I think there is (or was at least) a combination "dumb money" and a general oversupply of VCs, which means that they can't be too aggressive in vetting deals. N

I think there is (or was at least) a combination "dumb money" and a general oversupply of VCs, which means that they can't be too aggressive in vetting deals. Note that for example Theranos did get turned down by a number of VCs, but they got lots of money in the end anyways.