I think pg nails it when he says that talking to tons of investors takes up lots of time, and given the extremely low probability of a deal going through it com

I think pg nails it when he says that talking to tons of investors takes up lots of time, and given the extremely low probability of a deal going through it comes out as extremely hard. One of the reasons that exacerbate this problem is the presence of 'wannabe' angels in the investing community. These will typically be folks who worked long and hard in a big company or possibly got rich as an early employee and now fantasize about doing angel investments. Obviously the ambiguity of the whole process is too much for them to ever go through an investment. IMHO the fund raising process is all about waisting as less time on the folks who will not invest and figuring out the potential investors. Possibly pg should elaborate more about how founders can predict the 'successful' investors and skip the bad ones.