An interesting post, thank you for writing it. One thing that does concern me is final code ownership of No-Code ideas.

Now I'll admit I'm not knee deep in the internals of Bubble.io to know but it looks like you're locked into hosting on their platform. Fine to get things started but once the VC's arrive then it's about ownership for an exit.

So, who owns the code because if you're a startup with no tangible assets, then what do you actually have?