Counter hypothesis: fast but linearly growing early stage startup acquire good early funding and enter into a growth loop dominated by the ability to invest the

Counter hypothesis: fast but linearly growing early stage startup acquire good early funding and enter into a growth loop dominated by the ability to invest these fund in marketing, which increase valuation and allow for further funding, fueling more growth etc. After all cost of customer acquisition is largely dominated by external factors and cost per user mostly linear until close to market saturation. Now there might be economy of scale intervening at some point increasing the margin per user, which feed back into growth, but on average fast growing startup are cash negative until much later in life. TLDR I think the implications in the article is inverting cause and effect