I think it's completely viable, although probably less so with VC funds. I plug this book a lot on HN, but in Managing the Professional Service Firm, David Mais

I think it's completely viable, although probably less so with VC funds. I plug this book a lot on HN, but in Managing the Professional Service Firm, David Maister talks about how a firm has 3 goals that must stay in balance: profit, job satisfaction, and client happiness. If any part is neglected, things will fall apart. In the long run, job satisfaction is not even a "nice to have," because if your employees (or you!) are unhappy, they are going to be more expensive, and they will damage your customer relationships. I know personally as I am trying to get a development partnership off the ground, enjoyment of the work and the team is a huge consideration.