Ideally, there's no "one" working on the product. This is the value of a non-technical cofounder - their job is to adeptly handle the logistics that guys like us find burdensome, minimizing distraction.

Whether (disproportional) funding focus is a problem in the valley depends on who you're talking to. There are a lot of people who view startups as a path to riches - for whom a good product is only means to an end - a good payday. There are others for whom good product is a passion, and money is mostly irrelevant.

The occam's razor explanation: stories about cash mountains have much wider appeal than those about niche product development - so more of those stories get written.

Short answer - whoever raises doesn't work on the product nearly as much until raising is over. That is why closing a round quickly can be incredibly valuable even at a lower valuation.

Product? Are you joking? Selling to even bigger investor _is the product_. Bubble 2.0 here we come.