[svskeptic]

The VCs keep pushing the 'stage ask' further upstream every year. So, what used to be considered good for A round traction/revenue/MAU is now considered Seed and so on up.

They'll only want to invest when 'I know this is the winner in this category', but I'll call it Series A and Series A has always been done at valuation $x.

FU! You won't fund a deal till it's profitable and all the risk is taken off. But, I need to get money from somewhere! So, I'll get it from small angels and individuals. And since I have to collect it 25-50K at a time, I can't do a priced round.

You set this board up, now don't complain that you have to deal with the mess.

[Edit] And if you'll only be dealing with a startup once it has gotten some level of success, you have no option but to deal with the mess, if you want the deal.