I am coming from a more accounting background and I always understood as IRR to be a discount rate that would lead to an NPV of a project to zero. That is to say that IRR is how much value money loses over time. The higher the IRR, the less you should pursue the project.
Yet, reading some VC articles, IRR seems to represent the return of the project and the higher is better. I seem to be missing the understanding of IRR.
Is it saying that given an initial investment and future cash flows, your money would need to lose x% (the IRR)to have an NPV of zero. Therefore, the bigger it is, the further that possibility is and therefore the better the project?