[btilly]

The obvious bias in this article is the assumption that you will want to raise money from a VC at some point. Not everyone should.

The biggest reason not to raise money is that most of their investments go sour, so they need the others to hit it out of the park. However swinging for the fences carries additional risk. Furthermore focusing on big enough opportunities to give the investors the return they are looking for may prevent you from going after perfectly good opportunities. Becoming a $20 million company may not have been your initial goal, but isn't a bad outcome either. And a viable company of that size may find opportunities to grow organically later.