Quite simply, management is by far the most important factor that smart investors take into consideration. VCs invest in a management team and its ability to execute on the business plan, first and foremost. There is an old saying that holds true for many VCs – they would prefer to invest in a bad idea led by accomplished management rather than a great business plan supported by a team of inexperienced managers. For VCs, “large” typically means a market that can generate $1 billion or more in revenues. The bigger the market size, the greater the likelihood of a trade sale, making the business even more exciting for VCs looking for potential ways to exit their investment. Ideally, the business will grow fast enough for them to take first or second place in the market. Venture capitalists expect business plans to include detailed market size analysis. Investors want to invest in great products and services with a competitive edge that is long lasting. VCs look for a competitive advantage in the market. They want their portfolio companies to be able to generate sales and profits before competitors enter the market and reduce profitability.
You can read more here: https://www.investopedia.com/articles/financial-theory/11/how-venture-capitalists-make-investment-choices.asp
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