Completely agree that there is no wrong or right path to business success in the context of having enough capital. A start-up that becomes successful——whatever way the founder(s) define it——via boot strapping is just as valid as those that raise capital.
However, I do think it's worth considering the value-add having 'smart' money can bring——networks, legal advice, business experience, or other forms of expertise. Granted you have to be careful about gauging it right before accepting the money, but it might be right for the founder's vision and business opportunity.
As in they have effective voting majority? Otherwise make them provide enough proof that you can trust their suggestions. Because the original message sounds like they want you "just behave like everyone else in the valley".
That is lose control of your company, take in money faster than you can use it and lose it all with over 90% probability.
As mentioned by `icu` in the other response, smart money can be great. Just make sure it's SMART and not SF-herd mentality BS.
