When VCs don't invest, it's mostly due to the fact that they don't think the ROI would be that great. However, VCs will come up with irrelevant excuses because

When VCs don't invest, it's mostly due to the fact that they don't think the ROI would be that great. However, VCs will come up with irrelevant excuses because they don't want to go into a long debate. The long-term and short-term nature of it is highly dynamic. If the investment is going to 2x-10x, they will make a bet with some amount of money.