I wonder if it would have helped. Patzer was probably choosing between $40 million (or whatever) today and $80 million (or whatever) in a few years. The VCs would own more and he'd own less, so even with a bigger exit he's not looking at all that much more. During that time catastrophe could strike and wipe him out completely.
He also has a good job in which Inuit is giving him some free rein to innovate.