VCs have very little incentive to tell you exactly what they are thinking •  If they “pass” on your deal and it becomes awesome later, they might lose out. •  The more time they have to evaluate your company, the more info they can gather. As long as it doesn’t cost them to take more time, they often will. •  The VC will often give a “reason” for passing that doesn’t reveal what they really think, oftentimes not to offend the entrepreneur. •  VCs often lead founders on, but many founders lead themselves on because they read too much happy talk into the pitch meetings.