[phil]

Yeah -- but what are the chances SpaceX would exist if Musk hadn't personally invested the first $100m?

And Tesla might have been cheaper at first, but Musk led the A round and participated in every funding until the F round (!).

Without a deep pocketed founder willing to absorb years of losses, what are the chances Tesla ever makes it to market? Even so they nearly died before they shipped the roadster.

[tptacek]

Yes, that's my point; the VCs didn't really enable these companies, Musk did.

[phil]

My mistake. I thought your point was, "Tesla was much cheaper to start than people think, well within normal parameters for early venture rounds."

[jfoster]

If Musk put down his money, isn't he a VC by definition?

[bradleyland]

He funded his own idea. The definition of "VC funding" isn't a concrete thing. What's important is the distinction between the way companies like Tesla and SpaceX came to where they are today when compared with companies like Instagram and Facebook.