Of course not! I'm still going to do my thing! I'm just going to have to continue consulting to pay the bills. That's all I'm saying. The money would have let me work full-time on my startup.
My business model (tentatively) is the typical freemium with some ads. I will as you say, try to grow it from revenues generated. So the rate of growth will be tied to the revenues. I do not plan (now that YC is not an option) on raising capital.