Is this company suited for the VC-backed path?

When evaluating an investment, I often ask: Is this company suited for the VC-backed path?

For early-stage investors, a major risk is determining whether a follow-on VC will invest in the company down the line. While some startups may never need additional funding, this is the exception rather than the rule—99% of startups that raise pre-seed and survive will require further capital.

Let’s approach this from first principles:
1) Will a later-stage investor give money to this company in 18-24 months?
2) What conditions or milestones need to be met for that fundraising to take place in 18-24 months?
3) What actions need to be taken now to ensure this happens?
4) Is this team capable of executing these actions with the capital and resources available to them?