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What makes you think recurring revenue is a must for VCs? Many companies have been funded without even a working prototype.

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Oh yea, that's the hardest part for me to understand. Sometimes I think VCs are stupid for throwing money into crappy things.

Do you think there is some secret behind VC investments? I mean, are there any other motive other than the intention of doubling or tripling their invested money?

Tripling their money is considered a failure as a VC. Only investments that can return 100 to 1000 x are considered for earlier stage startups

There seem to be some false dichotomies here that are based on some hidden underlying assumption. I would recommend reading [1] to try and unriddle some of them. As a general idea, there is no secret behind VC and there never has been. To attract money, you need to either provide something that's already valuable or something that has promise of being more valuable in the future.

[1] http://paulgraham.com/lesson.html

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