No, you’re not raising money to increase your runway

I often hear founders say they are raising money to increase their runway by 18 to 24 months. In a sense, that is accurate, but only from the startup’s point of view. However, that’s not what an investor is looking for. Your company surviving for another year and a half is not the goal of a fundraise; that’s a side effect at best. It’s probably a decent guess for how long the next stage of the company will take, but only because 18 to 24 months is typically the time horizon you can semi-reliably predict.
But what happens at the end of those 18 months?
Instead, founders

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