Which is a great argument for why we turned down the 30+ venture capitalists who came knocking on our door. We weren't interested in those kind of setups. And I wish more people who think through exactly those implications: Getting a traditional VC involved means aiming for an exit. Whether that be M&A (more likely) or IPO (less likely).

For people who are just interested in building a business, not searching for an exit, the traditional VC is just not a relevant option. 37signals is amongst those people.