> Especially for companies that serve a small niche with a useful product that won't necessarily scale massively, why try and chase VC funding instead?
Those aren't the only two options, though. None of the companies that I've started have been employee-owned, but equally, none have taken any VC money either.
> employee ownership seems to be a model much more aligned
It certainly is, but it's also not the only possible model to get those benefits.
My companies have not been employee-owned because setting that up is itself expensive and time-consuming. It's something I'd consider once the business is mature, but while it's ramping up, my hands and funds are tied up with more urgent things.