Yes, some types of companies need time to provide value, but in my opinion the vast majority of VC funded companies could easily be bootstrapped. I don't deny that the vision of receiving a fat check and being able to rent a beautiful office, buy the best equipment and hire a big team is tempting, but it's something for something - the main goal of VCs is to grow like crazy, without a sentiment. A bootstrapped company will grow slowly, but steadily, and I don't believe a VC backed competitor is a real threat in the long term. Sure, they can offer a similar product for free, but not forever - once the VC money is gone, they will need to get profitable. Fast. Without the VC money such company can dissapear the next month. Not to mention the interference of VCs how to run your company, which is of course expected - after all it's their money that keeps your company alive.