Great read. The real problem with "the skin in the game argument" is that it's a matter of opinion, but one opinion is more likely to be right.

>> Raising capital to do a startup reduces skin in the game (you’re spending other people’s money, after all).

The more likely correct take is as follows. Note that I am changing just one word.

The right version:

>> Raising capital to do a startup INCREASES skin in the game (you’re spending other people’s money, after all).

The naïve take seems to place no value on reputation (ability to get more financing in the future).