A steelman version of the argument is that Patreon is perhaps a business that should be bootstrapped or not built at all because it creates messed up incentives all around if built with OPM.
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Agree that the takeaway "VC is bad" / "Patreon should've bootstrapped" is too extreme, but "Patreon is overfunded" is a reasonable analysis
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Kickstart is an anomaly w diff trajectory, but they took $10M to Patreon's $100M. Much easier to make the economics work!
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Couldn't ..they...um...use their own platform to fund their own platform, tho? Taking all of that VC $ seems so ill advised when their service is an alternative to just that. Obvi dissonance sandwich, anyone?
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That’s VC math. One company always dominates the returns for the entire portfolio. So anything less than Patreon becoming that one huge winner is a failure in the eyes of the VC.
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