you're right, what I should have written is the question in their mind is "how soon and for how much can we create liquidity" with more of a focus on how much than how soon. In other words, how will the funds be used to reduce the risk in the startup. If acquisition is your likely exit (and that's a safe bet for most new startups) then they may ask you to speculate who would buy the firm and for how much. I am not advocating a "built to flip" strategy" as much as trying to understand an investor perspective.