I'd like to add that it's quite possible to have a high growth company that does not take on institutional investment. My company is neither a Lifestyle business (I also hate that term, I think it's an awesome thing) or a VC-backed startup, but we have lots of users and are making really nice revenue.
The costs have gone down so much, that I think the reason people still think fundraising is required is because they can't afford to live or hire in SF without it, and there is a lot of pressure by successful investors for young founders to make the "big" bets.
My goal is to have an id software, 37signals, MailChimp, Atlassian, GitHub, Campaign Monitor, etc. kind of company. Now those companies are/were fucking cool. Plus, they've actually stuck around for more than a few years!