I only have anec-data, but I know several engineers who have very interesting hardware prototypes sitting on shelves or gathering dust in basements simply because they aren't the "hustlers" VCs are used to be wowed by.
There's a couple of reasons people like that don't partner with someone who is able to raise the capital more easily, but the most pronounced i've heard was that they don't want to buy into the dishonest-"fake it till you make it" culture that surrounds VC.
It depends on the industry they're trying to break into. Some industries prefer their providers to be quiet, competent and not promise things they haven't built yet. In these, the typical VC hustler would be a liability.
Companies that don’t play the VC game are harder work but totally possible (and potentially more rewarding) but the VC game requires those “hustlers” because that’s the VC’s expectations.
There's a couple of reasons people like that don't partner with someone who is able to raise the capital more easily, but the most pronounced i've heard was that they don't want to buy into the dishonest-"fake it till you make it" culture that surrounds VC.