A venture investment is fundamentally a judgment about three things: ✅ The size of a potential liquidity event ✅ The probability of that liquidity event occurring ✅ The likely date of that liquidity event In other words: the Exit. At the time an investment is made, substantial work goes into forming those judgments. The investment team assesses, amongst other things, the founders, technology, product, addressable market, competitive position, customer traction, financial plan