T.K. wrote "He's off on that tangent again, the same one that resulted in a 'no thank you' from the past two VCs!" As I reviewed his business plan and compared it to his presentation I saw the trouble: the business plan document included a long introduction about the years of work with another company that got the TK's startup going. The VC expected the key technology to be owned by that other company. But the most important technology was created by the startup. So I made a couple of suggestions about how to get the VC back on track and soon updated information was sent to the VC.
Investors do not care about ancient history. They care about who you are right now. How you got there can be a story told later, if necessary. Most of the time you can get your money without digging into the details of the past trail to today. That will avoid confusing the VC.
BOTTOM LINE: Focus on today and tomorrow, not yesterday, when telling your story to a VC. They are easily confused by the past and it is very hard to get them back on to the right path.