Mike Krupit, one of the moderators for the Philadelphia Bootstrapper Breakfast, was interviewed by Peter Key for an article in the Sep-28-2012 Philadelphia Business Journal “Bootstrappers Avoid Outside Financing“(subscription required). Here is the relevant excerpt:

Mike Krupit, who brought Bootstrappers Breakfast to the area, said three types of bootstrapping entrepreneurs generally attend its gatherings, which are held in Center City: Those who choose to bootstrap their companies; those who want to raise money for their companies, but aren’t yet ready to; and those who want to raise money for their companies and can’t.

“I always wonder whether the people who bootstrap out of necessity say that they chose it just so they can feel better about doing it, but I like to think that most people are authentic and if they rather would have had the outside capital, they’ll say they rather would have had the outside capital,” he said.  Krupit said Bootstrappers Breakfast was founded to help entrepreneurs who want to bootstrap their companies learn how best to do so in an area that is swamped with venture capital.

Philadelphia doesn’t have that problem. While that results in some companies that want to raise money not being able to, it also results in some companies that are thinking of raising money deciding not to because of the amount of time it would require.