Both styles of startup building have always existed. There were plenty of VC-powered startups aiming for 30X exits years ago.

Small groups of friends building startups without VC money and without aiming for unicorn-level exits still exist today. You’re just not hearing about them because they’re not in the news.

There’s nothing wrong with starting a small tech company that can become self-sustaining without VC-level exits. A lot of founders are doing just this. They’re usually doing it quietly, though.