Most funded startups don't end in a strong company, but all (by definition) are successful at persuading someone to write a check. The rational thing to do if you want the investment is to optimize for the storytelling, which is a factor of 10x or more more effective than the notional business.
This is only true of getting the investment is your terminal goal. If it’s just a proximate goal on the way to actually building a successful company, getting stinking rich or many other things that’s not true. If the investment is an end you’re right. If it’s a means to an end...
