New book · For pre-seed & seed founders
Every investor “no” has a reason. Learn to read it before your next pitch.
Why Investors Say No is a practical guide for pre-seed and seed founders: find out why you were turned down, fix what is fixable, and stop pitching investors who could never say yes.
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Author Walkthrough · Watch Reel
Why I wrote this book
A quick video breakdown by Tobiloba Odejinmi on what really happens behind closed doors in venture capital, and why early passes are rarely about your intelligence.
The 4 Kinds of No
Every investor no falls into one of four kinds: Fit, People, Business or Trust. Once you know which one you got, you stop guessing and fix the right thing, or move on to investors who can say yes.
- $1.7 million in nos: What failing to raise $500,000 at Insurpass and $1.2 million at Shopl taught me about reading a pass.
- Polite No Decoder:What “Too early” and “Keep us posted” actually translate to.
- The 30-Minute Fix: How to score your pipeline with the Excel workbook before booking another call.
Tobiloba Odejinmi · 2x founder, raised from Techstars & Tekedia Capital
The problem
You sent the deck. You took the call. Then you got a polite email.
Nobody tells you what that really meant. So you guess. You rebuild the deck, change the product, or email 50 more strangers. Guessing costs months, and a founder's runway is short.
The truth is that a no usually belongs to one of four kinds. Some have nothing to do with you. Some you can fix in 30 days. If you cannot tell which is which, you spend your effort on the wrong thing.
The answer: the Pass Map
Four kinds of no. 22 specific reasons.
For each reason you get what it means, how it shows up in an investor's reply, a quick check, and what to do about it.
Fit
01The investor cannot say yes whatever you do.
Wrong stage, wrong thesis, a competitor in their portfolio.
The fix is a better list.
People
02Doubts about the founders.
A missing skill, or tension between co-founders.
Show the team can win.
Business
03Doubts about the company.
Market size, thin traction, weak differentiation, unclear ways to win customers, unit economics.
Prove the part they doubt.
Trust
04How far they believe you.
Unclear metrics, a story that changes, weak references, late surprises, sloppy materials.
Make every claim checkable.
A taste of the method
How the book reads a polite no
Two short examples of the kind of thinking inside. The book goes through all 22 reasons this way.
What the reply might mean, and what to do next
From the approach in chapters 2, 3 and 9: the four kinds of no, Fit, and getting the real reason
“Too early for us.”
Usually Fit or BusinessLook at their last ten first cheques. If none were at your stage, it is Fit: they do not invest this early. If they were, it is Business: your traction has not convinced them yet.
Next: Fit: take them off your list. Business: reply and ask which milestone would make it not too early, then go and prove that one thing.
“Keep us updated.”
A soft no for nowDid they ask for anything specific, such as a number, a customer call or an introduction? If not, they are keeping an option open, not getting ready to lead.
Next: Do not rebuild the product for them. Send a short update with real numbers when something has changed, and spend your time on investors who can say yes now.
“Not quite our thesis.”
FitCompare your company with what they have actually funded in the last year, not with what their website says.
Next: Nothing in your pitch will change this. Thank them, stop following up, and ask if they know an investor who does back companies like yours.
Your first 30 minutes
You will know what to work on this week.
- 1Write down your last 10 nos, in the investors' exact words.10 min
- 2Score the 22 reasons with the Rejection Scorecard.15 min
- 3Pick your top two fixes and your biggest fit problem.5 min
The reality check
Pitching blind costs more than this book
Every polite pass you fail to decode accurately drains founder runway, burns warm introductions, and keeps your team guessing.
- Email 50 funds without checking their stage minimums, thesis, or recent deal pace.
- Receive polite non-answers: “Love the vision, just a bit too early for us right now.”
- Waste 3 weeks rewording your deck and tweaking slide 4 when the real issue was stage mismatch.
- Burn founder runway and partner goodwill while guessing what investors actually wanted.
- Run out of momentum before reaching the investors whose fund size actually matches your ask.
Result: Weeks of wasted founder time and zero checks.
- Filter out mismatched funds before sending emails using the Fit Gate and Investor Fit Scorer.
- Use the Rejection Scorecard to isolate the real issue (Fit, People, Business, or Trust) in 15 minutes.
- Use the 12 editable email scripts to ask for the real reason behind a polite pass.
- Execute the 90-day turnaround plan to fix real proof gaps before returning for second meetings.
- Preserve runway and target only funds that have active capital and lead check capability for your stage.
Result: Fewer wasted pitches, and your time spent fixing what investors actually doubted.
The ROI equation is simple:
If this book saves you from pitching even one misaligned fund or rewording the wrong slides, it has paid for itself.
What is inside
The book, the tools, and the words to send.
