I can vouch for this. I cold-emailed Leo. He responded thoughtfully, and after a few back and forths, I didn't follow up... signaling (correctly) that I wasn't

I can vouch for this. I cold-emailed Leo. He responded thoughtfully, and after a few back and forths, I didn't follow up... signaling (correctly) that I wasn't ready at the time. Here's the thing: we (founders) optimistically believe in our potential. Often we think we are further along than we really are. Multiply this times the widespread inability to communicate clearly and indeed, I can see why the ROI of cold-emails is miniscule. On the flip-side, I believe VC's greatest limitation to scale is its reliance on warm-intros and who-you-know dealings. 'Uber for capital' will come along and turn the whole industry (...and banking?) on its head, by making capital accessible no matter who you know or don't know - perhaps a protocol on the blockchain?