company. VCs eventually need to post cash-on-cash returns to their LPs if they want to raise their next fund. It doesn't matter if they think the company can do another 10x or another 100x, eventually they just need to exit their positions and mark the book. Now granted maybe it's a sign that they don't think the business will do 10x in the next year, but that doesn't have much to do with the scale on which the business will ultimately succeed.