[dbul]

Since maximizing return is in the interest of the LPs, as a VC wouldn't you at least have a conversation with PicPlz about investing in an additional round with a competitor? Especially:

Dalton later pivoted out of PicPlz and is now building an exciting new service called App.Net.

If the App.Net concept was on the alternative idea list (likely considering the generalist nature of the entrepreneur [music, photos, whatever app.net does]), maybe the pivot would have happened sooner.