Besides ventures in distress, it can be that VC's/PE's com across unchattered, but more than promising terrain. The product/market-fit seems to be off the charts ready to grab for the first mover.
It is clear that only with a great team headed by a gifted and passionate CEO this can be successful; it is all in the execution. The dilemma is that we need to move now and searching for the right leader can be a process of several months.
As quartermaster with a 100-day plan I will step in as the first CEO. In close contact the shareholders and with an understanding of the product/market fit I will follow through with the incorporation of the company, acquisition of the first team members, build the first MVP and bring it to the market asap. And of course finding the long term CEO and management team to make the venture the promised success.