“Please note however that this is neither a term sheet or a wire transfer.”
A top-tier Silicon Valley partner told Bartlett’s startup “we want to invest, you should start hiring now.” The founders hired. The term sheet got crickets, the market turned, and the company died. VCs never say no because the founder they reject might be the next Zuck. That politeness is free for the VC and the founder pays for it in salaries.