I'd like to see an updated version of this talk - something that stuck out to me: "No picking up pennies" His example as to why this is bad was Kickstarter wh

I'd like to see an updated version of this talk - something that stuck out to me: "No picking up pennies" His example as to why this is bad was Kickstarter which was not bootstrapped, but a VC funded business. He also makes a point of saying Kickstarter is the 'best example' of this business model, and they still are losing money - but I'd argue that payment processing companies like Stripe are a successful example of this. Also, since this talk was given Patreon has become ubiquitous. I don't know their financials (if they are profitable), but they are a "picking up the pennies" company and I know they make a lot of money. If a software company is bringing in hundreds of millions in net income a year and is still unprofitable, it's either because you've grown headcount/expenses without regard to income in an attempt to quickly scale to some high multiple or your business model does not work on a fundamental level (costs increase linearly with income) or you took on too much debt and all profit goes to servicing the debt. I am pretty sure it's one or the other, right? If someone can think of another scenario I would like to hear it.