The question is only interesting when discussing a startup that could do either one. A number of businesses can only be done with VC (they require too much upf

The question is only interesting when discussing a startup that could do either one. A number of businesses can only be done with VC (they require too much upfront capital), and many can't be done with VC (angel, perhaps, but not VC) because the opportunity is too small. My take is that if you can do either, if you intend to be acquired, you should take VC; if not, bootstrap away! (And reconsider your business – it's no fun to compete in markets where your competition is VC-backed and you're bootstrapping yourself.)