I don't think so. It really depends on the leverage that the sole founder has. If he can bootstrap and has very high Return on Equity, he doesn't need capital.

I don't think so. It really depends on the leverage that the sole founder has. If he can bootstrap and has very high Return on Equity, he doesn't need capital. I think the point is really that there is very little reason not to give early employees a good chunk of capital, because it is requirement to work hard. The author of the article bootstrapped a business, but that's not necessarily the same as a high growth startup.