I agree with #1 in particular. However, there are always ways around these issues. Some solutions for founders: 1. Use an evergreen fund (such as many family funds) instead of traditional 10-year fund lifetime VC. They are specifically set up to harvest these sorts of opportunities. 2. Demonstrate commitment and operational efficiency. For example spend nontrivial amounts of time and funds on the project to reach relatively advanced stages before asking for outside investment. 3. Regulatory hedging (cross-border operations, and establishing facilities near borders) is one viable strategy.

Full disclosure: I run a nontrivial hardware startup seeking to define and dominate a greenfield segment and have used all three strategies in the last few years.