Thanks for the blog post, I agree with a lot of what you said there.
I worked for a startup that raised more than $40 million in the daily deal space. Had a lot of good things going for us (great tech team, brands-everyone-knows for clients), but once the daily deals space cooled off and the investors/management team were forced to take a serious look at the numbers and the remaining runway, a decision was made to “exit”, and not in a manner that worked out well for the employees.
I don’t have any hard feelings against the investors, they had to make the right decision for themselves. But I work hard and I feel passionate about what I build. I ended up feeling that if you’re going to work your ass off to build something you think is great, you want what you build to last. If investors are holding the reins, that’s no longer up to you.
I believe VC is a necessity in certain industries, and in general can work out really well if the founders are in the right stage before they look to raise, but generally I think the “startup == VC” culture has gone way overboard.