The "PAY NEVER" model is perfect for consumer web & app companies without a clear monetization strategy, that is if you have the (financial) runway to gain traction. The focus is users, users and users.
However, the only place in the world to finance this model is Silicon Valley as it requires very deep (VC) pockets hence the name: bootstrap-the-vc model.
These 10 slides explain all you need to know about this business model
Clipping is a handy way to collect important slides you want to go back to later.