Capital often outstrips actual business acumen as a factor in the success of a business. That's partly because we live in a world where word of mouth, reviews, online presence, etc. are all commodified, partly because tech (like the Industrial Revolution before it) has greatly increased the growth potential and concentration of capital, partly because of investors actively intervening to ensure the success of their other investments, partly because of increasing and increasingly-naked corruption, and partly because of the importance of network effects. (I don't know which of these factors is the most important.)
The more important capital becomes relative to the actual functioning of a product, the more disconnected from reality a business can (perhaps must) get. Their actual business becomes selling a pitch to investors, not selling SaaS, because their actual product is investor returns, not long-term viability or value. And because a big part of that pitch to investors is the rockstar founding team, founders have to (or at least feel they have to) do the golf-buddy shit. It's literally their job, or at least, they think it is.
Post-ZIRP doesn't kill that because capital being scarce just increases demand for it even more.
Probably the best comment overall. Many people assume that because ZIRP was unhealthy, present situation returns us to being practical, down to earth, and caring more about engineering that the buzz. It's not what I see around myself, and not what I'm reading either. If anything, businesses become less interested in engineering quality, and there is probably less understanding than ever about how to make a good business out of engineering.
Capital often outstrips actual business acumen as a factor in the success of a business. That's partly because we live in a world where word of mouth, reviews, online presence, etc. are all commodified, partly because tech (like the Industrial Revolution before it) has greatly increased the growth potential and concentration of capital, partly because of investors actively intervening to ensure the success of their other investments, partly because of increasing and increasingly-naked corruption, and partly because of the importance of network effects. (I don't know which of these factors is the most important.)
The more important capital becomes relative to the actual functioning of a product, the more disconnected from reality a business can (perhaps must) get. Their actual business becomes selling a pitch to investors, not selling SaaS, because their actual product is investor returns, not long-term viability or value. And because a big part of that pitch to investors is the rockstar founding team, founders have to (or at least feel they have to) do the golf-buddy shit. It's literally their job, or at least, they think it is.
Post-ZIRP doesn't kill that because capital being scarce just increases demand for it even more.