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In order to get a return, someone with lots of money (or many people with some money) must believe that there is a future in the company. Yes, technically a VC cares most about the point between initial investment and liquidity event, but in a rational market (HA!) the liquidity event is most valuable when the company has a solid foundation and growth path.

because the greater fool theory doesn't really work. and often you turn out to be the greater fool.

better to focus on building something of lasting value. then when you exit doesn't matter very much

>Wouldn't they just want to grow fast and big enough to get a return and move on?

Why wouldn't the gambler leave the table after making a modest gain?

a) that's stupidly cynical, b) that would add a timing component & c) why would people be lining up to bail out the VC?