Part of the reason VC's are more comfortable investing in founders who have had exits already is they know the founder will be less tempted to take a $5M acquis

Part of the reason VC's are more comfortable investing in founders who have had exits already is they know the founder will be less tempted to take a $5M acquisition offer because he already has a decent amount of cash. Founders who have already had one liquidity event are more aligned with the VC's goals: swing for the fences — don't play it safe to make sure you can pay off your house.