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The best founders treat the following as a necessary component of their business but NOT the entire business.. > AI / timing / why now > Funding > Distribution / hype > Market > Product > Revenue I’m seeing too many pitches that are touting only one of these as the core reason to invest. The bar has frankly never been higher (see the seed - A gap) and you really need to be able to explain how you’re capturing at least multiple of these in a unique way that’ll be hard for others to copy. Especially in overcrowded categories. Otherwise, it gets very hard for the other side (aka VC) to make a case for their own partners to write the check. And, founders often get frustrated because their businesses are strong. Stronger than they have ever been in the past. Why can’t people just write the check? Like why do I need to waste time fundraising? It’s because like it or not the levels do keep going up. Narrative matters, ambition matters and try to understand the opportunity cost has also never been higher on the other side. If you’re profitable and don’t need capital, then who cares. And you don’t need to optimize for VCs but you DO need to give them a reason to believe. So, keep your bar high. Find a capital partner that still has conviction and deserves equity in your company. But, please take those ten extra minutes to communicate your long term ambition, because that might be the only small difference between you and the next round.