A founder sat at her kitchen table at 11:47 PM on a Wednesday. The spreadsheet on the laptop screen had been open for four hours. Two columns. Cash on hand. Runway in months. The numbers had not changed in those four hours, but she had run sixteen scenarios. Cut the marketing spend. Renegotiate the lease. Defer her own salary. Push the product launch. Hire one less engineer. Each scenario had a number at the bottom. Some of the numbers were workable. None of them were comfortable.
She had not...