That's fair enough. I think a good measure of how an early stage startup is doing is to see how the thinking is evolving. If your CEO is doing the same hand-w

That's fair enough. I think a good measure of how an early stage startup is doing is to see how the thinking is evolving. If your CEO is doing the same hand-waving in year 3 that sold the seed round, I agree something has probably gone wrong, and may indicate time to think about a change.