TLDR:
Finansal Süre (Runway), bir startup’ın mevcut nakit ile devam edebileceği aylık süredir. Cash / Monthly Burn Rate formülü ile hesaplanır.
Runway Nedir?
Runway formülü basit: Runway (months) = Total Cash / Monthly Net Burn. Örnek: $2M cash, $200K aylık burn = 10 ay runway. “Net burn” gross burn’den revenue’yu düşülmüş halidir. Startups için en kritik survival metric’idir. Run out of cash = die.
Runway’in Önemi:
Runway aktif yönetim gerektirir: Fundraising timing belirler, Strategic decisions etkiler (hire/fire, marketing spend), Investor relations (transparent reporting), Decision-making horizon, Risk management, ve Default Alive vs Default Dead status. “Default Alive” (Paul Graham concept) — current trajectory ile profitability’e ulaşır mı? Default Dead — runway tükenmeden fundraise gerekir.
Healthy Runway:
Recommended runway by stage: Pre-seed/Seed — 18-24 ay (longer is better), Series A — 18-24 ay (fundraising her zaman 6-9 ay sürer), Series B+ — 24+ ay, Public companies — debate (PE/VC focus on operating fundamentals). 12 ay altı runway alarm — fundraising başlatma zamanı. 6 ay altı = critical, decisive action needed.
Runway Yönetimi:
Runway extension stratejileri: Burn reduction (hiring freeze, layoffs, vendor cuts), Revenue acceleration (sales push, pricing increase), Bridge financing (existing investors), Convertible note, Customer prepayment (annual contracts), Cost optimization (real estate, SaaS, travel), Pivot to profitable segment, ve Strategic acquisition (talent acquihire alternatif). Best founders runway’i 12-18 months ahead manage eder — reactive değil proactive.