>A fund that just backs raw R&D ... with no referrals or exit history ... only evals the tech on merit Define 'merit'. From the perspective of an investor, me

>A fund that just backs raw R&D ... with no referrals or exit history ... only evals the tech on merit Define 'merit'. From the perspective of an investor, merit is commercial potential. Small traction in a large market shows commercial potential. 'Raw R&D' without commercial potential is definitely the domain of universities, not VCs.