01
Who
The people behind the company. Investors assess the founders, the team they are building, and whether they have the experience, judgment, and fit to solve this problem.
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The six-part venture capital investment framework
The VC Field Guide breaks startup investing into six core questions: who, what, when, where, why, and how.
Venture capital is the practice of investing in early-stage, high-growth startups in exchange for equity. Because most startups fail and a small number return the entire fund, venture investors need a consistent way to separate companies that can become large outcomes from those that cannot. The framework in The VC Field Guide turns that judgment into six questions an investor can ask about any opportunity: who is building the company, what they are building, when the opportunity matters, where the market opens up, why the company should win, and how it becomes a great venture outcome.
02
What
The product or solution being offered. Investors look for clear differentiation, real customer value, and evidence that the product solves an important need.
03
When
Why this opportunity matters now. Timing shapes venture outcomes, so investors test whether market conditions, technology shifts, or customer behavior make this the right moment.
04
Where
The market context and scope of the opportunity. Investors study market size, market structure, and where a company can expand if execution goes well.
05
Why
The underlying reason the company should exist and win. Investors ask why customers care, why the company is compelling, and why it can earn durable demand.
06
How
How the business turns potential into venture returns. This includes execution, go-to-market strategy, scaling path, and the mechanics that determine whether the opportunity becomes a great investment.
The six questions work together rather than in isolation. A strong team with weak timing, or a large market without a credible path to execution, can still fail the venture test. Experienced investors weigh the answers together and look for opportunities that are compelling across the full system rather than on a single dimension.
The same framework helps founders. By understanding how investors evaluate team, product, timing, market, conviction, and execution, founders can prepare stronger fundraising narratives and anticipate the questions they will be asked in a pitch meeting.
The full book expands these questions into a practical handbook for evaluating startups, preparing for fundraising, and understanding the mindset behind venture capital decision making.