[gatehouse]

1. Investors see it that way when they participate in later rounds at higher valuations. When you disconnect from "market" it creates serious problems.

2. Skills risk, being at the top of your profession globally requires constant focus and professional support. The atmosphere at a very small company is hostile to this level of focus by necessity. It has a dulling effect.

[colinbartlett]

Your second point is something I hadn't thought of, thanks!