This touches on a lot of the no-nonsense reasons why a VC would say no if you have some traction, but not explosive traction.

As someone who has gone through the process of bootstrapping, getting traction, and trying to raise money for the first time in a "consumer unfriendly environment," I think he touches quite eloquently and precisely on a lot of important points. Most VCs don't lay it out as nicely as this either.