Great article, thanks a lot for posting this.

I do have one question: is the goal of all the companies to raise addition funding rounds? Or, do some startups still want to work without raising the extra capital, but rather grow organically (37 signals style). I guess another way to ask is: do you force (or even strongly expect) companies to get extra funding on demo day, do you let them choose (and they always choose to get more funding), or do some startups actually not get extra funding?

I ask because, from your article, it seems like most of the latter part of the cycle is geared towards raising capital, and I had always assumed that not raising capital was also a viable option for startups.