Entrepreneur Shares Experience of GP Falling Asleep During VC Pitch
Notable entrepreneur Greg Isenberg experienced a GP falling asleep for over 30 minutes during a $15 million Series A pitch in a top VC firm's boardroom.
The meeting had 12 participants, and no one responded as he continued his presentation to the sleeping investor.
This scene is seen as a norm in the VC industry, reflecting the peculiar power dynamics and performative nature that founders must face.
Source: Public Information
ABAB AI Insight
Greg Isenberg has been active in the startup and VC ecosystem for a long time, frequently sharing his experiences in fundraising and growth. He has previously provided industry insights through his Newsletter, and this account continues his commentary on the absurdities of the VC process.
In the capital landscape, top VCs mitigate decision-making risks in a highly competitive environment by having multiple GPs participate in meetings. Even if some members lose focus, the process continues, and founders must complete their "performance" to secure a term sheet. Ultimately, funding flows to quality projects that can endure and adapt to this dynamic.
Similar to Liz Wessel's experience in 2015, where an investor fell asleep yet still issued a term sheet, the VC fundraising process is transitioning from superficial professionalism to a reality where human connection and attention fragmentation are prevalent. The power relationship between founders and investors remains delicate.
At its core, this reflects capital concentration: a few top VCs create asymmetric power dynamics to concentrate quality deals. The mechanism is based on information asymmetry and capital scarcity, forcing founders to perform under high pressure to secure funding, while VCs can low-cost filter for truly resilient entrepreneurs.
ABAB News · Cognitive Law
When power is unequal, performance is more important than content.
The one who is asleep decides the funding, while the one who is awake can only continue speaking.
A truly good project can still receive support amidst absurdity.