Episodes un and deux were posted quite a while back. Here comes episode trois. This one isn't actually one of my own posts. It's by Mark Suster. Some of it overlaps with what I said earlier (none of this is rocket science, really), and the bit I agree most with is "VCs want big outcomes". Note, as he makes clear, that not every point he makes is relevant to every single VC out there. There are variations galore, even in a place like Silicon Valley, and even more so in the much more diverse, much less established region that is Asia.
Take a read: Do You Really Even Need VC?