Picture a bootstrapped company that earns 2000 USD each month when it starts and doubles revenues annually. While this is a successful startup by almost any definition, note that it takes over 5 years for this business to cross the half-million mark in sales.

So why don't the founders take money and use it to accelerate growth? Realistically, in most places that aren't Silicon Valley, this sort of business will have trouble raising any meaningful amount on halfway decent terms until years 3-4, at which point any sane founder will be loath to give up equity in exchange for cash.