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I feel like.... maybe some of these guys are feeling the hangover from other people's money, and trying to have it both ways.

It's far from easy to bootstrap, but you basically solve all the problems these guys are talking about if you can survive it. The problem, of course, is that your unit economics have to work, you have to have the personal patience and resources to get to profitability, and you have to survive a potential funded competitor using their financial leverage to sell at or near a loss and torch your position in the market.

So a lot of folks take the money, but you take the money, you gotta pay it back. An IPO is ultimately just kicking the can down the road, and taking on a new set of guys that are going to cash out your venture debt for public debt. Who also expect to be paid back. I don't see a way out of this devil's bargain short of, you know, delivering on the milestones you talked about in your pitch deck, or in your roadshow.

But spare me the crocodile tears, huh? You took the money, you gotta pay back the money. Plus interest. And a lot of these IPOs, they had to make big promises when they went public-- big multiples, big projections, to support big valuations. Now you are sitting on a big pile of teachers' pension money and you have to deliver.

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