Yes and no :) Avoiding category-creation risk is true of most investors most of the times For VCs, it's understandable given investors see so many co's pitch

Yes and no :) Avoiding category-creation risk is true of most investors most of the times For VCs, it's understandable given investors see so many co's pitch and it's one less risk to worry about. The later the stage and bigger the check, even more pressure. Earlier stage is always more welcoming than later stage. Risk is lower for angels b/c betting on team means the startup can pivot (harder later) and can always exit for lower amounts ($20-30M exit for a $50K check is more of a 5X return than the goal of 10-100X return-the-fund, but a few of these still works and is more doable)