If a VC cares only about the problem and solution, what does that say about how much they want to invest in YOU? Not much. Most early stage investors (like me) have no choice but to 'bet the jockey, not the horse', because we are betting on YOU to take something that barely exists and go to the ends of the earth to make something of it.

In a later stage deal, such as a private equity acquisition, we're investing in the existing company: its cash flow, operations, customers, etc. The CEO is less important, because we can get rid of him/her if necessary and put someone else in. Is that the way you'd like us to think of YOUR deal?