Oh come on, you don't know what Rockefeller or Gates would have done if VCs were in vogue at the time of founding their companies. It's entirely possible they would have taken VC money. The advantage of getting a huge boon of cash to grow the company may have seemed worth it for the reduction in risk.

Times have changed from when Rockefeller or Gates founded their companies. It's far riskier and harder today to build successful companies. Competition is fierce due to globalization. Increased standards means a longer road before people will pay you. The population has the same distribution of "entrepreneurial arrogance" by nature, but there's less viable options to exercise it.

Instead, people turn to VCs for a multitude of practical reasons:

  - Capital to get the idea off the ground
  - Networking
  - Guidance of experienced people

Someone who is absolutely sure their jump to conclusions mat company is going to be a hit isn't arrogant, they're just stupid. On the other hand, an arrogant but smart person with an idea on how to design a better wind turbine recognizes the practical problems that building wind turbines is expensive.