Clement, how about the category of companies building products for markets which are not large enough for VC-scale returns?

It’s partly covered under niche, but nuance is in the meaning of niche for VC vs Founder.

A VC niche ~ $200M TAM.
A Founder niche ~ $20M TAM.
And therein lies all the difference for bootstrapping vs VC funding.

I’ve written about one way the TAM chasm arises here: https://medium.com/@prasanna_says/whats-my-tam-47f208f5d6c

Additionally, would love to hear where the VC-fork starts for a startup in your opinion, is it with the first $ of angel-fund raised? Or can angel rounds still allow a startup to go down the non-VC path?