Founders of Backblaze shared why they had not taken VC funding at the start. Backblaze offer customers unlimited backup storage for $5 a month.
But the process of getting funded takes a lot more time than you think. Even if you have a track record, a great team, and a great market, it still takes three to six months of your time to actually raise the money. That means your primary job isn’t building your products and services and really understanding your customers–your primary job is raising money.
Most entrepreneurs think of the VC as their customer, but when your survival is based on the VC, you build a company on what the VC will like and not what your real customers like.
Lesson: Your role is to build a product that your real customers like.