Considering a startup gets funded and money is not the issue (at least for some time), does that mean that we will focus primarily on the bureaucracy – speaking with lawyers; flying to meet investors every week; filling countless documents; communicating with banks and so on?
Does that always take a significant amount of time?
Why would you fly to meet with your investors every week? Just email them once a month with updates. Also, most of your interaction with lawyers will be before the funding is secured.
If you're a small company, you don't have enough people paying attention to you to even care about whether or not you're adhering to the law 100%; so you don't need a legal team; just write a good Terms of Service and Privacy Policy.
Also, most of these sorts of duties should be on the CEO. You shouldn't involve the rest of your team in the things that you have to do because it will distract them from their duties.
Let the engineers work on their engineering tasks, let designers design, etc. You worry about the business and legal stuff; with greater pay comes greater responsibility and more work; at least that's the way it should be.
No. We have a badass investor who needs updates regularly but believes in our ability to execute and guides us when he thinks he should. Tough to find apparently, but generally the more successful they are the better they are to work with