Could you elaborate on the supply of quality VCs? What are some examples of high quality vs low quality VCs? How would you suggest ranking different VCs? Do you have any rough count of quality VCs in the top 3 cities?
The 'quality' of a vc comes through in a lot of ways. One way is a general stamp of approval (they typically pick winners) which helps your companies reputation. Another comes from a large portfolio or a large network from which you can draw talent for hiring or source deals if you're B2B. Another way is to help you syndicate a round (get other firms involved to meet your funding goal). The most important I find is if they're going to be around for future rounds; iffy firms that don't have a track record have a habit of folding once their initial fund is spent.