VCs themselves have no idea of the extent to which the startups they like are the ones that are best at selling themselves to VCs. [6] It’s exactly the same phenomenon we saw a step earlier. VCs get money by seeming confident to LPs, and founders get money by seeming confident to VCs.
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A Day in the Lemonade Business by AlexWitherspoon via Flickr
Rafer sez:
Noone’s easier to sell to than a salesperson.
And, Graham’s footnote is vicious:
[] This is the same phenomenon you see with defense contractors or fashion brands. The dumber the customers, the more effort you expend on the process of selling things to them rather than making the things you sell.
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