The "hire fewer people" can often be restated as "have fewer projects". One real problem with raising too much money early can be making it too easy to say yes

The "hire fewer people" can often be restated as "have fewer projects". One real problem with raising too much money early can be making it too easy to say yes to ideas. That, coupled with a focus on time-to-market that overbalances validation can yield you a lot of half finished products that were never likely to work.