Every small business owner knows the classic rule of survival: you build something, sell it, cover your expenses, and live to trade another day. For decades, customer revenue wasn’t just a metric on a spreadsheet—it was the only signal that proved your business had a right to exist.
In recent years, however, a shift has taken place across global entrepreneurship ecosystems.
Driven by an explosion of innovation grants, government subsidies, corporate pitch competitions, and non-dilutive seed programs, capital has become more accessible at the early stage than ever before. In theory, this is a positive development. In practice, it has created a side effect: an increasing number of founders are becoming experts at winning grants rather than acquiring paying customers.
Dispatches From The Front 