"and though the learning from the crashing itself would be close to zero" - he doesn't get it

Allow a more compressed format

First, at lest start the patent registration process. Talk about the algorithm enough to convince them you have the technical chops to handle any issues that come up. You should also come prepared with one of your top tech guys to handle any questions that come from the VC's technical advisor. But, mostly focus on the business. Competitive advantages of your algorithm, who is going to buy it, how you are going to market it to them, potential revenue stream etc.

The better question to ask is: "What does this have to do with News for Nerds, Stuff that Matters?"