[vidarh]

Sure, it ought to be clearer, but apart from maybe the first time, I still would have taken VC cash because it allowed us to do things we otherwise wouldn't have been able to try, and it was a fun ride. Even without any large exits, if you negotiate then you can still come out very well.

But, yes, people ought to go into it understanding which game they're playing, and understanding that your odds are different. Not least because it might make a difference in how you judge advice from your investors.

(There's also only one decision I regret us making due to investors being too willing to take risks; in retrospect I was firmly proven right but whether the board vote going the other way would have made a financial difference in the long run I can't say)