Why con artists get the meeting that honest founders can’t

In July 2011, a Stanford dropout managed to secure a lengthy meeting with a notable figure in just ten minutes. This individual's meeting with the secretary of state, George Shultz, ran for over two and a half hours before he ultimately joined the Theranos board. Meanwhile, another individual, Katalin Karikó, struggled to gain recognition for her work, despite having spent years producing evidence that could potentially change the world.

Both individuals approached their interactions with significant advantages. The Stanford dropout had connections, while Karikó had substantial evidence backing her claims. However, their experiences highlight a crucial aspect of the investor's decision-making process. Despite having more evidence, Karikó was unable to secure a meeting, while the Stanford dropout managed to impress Shultz with his "purity of motivation."

The source suggests that the weight of the evidence rarely influences the decision to extend a second meeting. Instead, it appears that the management team's role is deemed the most important factor in a deal, followed by less significant aspects such as the business model, product, or market.

Research further supports this observation, with 47% of surveyed venture capitalists placing the management team as the most crucial factor in a deal, while only 37% prioritized the business model, product, or market. Human accuracy in distinguishing truth from lies is only slightly better than chance, at around 54%. This information underscores the power of deception and the role it plays in the world of investors and founders.