Is $75 Million in Venture Capital an Advantage? - NYTimes.com

The question is, “Better positioned for what?”
… From an outsider’s perspective, it looks like they spent their time finding a repeatable and scalable business model before they gave away equity to a V.C.
Is $75 Million in Venture Capital an Advantage? - NYTimes.com:

Which of the two companies mentioned in the article — RJMetrics and GoodData — is better positioned?
- The question is, “Better positioned for what?” GoodData is better positioned to get big or go home. The good news is, with $75 million in the bank, you can make a lot of mistakes and still be in business. The bad news is that raising all that money makes you act like all you have to do is execute and everything works. The reality is that no business plan survives first contact with customers. After raising $75 million, GoodData needs to sell (or take public) the company at several times that number for the investors/founders to make money. To grow that large they’re going to be selling software to companies that can pay $100,000 and above.

RJMetrics, either by default or design, has minimized the amount of capital they raised. From an outsider’s perspective, it looks like they spent their time finding a repeatable and scalable business model before they gave away equity to a V.C. Now it appears they’ve found a business that works, and they’re using their investors’ dollars to go for scale.