Burn Rate Customer Development PR Revenue 
Steve Blank
SEPTEMBER 5, 2018
Tech IPO prices exploded and subsequent trading prices rose to dizzying heights as the stock prices became disconnected from the traditional metrics of revenue and profits. First Movers” didn’t understand customer problems or the product features that solved those problems (what we now call product-market fit). IPOs dried up.
Startup Lessons Learned
MARCH 27, 2009
The full formula works like this: runway = cash on hand / burn rate # iterations = runway / speed of each iteration Very few successful companies ended up in the same exact business that the founders thought theyd be in (see Founders at Work for dozens of examples). The key is to be able to refute as many major hypotheses as you can.
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