To my mind, yes: you use revenues to pay for new innovations and sales. It's riskier because you're making your numbers look much worse to future investors in o

To my mind, yes: you use revenues to pay for new innovations and sales. It's riskier because you're making your numbers look much worse to future investors in order to grow now, and you're not putting any floor on your valuation, as you would do if you raised money now. And, of course, when you raise money, employees can often take some money off the table. When you fund growth entirely from revenues, there isn't really a mechanism to let employees do that -- unless you're really rolling in cash and can do a stock buyback or something like that.