You're totally wrong about the (true negative|false negative) ratio. Most early-stage businesses that pitch VCs get turned down by more than half the VCs they a

You're totally wrong about the (true negative|false negative) ratio. Most early-stage businesses that pitch VCs get turned down by more than half the VCs they approach (this is changing as angel rounds are getting businesses to traction). The phenomenon of "hot deals" is very rare. So for every VC investment into a Facebook, Zappos, Zynga, etc. there are multiple VCs who turn it down, pushing this ratio under 1.