"Try selling your product at a fair price when you have 4 competitors who’ve each raised $10 million in VC and who expect it will be easy to raise the next $10 million. Over funding drives poor market behavior and makes it difficult for strong players to earn proper returns."

Every entrepreneur that bootstraps their company has to deal with this. Sure it would be 'fair' if everyone had to make their own way but then it wouldn't feel like success to beat the competitors that did get funding when you decided to take none. Just because you're competition chooses to get VC funding doesn't mean they know what to do with it. I'd love to see a reduction in the attitude from a previous HN post where a VC was quote about "dipshit" exits at $25 million.