Use gross burn, net burn, and time-to-next-proof to interpret runway the way investors do.
The real question is not “How many months of cash do we have?” but “How many months of optionality do we have?” Start with gross and net burn Gross burn shows the full monthly operating spend. Net burn shows the cash drain after revenue. Investors care about both because they signal discipline and dependence. Add the proof-point clock A startup is usually raising for the next de-risking milestone, not for cash in the abstract. If the proof point arrives too late, even a mathematically decent runway can become strategically short. Protect process time Fundraising is a process with outreach, meetings,…
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