There's a limit to how much a company can raise pre-product/pre-traction. It hinges a lot on the team and whether they've had a big exit. Keep in mind, most ea

There's a limit to how much a company can raise pre-product/pre-traction. It hinges a lot on the team and whether they've had a big exit. Keep in mind, most early-stage funding is done by angels who "work for themselves", not VCs -- real, true VCs work for their limited partners (investors) and if a deal goes south, there can be a lot of "how the hell did this get funded" blowback that can be career-limiting. So as much as I like to think VC can change, their incentives do make it a bit difficult.