Thoughts on bootstrapping and pursuing non-VC funding to build a software startup?

Trying to think creatively re fund raising and recognize there are multiple paths to building a company, and all paths don't lead to VCs. 

Pros and cons?

Pros:
- independence
- fundraise later at higher valuations if you achieve traction
- your conviction & willingness to bootstrap are a major proof point for VCs 

Cons:
- risking your own capital
- capital limitations require you start the company with the absolute right people 

My quick brainstorm on the subject :)