There is a very good documentary called Something Ventured[1].
It's really good. I think everyone into Startups must watch this. It's not second hand narration but the real VCs them selves telling the stories so I find it very reliable.
So in the documentary there is a section about VCs meeting Steve Jobs & Wozniak for the first time.
They passed on the investment saying that they were "not impressive".
One of the VCs (that refused to invest) was begged to show up at some computer conference to see how people were interacting with the Apple Computer.
The VC saw a very huge crowd of people around the Apple booth waiting for a turn to use the Apple computer.
The VC then completely changed his mind & decided to invest in Apple. When he did so, even the likes of Don Valentine now begged to enter the round.
My suspicion is that the crowd was artificial, Steve Jobs knew that if he could prove (or construct) some kind of hype around his Apple computer at the conference. It would conjure fear of missing out in the VCs or something akin to traction.
Note that everything else remained the same the product, the founders etc. He just added an ounce of hype.
Even if you think a founder is not impressive, if you see an impressive product you are more likely to take the bet. It’s the same old “sales cures all” sentiment where many organizational dysfunctions can be tolerated if the company’s products are in demand
"It was only after Steve Jobs exploited their preferential attachment & tendency of VC to succumb to herding effects that he was given investment."