Because the competition becomes primarily about raising money and less about building a successful product or business. In that environment, being scrappy and

Because the competition becomes primarily about raising money and less about building a successful product or business. In that environment, being scrappy and doing more with less gets you crushed by overfunded competitors with slick decks. It’s not strictly better if your goal is to raise money and take some off the table, but it does create headwinds to building a stable right-sized business when investors mentality is full bull-market swoon.