It depends on your industry and stage of your company and jurisdiction. Many software startups run with 100% equity, and I don't think they are all idiots. A

It depends on your industry and stage of your company and jurisdiction. Many software startups run with 100% equity, and I don't think they are all idiots. A pet peeve of mine is people complaining about too much leverage, but then not doing anything about the tax systems making debt financing cheaper compared to equity.