I once pitched a top angel investor in Canada. She said she loved the idea and was in.
We agreed to terms and she asked for the term sheet saying she'd sign back quickly.
I sent the term sheet. No reply.
I followed up a week later. Ghosted.
Then another follow up, ghosted again.
After a month, she replied saying she was busy because her nanny had quit, meanwhile as a founder I was struggling just to pay my basic grocery bills. I had no leverage so I politely said the delay was fine and I'd still be happy to give her an allocation.
Three months later, she replied saying it would conflict with one of her portcos so she couldn't invest.
I lost all faith in Canadian VCs after that.
I was once pitching in a board room at a top 3 VC firm for a $15M Series A.
12 people in the meeting. One of the GPs fully fell asleep. Out cold for 30 minutes. Nobody acknowledged it. Everyone just kept going.
I kept presenting my Series A slides to an unconscious man in a Herman Miller chair and somehow that was considered normal. That's venture capital.
You might fly across the country to perform for people who may or may not be conscious.
It's a dance.
And sometimes you lead and sometimes you follow and sometimes your partner is unconscious.
If you're raising right now, just know: every founder has a story like this. The process is weird. The power dynamic is weird. You're not crazy for thinking it's weird.
No one talks about it because they want to continue raising. But I'm happy to stick my neck out there.
It is weird.