HOW FOUNDERS SHOULD THINK ABOUT RUNWAY

Summary from the TLDR Founders newsletter

Most founders are in a dangerous middle zone: more than 12 months of cash but not enough to hit metrics needed for their next round. Smart founders track monthly burn religiously, understand which expenses actually drive growth, and plan for 12 months beyond their fundraising target. The market has changed—raising on story alone doesn't work anymore when investors expect 3-4 years to reach your previous valuation milestone.