It'd be nice if they'd just say no and cut that company loose instead of giving them false hope they might get funded if the investor can be convinced. I see a lot of wasted time by companies spent in this murky area - time they might be better off running and improving their companies.

Some VCs are genuinely bad at responding to entrepreneurs. However, even highly responsive VCs sometimes have companies that fall into the no-man's land between being given a 'yes' or a 'no'.

VCs understand...