It's worth noting that investment makes building a business wildly different to bootstrapping. You stop trying to build whatever a successful business looks like to you and have to build something other people believe in. That comes with a lot of compromises, different decisions, and 'selling out'. Some founders find that change in direction very hard to accept. Bootstrapping and investment are different journeys. Neither is easier.

As an example of a possible compromise, recall the risk/return efficient frontier.

If you are the principal investor in your venture, you may be willing to leave some potential return on the table, in exchange for dialling down risk to a comfortable level.

If funds are the principal investors, they have already dialled down their risk via diversification in the rest of their portfolios, and they will view any risk-adversity on your part as inefficient dead loss.

Solid base hit or swing for the bleachers? You may have the option to pick either strategy in the former case, but will not in the latter.

You can bootstrap a startup, but not every startup. And woe to you if you are bootstrapped and some VC funded club starts poaching your customers with a product subsidized by their financiers.

I wrote about these options long ago:

https://jacquesmattheij.com/three-roads-to-the-top-of-the-mo...

> if you get screwed, let it be, revenge is costly, you likely can't afford it

"Living well is the best revenge". And if you're someone who has the skills to turn their time into significant value-add, seeking revenge is an opportunity cost that undoubtedly counts as "living poorly".

[caveat: I have had to litigate on occasion, but (a) that is something where hours spent are indirect, via counsel, and (b) it's not exactly "living well", either]

> You can bootstrap a startup, but not every startup.

There are also a lot of products and services that can't be built by venture backed businesses. If you are bootstrapping, there is a big advantage in building something in this category, because then you can go at the pace that's organically the most efficient.

And I wasted a lot of my time thinking that a new company must be a startup and needs VC funding. The news is full of companies getting millions in funding, leading to that impression.

I like that you are not dismissing bootstrapping, but just wishing that people dismissive of VM should have that disclaimer.

I just wanted to provide a counter-example: Bootstrapping worked for me, but I was ready to live happily on 1800€ per month (France, where it’s reasonable), and remain small. It also required being able to part from anyone who would think 500€ a day for a consultant is reasonable, or that 20€/u/m is ok for a SAAS app.

It's hard, but it is possible. I know several bootstrapped tech companies who have pulled it off.

A common thread is the celebration of how far they've come. One from living in a shed (with his wife) in a friends backyard. Another in an unused room of a 100 year old building.

Even with funding there are no guarantees.