"He told us he was going to fund us," shouts the happy entrepreneur into my ear. I'm sure he dialed me as soon as he got into the car.

"He's not going to fund you," I say calmly, "The VCs always say that. It doesn't mean anything."

A lot of entrepreneurs have a hard time telling when an investor is interested. This is because most investors avoid saying no. Sometimes, this is because it's awkward to tell an entrepreneur, "I'm not investing because I don't believe in your team." Sometimes it's because nobody wants to say, "I'm just not feeling it," even though star VCs like Fred Wilson and Paul Graham freely admit that gut instinct is a major if not primary decision-making criteria.

//

Raising money is like dating in junior-high school.

Dating in junior high school is more fun.

How do you tell if a VC is interested? All the other ones have already given you term sheets.

How do you know a VC is interested? If you're asking, the VC is not interested.