An investor deal-flow series
The Anatomy of a Pass
Over the course of 60 days in 2026 I reviewed every pitch that reached my inbox and declined most of them. Close to a hundred rejection emails went out. Each one was a full letter: specific concerns grounded in the deck's own numbers, followed by the questions worth answering before the next investor conversation.
This is what came back. Thirty-eight founders replied. Several called it the most rigorous investor feedback they had ever received, and many answered the questions point by point.
What is in it
- One pass shown in full, with the recipient blurred
- What the founders replied, verbatim
- Why I passed: the concerns that recur, ranked by frequency
- Stages and asks: the money behind the pitches
- Lessons for founders, before the next pitch
The full essay, with the charts and the founders' replies in context, is on my blog: The Anatomy of a Pass.