Should you have an exit strategy before approaching VCs?

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Yes.
VCs would like to be sure your exit strategy will allow them to get their money back. If your strategy is to go public within 2-3 years, this is fine. In that case, they want to be sure it isn't only a dream. If your strategy is to sell ASAP, VCs may think you do not believe in your business.
They want you to have a long-term strategy but be open to opportunities


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