[madamepsychosis]

Here's a recent anecdote: A company in London had developed a seriously impressive, breakthrough technology. When they went to meet European VCs, they wanted a business plan, revenue graphs, etc., nothing about how the technology worked. They were mostly ex-McKinsey and ex-banking and probably would not have understood the mechanics anyway. They lowballed/ passed on this company, because they were raising > £10 million, which by EU standards is a massive amount, and the financials of this < 5 y/o company were too shaky. Then the founders went out to SF for a month, and pretty soon were practically drowning in termsheets.