WM's statistics are quite interesting. They publicly disclosed their VC dealflow conversion rate (although this only represents their company; other companies are roughly the same). First, only 595 companies/projects are capable of submitting their decks to WM, regardless of whether they use private channels or other methods. This is extremely rare among the tens of thousands of new projects each year. The initial screening probably eliminates about half, after the first call. Then another half are eliminated. I suspect this is related to whether the founder truly understands what they are doing and what the industry needs. The second call eliminates another half. The second call is probably to discuss the details of this funding round if things go well. The due diligence eliminates another half. This is where the founder's past achievements are truly tested; any wrongdoing along the way can easily be exposed here. Finally, the deck is submitted to the big boss. If the big boss approves, it's basically done. This reminds me of the first episode of the recent Bilibili video "Chinese Fantasy Tales 2." Three snakes initially worked hard just to earn some incense offerings, but unexpectedly angered the immortals and were demoted and forced to fight to the death. However, their actions were unexpectedly recognized by the people, thus achieving Product-Market Fit (PMF). Instead, he accomplished the ascension of the Cangqiang tribe. Entrepreneurship is nothing more than this process. What proportions do class, background, luck, and ability actually account for? But that's all left for future generations to decide through historical records.