A 62-page book in 15 chapters
Four parts: Understand the no, The reasons, Turn it around, and Appendices.
The Pass Map
22 reasons in four kinds, with signs, checks and fixes.
The Fit Gate
A quick test that removes investors who cannot say yes before you spend time on them.
The Rejection Scorecard
Score all 22 reasons from 0 to 3, see your weak area on a chart, and get your top five fixable reasons.
The Pass Log
Log every investor conversation. It feeds the scorecard.
The Investor Fit Scorer
Score each investor out of 100 and sort them into tiers A, B and C.
12 email scripts
Cold emails, introduction requests, follow-ups, and replies to “too early”, “keep us updated” and “not a fit”. Edit and send.
A 90-day plan
Diagnose for 30 days, prove for 30, re-engage for 30.
Raising outside the US
African pre-seed data, and ten questions to take to your lawyer about cross-border structure.
Technical due diligence readiness checklist
From my work as a CTO.
See all 15 chapters
- 01Why investors rarely tell you the truth
- 02The four kinds of no
- 03Fit: the no that is not about you
- 04People: the founder question
- 05Business I: market and difference
- 06Business II: traction and money
- 07Trust: how far they believe you
- 08Your deck and your email: the first three minutes
- 09Get the real reason
- 10The Rejection Scorecard
- 11The 90-day plan
- 12Build the right pipeline
- 13Twelve email scripts
- 14Raising outside the US
- 15When to switch, stop or go without venture
How you get your files
Pay once. Download straight away. A copy lands in your inbox.
No account to create and no waiting. This is exactly what happens:
1. Pay securely
Checkout is Paystack. In Nigeria pay the local Naira price by bank transfer, card, USSD or QR. Elsewhere pay in US dollars by card or Apple Pay. Visa, Mastercard, Verve and American Express are accepted.
2. Download immediately
The moment your payment is confirmed, the next page shows a download button for the book, the Excel workbook and the Word scripts.
3. Check your email
Within minutes we email you every download link and a receipt. Lost it? Re-send it from the confirmation page, or just reply and we will send it again.
Why I wrote it
I have been told no far more often than I have been funded.
I am Tobiloba Odejinmi, a two-time founder and the Head of Engineering at 10mg Health. At Insurpass I raised $85,000 from Tekedia Capital, and when we went after $500,000 the answer was no. At Shopl we raised $120,000 through Techstars, and we failed to raise $1.2 million.
I wrote the book I wanted after each of those nos: one that helps you read the pass, not just survive it.
Who it is for
- Pre-seed and seed founders in any country who have been turned down, or want to avoid avoidable nos.
- Founders outside the US raising from local and global investors, including Africa and India.
- Business owners and executives deciding whether venture capital is even the right tool. Chapter 15 helps you decide.
Who it is not for
- Anyone who wants a guarantee of funding. Nobody can give you that.
- Anyone who wants a list of investors' private emails. This book teaches you to target well and respect people's contact preferences.
- Founders raising later-stage rounds. The book is written for pre-seed and seed.
From readers
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Everything you get
Why Investors Say No
- A 62-page book in 15 chapters(PDF)
- The Pass Map(Framework)
- The Fit Gate(Checklist)
- The Rejection Scorecard(Excel)
- The Pass Log(Excel)
- The Investor Fit Scorer(Excel)
- 12 email scripts(Word)
- A 90-day plan(Plan)
- Raising outside the US(Chapter)
- Technical due diligence readiness checklist(Checklist)
Launch price
$19
- Instant download on the next page, right after payment
- Every file emailed to you as well, so you never lose it
- Card (Visa, Mastercard, Amex) or Apple Pay · secured by Paystack
14-day promise: Do the 30-minute quick start. If you still find nothing useful, email me within 14 days and I will refund you in full.
Path forward
Your next step: from pass to check
Reading the book gives you the diagnostic framework. Here is your three-stage roadmap to put it to work immediately:
The 30-Minute Rejection Audit
Open the included Excel Rejection Scorecard. Take the last 3 rejections you received and score them across the 22 reasons.
Uncovers whether the issue was Fit, People, Business, or Trust
Gives you the exact 2 priority items to fix this week
Execute the 90-Day Turnaround
Follow the 90-day plan in Chapter 11: 30 days to diagnose, 30 days to build proof, and 30 days to re-engage.
Use the 12 Word scripts for traction milestone updates
Go back to past soft passes with real progress to show
Pitch & Architecture Audit
Want an experienced 2x founder and engineering lead to review your deck, Pass Log, or technical readiness before your next fund meeting?
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Before you buy
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Stop guessing why they said no.
Read the pass, fix what is fixable, and pitch fewer investors, better.
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Why Investors Say No
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