I wholeheartedly agree with you, Hugh. It is irrational to think you have to have a VC to succeed. I suspect this is just the “thrill of the hunt” in the money game and some are so willing to play. From the outside looking in, it’s a house of cards. The fact that a fictional creature “unicorn” is a common expression in this industry is telling, isn’t it?
Oh, and I’d rather pay myself peanuts now (self-induced ratcheting) and enjoy the spoils in due time rather than wash the app down with the money hose hoping for a “hockey stick” with a do or die VC. It’s too far to fall and would be an uncomfortable chart for me to live with.
Lastly, I started investing when I was 26. (19 years ago!) Those investments are paying for the software now. Am I scared to bet the farm by liquidating 80% of my stocks and funds? Kind of. But I also know I am the only market I can control and a better investment!