I’ve pitched dozens of VC’s over the last 6-9 months. Most I’ve received clear no’s from but a handful appear very interested and have continued asking questions about the opportunity (including IP strategy review). They’re putting real work in on their side (as far as I can tell), so, I take that as a sign of real interest.
My interpretation is that they are interested but don’t have a sense of urgency to offer up a term sheet. Seems like I’ll need a trigger point (i.e., someone to formally commit money whether they’re leading or not) in order to get this round done. I want to say, “shit or get off the pot!” but that likely would be counterproductive. 🙂 The question here is, how do you tell if someone is just stalling (i.e., not really wanting to say no and politely stringing you along) vs. just taking their time in the diligence process (and I just need to be patient)?