More difficult if the startup can't yet support itself and just needs to get over a hump and get to a good growth point, because everybody wants a big exit. It

More difficult if the startup can't yet support itself and just needs to get over a hump and get to a good growth point, because everybody wants a big exit. It should have bootstrapped before it got to that point, but can't get that money now when it needs it, or it's going to grow to be not-super-huge. That being said, most wouldn't flame out if not for the crazy pressure of using it for explosive growth. There needs to be more "medium size / medium growth business investment" type VCs. I've never met any, but they might exist. $10M doesn't make you flame out, but how fast the VCs want you to spend it can, they only give you money for a year or two so they can get a larger percentage stake later, and that you are moving for an exit versus profitability.