Venture debt is like a delicious sandwich that only costs ten cents, but occasionally explodes in your face. If I were running a startup, I don't think I'd ever take it.
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Never seen a startup blown up by debt that wasn't already mortally wounded. No company defaults if they can raise a round. If they can't raise another round, they're dead regardless of capital source.
Many successful startups have a near-death experience at some point. So anything that turns a near-death experience into a death experience is particularly bad for startups.
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Tesla sticking an electric motor in a smart car to court Mercedes comes to mind. As does SpaceX's fourth falcon 1 launch. I'd tell Elon to stop nearly killing his companies but he doesn't seem to need my advice.
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