If you’re a game founder trying to raise your first institutional round, you’ve probably been told to “build community,” “show traction,” and “stand out.” But what does that actually mean to a VC sitting on the other side of the table?

At a recent panel on funding game startups, Teppei Tsutsui, General Partner at GFR Fund, gave founders an honest look at how early-stage investors think. With over a decade of experience backing game studios and consumer tech companies, Teppei shared what gets his attention in a pitch—and what makes him quietly pass.

Whether you're preparing to pitch or just launched your prototype, his answers offer tactical clarity on what matters, what doesn’t, and how to position your startup to break through the noise.