Raising series A is when founders' beliefs are forced (sometimes suddenly and painfully) to converge with reality.
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You can raise a seed round by pleasing investors, but to raise series A you have to please customers.
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Volkswagen did
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Still better not to fool anyone :)
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The reason customers are harder to fool than investors is not just that they know their needs better. They also have the option of waiting.
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And they have millions of alternatives.
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Not fooling, but bribing is common at that stage.
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What about crowdsales, and ICOs with unrealistic expectations? I'm seeing customers get fooled right and left...
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Arent ICOs a fundraising vessel, making anyone who buys them an investor? And has anyone used ICOs for a series A?
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This point actually supports your statement though. In this case, the customers have taken the investors places and are more easily fooled.
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Even if customers seem 'fooled', they're usually extracting some experiential value, signaling benefit, or placebo effect from the branding.
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Investors also have a vested interest, hence more susceptible to self-serving bias.
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Bingo. Investors greed also does a lot of damage as startups are ramping up.
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