"here is a simple definition: you re a "non funded business" until you get funded. Many funded companies started with no intention to be funded, But they realized one day they had to. So you either have investors or you don't. Whether they are VCs, Angels, Friends and family. Once you have investors you enter in a logic of capital ROI and management style which is very different from fully owned and controlled. In a way it s the same with art: you can be a kubrick and never rely on hollywood, or start as an "indie" and become a super hit (eg Blair witch project) or just play by hollywood rules. Lifestyle or not is not a debate i believe." - Ouriel Ohayon