That's getting into perfectly-spherical-cow territory, though. Investors aren't logical and neither are founders, and there's a real chance that an investor-fai

That's getting into perfectly-spherical-cow territory, though. Investors aren't logical and neither are founders, and there's a real chance that an investor-fair deal isn't going to get any bites. The BATNA for most founders who don't secure funding is "go get a job that pays a lot of money"; while most VC investment is lopsided in the investor's favor through other means (equity preferences etc.), not landing deals makes your fund's LPs ask why they're letting you hold their bag of cash.