As an investor, I say “No” 99.9% of the time, even to very well-prepared pitches from repeat entrepreneurs. On the panel that day I was 100% “NO” with some variation of “come back when your idea is more baked.” After the 20th “NO” I reminded the audience that 99.9% of ideas don’t become companies and those that do a similar 99.9% do not and should not raise venture capital. Yet the passion of these entrepreneurs stuck with me. Having been in their shoes not knowing how to move forward, I ached for a more helpful answer than “come back later.”