What happens when our main customer becomes our investor?
This is fundamentally the rabbit hole that nearly every startup goes down when fundraising. At some point, we start to realize that we're no longer building a startup for the needs of our customers; we're building it for the perceived needs of our next investors.
At any given time, our startup needs vastly more cash than we have, so we're always looking for the shortest path toward filling that gap. The very nature of investor capital is that it comes dramatically before customer capital (revenue), so in most cases, our early "customer," as it relates to cash, is an investor.
So what happens? Our investors become who we're building the company for.