But people like Sandra Oh Lin, the chief executive of KiwiCo, a seller of children’s activity kits, say that more money isn’t necessary. Ms. Oh Lin raised a little over $10 million in venture funding between 2012 and 2014, but she is now rebuffing offers of more just as her company has hit on a product people want — the very moment when investors would love to pour more gas on the fire. KiwiCo is profitable and had nearly $100 million in sales in 2018, a 65 percent increase over the prior year, Ms. Oh Lin said.

“We are aggressive about growth, but we are not a company that chases growth at all costs,” Ms. Oh Lin said. “We want to build a company that lasts.”

Entrepreneurs are even finding ways to undo money they took from venture capital funds. Wistia, a video software company, used debt to buy out its investors last summer, declaring a desire to pursue sustainable, profitable growth. Buffer, a social media-focused software company, used its profits to do the same in August. Afterward, Joel Gascoigne, its co-founder and chief executive, received more than 100 emails from other founders who were inspired — or jealous.

“The V.C. path forces you into this binary outcome of acquisition or I.P.O., or pretty much bust,” Mr. Gascoigne said. “People are starting to question that.”

Who dares question the hoodie

Venture capital wasn’t always the default way to grow a company. But in the last decade, its gospel of technological disruption has infiltrated every corner of the business world. Old-line companies from Campbell Soup to General Electric started venture operations and accelerator programs to foster innovation. Sprint and UBS hired WeWork to make their offices more start-up-like.

At the same time, start-up culture — hoodies and all — entered the mainstream on the back of celebrity investors like Ashton Kutcher, TV shows like “Shark Tank” and movies like “The Social Network.” Few questioned the Silicon Valley model for creating the next Google, Facebook or Uber.

Those who tried to buck the conventional method experienced harsh trade-offs. Bank loans are typically small, and banks are reluctant to lend money to software companies, which have no hard assets to use as collateral. Founders who eschew venture capital often wind up leaning on their life savings or credit cards.