Getting the first lead offer is the hardest part •  You have to estimate not just the probability that an investor will say yes, but that they are willing to be the first to say yes. •  If I were a founder evaluating a VC, I would want to know if they are willing to decide quickly and on their own. •  An investor who will only invest once you have a lead is worthless at first. Pitching them early has no upside; only downsides. •  An investor who says “I will lead a $2M round by investing $1M if you find another $1M is not leading.” They have done nothing for you. You have made no real progress.