Toughest part about fundraising for films?

We have a team that's currently in a film festival run, with a few decent awards. Assuming someone already has all the pitch materials and investor-related selling points in place, what are some of the biggest hurdles you think filmmakers face when going to these events, networking, and working towards funding in general?

Some challenges I've observed:

• Even when you have fiscal sponsorship and some strong affiliates, it can be tough to stand out in the crowd
• Getting those first few key connections that elevate the appeal to investors can be an early hurdle
• Film festivals being unclear on their own logistics, which makes planning and networking difficult. Sometimes it's a "just show up and find out" mentality.
• Predatory distributors that sell lofty visions of success and visibility, when in practice, they put most of the work on the filmmaker and promise absolutely nothing in terms of results

What are some challenges you have faced?