Repeat founders have huge advantages when it comes to raising funds, regardless of how "dumb" their idea seems to sideline observers. I believe this is partial

Repeat founders have huge advantages when it comes to raising funds, regardless of how "dumb" their idea seems to sideline observers. I believe this is partially beacause investor's don't have very strong priors about what works and are happy to delegate that decision to someone with a track record. Incidentally, this model also explains why VCs tend to herd around the same investments - it's notorious how, once you get one VC interested, they all suddenly become interested.