Series A and Series B are the hardest rounds for founders today. Founders launch a vertical AI SaaS company. They reach $1M-$3M ARR in 2 years or $5M-$10M in 3-4 years. They go out to market with their 1x-3x growth. Almost no interest from investors. If it's not the right category or a deep, long-term conviction bet, most investors stay away. Founders are stuck with large pref stacks and a market that doesn't value this growth. They are neither sustainable (at their current burn) nor venture-fundable (without growth). The exit options (if available) don't leave much for the team. In most cases, founders are required to join the acquiring company (but they aren't interested). I talk to many founders who have been misadvised, and they keep grinding without making progress. The Series A or B that didn't happen won't magically happen in 1 year with a little more progress. If the market moves much faster than your company progresses, you will always be behind. If you are told today to hit some metrics and come back, the market will have already moved by the time you return.