I see a lot of startups taking angel funding with the expectation that they will then take on VC funding. This pattern has gotten so institutionalized that some

I see a lot of startups taking angel funding with the expectation that they will then take on VC funding. This pattern has gotten so institutionalized that some people even refer to angel investment as a "round" in an of itself. I think GP's point is that for most other businesses VCs are never in the picture whatsoever, neither at the beginning stage nor later.