“A Fundraising Survival Guide”, Paul Graham2008-08 (OA)⁠:

…There is nothing investors like more than a startup that seems like it’s going to succeed even without them. Investors like it when they can help a startup, but they don’t like startups that would die without that help.

At YC we spend a lot of time trying to predict how the startups we’ve funded will do, because we’re trying to learn how to pick winners. We’ve now watched the trajectories of so many startups that we’re getting better at predicting them. And when we’re talking about startups we think are likely to succeed, what we find ourselves saying is things like “Oh, those guys can take care of themselves. They’ll be fine.” Not “those guys are really smart” or “those guys are working on a great idea.” When we predict good outcomes for startups, the qualities that come up in the supporting arguments are toughness, adaptability, determination. Which means to the extent we’re correct, those are the qualities you need to win.

Investors know this, at least unconsciously. The reason they like it when you don’t need them is not simply that they like what they can’t have, but because that quality is what makes founders succeed.

Sam Altman has it. You could parachute him into an island full of cannibals and come back in 5 years and he’d be the king. If you’re Sam Altman, you don’t have to be profitable to convey to investors that you’ll succeed with or without them. (He wasn’t, and he did.) Not everyone has Sam’s deal-making ability. I myself don’t. But if you don’t, you can let the numbers speak for you.