I agree, Arpan, that full transparency on reasons for passing can present more challenges than it's worth. Some of the most difficult conversations that I've had over the past two decades have been scenarios like you cite when entrepreneurs interpret constructive criticism as a personal attack. However, I do think there is a way to gracefully pass (especially rather than not communicating at all) and share a bit of context into your thinking. My feedback always focuses on the business or market itself rather than team issues, even if the latter is significant. And, of course, there's signal value in the repeat game on how a founder receives the message (or not).
I agree, Arpan, that full transparency on reasons for passing can present more challenges than it's worth. Some of the most difficult conversations that I've had over the past two decades have been scenarios like you cite when entrepreneurs interpret constructive criticism as a personal attack. However, I do think there is a way to gracefully pass (especially rather than not communicating at all) and share a bit of context into your thinking. My feedback always focuses on the business or market itself rather than team issues, even if the latter is significant. And, of course, there's signal value in the repeat game on how a founder receives the message (or not).