I'm sure VCs give money to friends but I didn't know any investors when I raised millions. They invested money because they thought it was a good idea.

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kakwa_ an hour ago | parent [-]

More like an idea decently likely to be resold for more.

Good ideas are a decent subset, but you could also have a bit of "Greater Fool Theory" compliant ideas.

	▲	staticassertion an hour ago \| parent [-]
		Sure, but that doesn't really change anything. The poster plainly states: > Money is not given to good ideas (though, it doesn’t hurt). Money is given to friends. I have an obvious counter example. I'm sure money is invested for all sorts of reasons to all sorts of people. I'm also sure that money is not exclusively invested based on friendships, and I'm quite sure that money is at times invested based on the merits of an idea. Obviously those merits have to correspond to the ability to form the basis of a successful company, unless it's a philanthropic investment.