Here's the dynamic I've observed as an entrepreneur. On average, investors don't make scientific decisions. Pitches are the input data to these decisions; on

Here's the dynamic I've observed as an entrepreneur. On average, investors don't make scientific decisions. Pitches are the input data to these decisions; on average, entrepreneurs who raise capital efficiently optimize for the fitness functions that close deals. Good pitch advice comes in the form: "play the game", "don't be so literal", etc. On the other hand, average investor feedback does not create a learning opportunity for entrepreneurs who are pitching. Smile f-ing, and backdoor calls to other investors is the language of pitch feedback. It creates a dichotomy where many entrepreneurs feel everyone else is embellishing and investors can't give feedback with candor in any case. Therefor, an internal narrative comes to life that its rational, and even in shareholder's best interest, ie, a duty of a CEO, to stretch the truth in a way that gets the company the resources it needs.