Two years is a rule of thumb, there are still areas that venture capitalists are very interested in. If you get the right venture capitalist, in the right market, you can take a risk that you're going to get funded a year or two out. It's all a trade-off vs. certainty, vs. valuation, and each situation is unique. In my years of experience, the personality of the senior management team and the venture capitalist melding together is a very strong determinate of what success the company will have. And the CEO will sometimes hear bad news from the venture capitalist, so if they have a good relationship it will be more helpful.
Some venture capitalists are more mature and less volatile than others.
If you have a choice, you need someone who is tough but fair. The CEOs change and management teams change and, if anything, you have to really go by human nature. Sometimes people within a company wait too long to make a change. It's just not true. They're putting money on people and the company to succeed.