I thought the third was extremely solid, and I was surprised he wasn't accepted on the spot. The other 2 were underwhelming imo; I was confused by the first one getting accepted on the spot, but I'm sure pg and sama have info on them that we do not.
I suspect they will do more diligence for ideas in regulatuon-heavy industries. When a single law can destroy your business, you need to be sure that what you are doing is 100% kosher and also that the proper connections are in place to work out issues.
I'm surprised they didn't grill him more on that subject.