What this teaches
Defines the default-dead trap: moderate growth, months of runway, and an assumption investors will save you. Explains why bridge rounds usually don't come and what to do instead (cut costs or grow into default-alive).
Why it matters
Required reading before counting on a bridge round; investors' unwillingness to fund the pinch surprises founders fatally.
Key lessons
- Existing investors funding a flat bridge is the exception, not the plan
- Know whether you're default alive or default dead at all times
- The time to fix the pinch is before you're in it
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