In venture capital decision making, deal selection (choosing the right deal from a pipeline of opportunities), is the factor considered most important by funders, followed by post investment value add and deal flow (opportunities pipeline). The most important factor when selecting the deal is overwhelmingly team quality: ability, passion, experience and teamwork. It is credited in nearly all successes and blamed in nearly all the failures. It’s the jockey that matters for VC success, not the horse.
Source: https://www.sciencedirect.com/science/article/abs/pii/S0304405X19301680
