There's a difference between optimistically saying "Everyone is going to want our super expensive juice maker!" versus telling investors that you have built 1,000 functional juice makers when in fact the juice makers don't work.

The former is an optimistic projection of demand. It's not a lie if it turns out not to be true, since it's a prediction. The latter is a lie: it's telling somebody something that is objectively and unambiguously false.

B.S. is in the eye of the beholder. I can start a company and ask you to invest in it because it will be worth 3 trillion in 20 years. It may be BS in your eyes, but I might believe there is a real chance of success. Fraud is different, fraud is blatantly concealing or misprepresenting certain facts.

> What's the difference? Aren't both knowingly lying to affect an outcome?

"This product will revolutionize the industry", "We are going to disrupt X", etc. is usually BS, based on irrational optimism about the future. Of course, in the unlikely case that it comes true, they will say you "had vision"

"I have a working prototype, and if you give me $Xmm we'll productize it". If you don't in fact have a working prototype, this is fraud.

Fraud is lying to get money. If you lie to stroke your ego, or similar such behavior, it's not fraud, unless you gain wealth by it.