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This is probably one of the most frustrating aspects of the whole process. I'm raising money for Forrst right now, and I've lost count of the number of folks who have done this. They make it seem like saying a two letter word is some superhuman feat. Makes me extra grateful for the guys who stuck to their word and followed up quickly with a yes/no.

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By going dark many VCs assume that they preserve their options for getting into the game at a later point. Most VCs don't want to give you a clear "no" because they know pretty well that you might change your business model, technology or even team very quickly especially when you are in the early stages (ie pivoting). And by telling you what exactly they are not liking about your startup, VCs are afraid that you might take it personal as well (just as some people take a "no" personal). And then there are VCs who want to get some more insights into a specific market or technology to use that for one of their portfolios.

It's called SHITS. "Show high interest, then stall." They're waiting for validation from some other VC. "Oh, Sequoia is interested??"

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