So assuming that Bob has no other debts (ideally he shouldn't as a long standing highly paid executive), and more than million in the bank, and he truly believed in Batteriser, and he really is the serial entrepreneur he claims to be, why would he take the VC money?
Why not fund it himself, change the world with his revolutionary product, and keep every last cent and total control?
I'll play devils advocate... (and not that I believe).
1. No real financial information for the company. It's possible he has put money in.
2. There is no guarantee a company will make it even with the best invention; even with $1,000,000, many people would consider the majority off limits for startup gambling ($1,000,000 isn't enough for a lot of people to retire on while maintaining the same standard of living).
3. There are other major reasons to approach a VC. Many have connections you want, resources, experience. VC backing can bring some credibility to a company. Certain VCs increase PR exposure.
4. If you're forming a startup with other people, then you have to think about equity balance (one partner having too much control or not enough equity incentive to get people on board). You could still invest with a convertible or something, but you don't get the control with it so, not as attractive
5. If you
really think the company has the potential to explode, then focusing on growing the company as fast as possible while taking some hit on the equity to do that is likely to put you in a far better spot. $1,000,000 doesn't last long, if at all, for a company moving fast so a VC might make sense