It wasn't. The uncertainty is a bit high, but the item made quite a lot of sense

Showing IR data that there is a good business item
Someone asked, "I've met a lot of VCs, but in the end, no one invested. Is this item so unattractive?"

It wasn't. The uncertainty is a bit high, but the item made quite a lot of sense and managed to be attractive.

That's not the problem
It was really literally all about IR, 'Give me money because I need money to do this'.

Let's say there's a team that wants money because they're going to make a rocket and fly it to the moon.
What are we going to see and invest?

1) First of all, we will see if this team is capable of making rockets. Do you have any friends who have done such things in the past, or are you competent enough to do so? Can you invest if you have five Korean literature majors to make rockets?

2) And we'll see how far the rocket-making development has progressed. Whether the blueprint is out or the main parts are to be used. Whether you've shot and blown the model.
Do you feel like a team that does nothing and "will develop from then on if money comes in" will be able to launch rockets?

But the start-up team
Members who had never done anything related to rockets gathered to hypothesize that a rocket could be launched in this way, and instead of verifying some of the hypotheses by burning their money, acquaintances' angel investment funds, and loans, they insisted that they would make a rocket when the investment came in and that this would be done unconditionally.

Would you be able to invest here?

It is not a venture capital to invest in a person and his or her dreams at a stage where there is nothing.
The role of the examiner is to reduce the risks that venture capital can reduce amid high-risk high returns in fund management accidents.

Shooting money just by listening to elevator pitching to invest in your dream is an illusion created by the media, which should not be done by a fund management company that has to faithfully manage other people's money.
Like Son Jeong-ui Ong, losing a few billion won is a play that rich people, who don't matter, will do while investing in angels.

I don't want (preliminary) founders to take investments to test the hypothesis.
Hypothesis verification is when they received loans, burned their own money, or received angel investment from acquaintances. VC can invest when it has already been resolved at the previous stage and a full-fledged business is promoted based on the verified hypothesis.

I think fundraising for VC without this is a waste of time. (To be honest, it's unlikely to be an investment.)