> If you're making a play to win in an emerging market against seriously capitalized contenders, you might not fare so well. Then it's a slightly more contrive

> If you're making a play to win in an emerging market against seriously capitalized contenders, you might not fare so well. Then it's a slightly more contrived case of race to the bottom, usually nobody wins. Except that in the case of race to overfunding, there is a parallel game of last-to-hold-the-bag going on, which some VC can win even on a failing company if they time their entry and exit right. If "Incrementally building your recurring revenue" is a lifestyle business, then lifestyle business must be a good thing. Acting as the vehicle of valuation inflation games played by VC however, I'm not even sure if that should qualify as business at all (slightly exaggerating, but "theatre troupe" is borderline applicable if earning money, now or in the future, is secondary to presenting a convincing "story" to future investors for the benefit of, and as demanded by, current investors).