I think Michael Seibel says it himself somewhere else - yes you do want smart money. But the reality for 95% of the time you just need money. The founders make or break the company, and optimizing for just the best investors is optimizing for the 5%.

The other reality is that majority of startups will fail to raise money. So unless you're truly hot s*, raise from anyone including so-called "dumb money" as long as they dont add negative value by pestering you or doing something similar.

Startups die cuz they can't raise or run out of money. Usually a symptom of something else, but don't die cuz you only chased smart money.