Anecdotally, I've seen (2) companies fail because they refused investment money. The usual avenues of failure are: - You have a few major clients monopolizing

Anecdotally, I've seen (2) companies fail because they refused investment money. The usual avenues of failure are: - You have a few major clients monopolizing your time, and you can't afford additional resources to break out of the pattern. - You prove the viability of the product and create a market, but a venture-backed/larger competitor eats your dinner. I'm not saying it's always correct to accept funding, but it's pragmatic to consider it.