Regularly speaking, the main reasons why VC investors say No are: - The market is too small or pseudo demand - The founding team is not strong enough, the technology/background/resources/experience is not matched - Too few Tractions - The industry is too crammy, it is already a red ocean or is destined to be on the dining table of giants - I can't understand the business model - Poor roadshow performance, Deck/BP can't understand The other reasons are: - The fund is in the exit period and the new fund has not raised funds, so there is no money to invest - LP is very dissatisfied with the past investment results, and now it is strongly managing which track to invest in GP.