What does it mean when an investor says “too Early”?

In the spin-out world, “too early” is one of the most common phrases investors use and one of the most misunderstood.

When a founder hears it, it can sound like a polite rejection. In reality, it is usually a signal about risk. Investors are not saying “come back in a year.” They are saying, “we cannot yet see the path from technology to revenue.”