Comment by EGreg

We’ve had VCs who have literally ran out of money before they could invest, even when w round came together. They end up investing in lots of crappy startups and convincing themselves it’s the best thing since sliced bread. A lot of smaller VC is just about networking your way into the bigger deals and syndicates while you raise money from LPs, rather than sourcing new diamonds in the rough. The startup “orbiters” are just there to show that you’re not a nobody, while you go to different events and try to get into in the same deal as the big boys.