Getting ghosted is never fun, especially when you're a founder seeking capital from investors. The lack of response can drive anyone crazy, leaving them wondering if they did something wrong or if the investor simply wasn't interested. However, according to several venture capitalists, ghosting is often a result of time constraints, a rapidly changing investing environment, and a churn-and-burn culture.

Mercedes Bent, a partner at Lightspeed Venture Partners, wrote in a LinkedIn post that time is people's scarcest resource, and VCs naturally spend more of it on the founders and startups in which they see potential. "Writing a thoughtful rejection takes effort, and when a pass won't 'convert' [to an investment], it often gets deprioritized," she wrote. Bent also notes that the investing environment has shifted over the past decade, with VCs having to make decisions faster and having less time to get back to prospects.

Sheel Mohnot, co-founder and general partner of Better Tomorrow Ventures, says things often slip through the cracks when he's "super swamped." This is never about the founder and always about what else he has going on in life, such as fundraising or founder camps. Eric Bahn, co-founder and general partner of Hustle Fund, relies on an automated email response to help him manage the influx of inbound deal opportunities he receives in his inbox. He estimates that he receives about 30 inbound pitches per day.

However, there are certain red flags that will lead to rejection. One investor who wished to remain anonymous cited frustration with AI-generated founder cold outreach, which can drown out genuine outreach. Another turnoff is a lack of self-awareness, such as claiming that a startup has no competitors or faces no existential risks. Unrealistic expectations, visible tension or lack of complementary skills among founding team members, and a lack of technical depth are also major red flags.

Founder behavior is also crucial. Rex Salisbury, founder and general partner of Cambrian Ventures, wants to see that a founder is on top of things and views a pitch deck with a dated file name as a red flag. Misrepresenting numbers will get you cut off from Salisbury altogether. Eric Bahn has no tolerance for racist or sexist comments and will blacklist founders who exhibit such behavior. Dishonesty is also an instant deal killer, and can take many forms, including exaggerations and a lack of transparency.

Despite the risks of ghosting, VCs still believe that there's no true excuse for not sending a simple, "no thank you" follow-up to a founder if they actually had a pitch meeting with a founder. As Bent put it, ghosting happens anyway, and the golden rule applies to both parties: "Treat people how you want to be treated."

The implications of this trend are significant for startups seeking investment. Founders must be prepared to navigate a rapidly changing investing environment, where time is scarce and decisions are made quickly. They must also be aware of the red flags that can lead to rejection and ensure that they exhibit good founder behavior. Ultimately, the onus is on both VCs and founders to maintain a level of respect and professionalism in their interactions.