It's interesting to see this mapped out so clearly, but each step along the way is still entirely subjective.
Most investors, IMO, are not great evaluators of founders (e.g., are easily fooled by elite credentials), markets (they tend to chase shiny things), or founder / market fit (this takes a lot of operational expertise to realistically evaluate).
Most investors, IMO, are not great evaluators of founders (e.g., are easily fooled by elite credentials), markets (they tend to chase shiny things), or founder / market fit (this takes a lot of operational expertise to realistically evaluate).