There isn't as much of a legal risk, but it's definitely mitigated.
In addition, the feedback they gave is now written. What if the founder lacks social etiquette and tweets "VC Y said my idea sucks because Z [some charged topic]"? If you look at the missed out on investment X/Y/Z emails that VCs sometimes release (anti-portfolios), you'll notice almost aways the releasers asks for permission first. VCs network effects largely need to be polished and appear to be knowledgeable about sectors -- giving feedback to a random startup that might be horribly wrong would hurt that reputation.
It makes sense as to why many VCs don't give feedback.
That being said, the answer is to never ask for direct feedback. Instead, you should have a middleman and backchannel. Ask the middleman to find out why they didn't like X -- this generally works. The middleman is impartial and can be objective (versus the founder who is often defensive) and is able to extract truth.
In addition, the feedback they gave is now written. What if the founder lacks social etiquette and tweets "VC Y said my idea sucks because Z [some charged topic]"? If you look at the missed out on investment X/Y/Z emails that VCs sometimes release (anti-portfolios), you'll notice almost aways the releasers asks for permission first. VCs network effects largely need to be polished and appear to be knowledgeable about sectors -- giving feedback to a random startup that might be horribly wrong would hurt that reputation.
It makes sense as to why many VCs don't give feedback.
That being said, the answer is to never ask for direct feedback. Instead, you should have a middleman and backchannel. Ask the middleman to find out why they didn't like X -- this generally works. The middleman is impartial and can be objective (versus the founder who is often defensive) and is able to extract truth.