Are demo days useless?

Caya: Are demo days useless? Why did you stop doing them?

Andrew: Even if you raised five million dollars? It's a brutal pain to try to get it at fifties and hundreds. You can argue Demo Day doesn't work at all... period. I do believe that if you're not one of the top ten, or top five even, accelerators, demo date doesn't usually deliver.

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This is like this virtuous cycle. The best founders, go to the best accelerators because that's where the most active investors are. The most active investors only count the best accelerators as a signal, because that's where they know the best startups are and the alumni, refer the same way.