This article was originally published in Start Up
VCs are seldom forthcoming about their real reasons for rejecting a business plan. They might, for example, worry about harming a preexisting relationship; they might not want to share competitive information about another company in their portfolio; and they certainly don't want to provide a potentially embarrassing insight into the firm's internal decision-making processes. But the answers VCs give can provide useful information, if you are willing to devote the effort to translating them.
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