Janeway: Positive cash flow frees founders from capital market dependence
Bill Janeway · a16z Podcast | Good Bubbles, Bad Bubbles -- and Where Unicorns Come from · Jan 2, 2019 · at 5:40
Bill Janeway, early VC partner at Warburg Pincus and Cambridge economics lecturer, explains why operating cash flow provides critical strategic flexibility for startups.
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“Positive cash flow from operations means that you, the entrepreneur, the venture capitalist, Own options. You own the options about whether to sell or not sell, whether to raise more money or not raise more money. You're not a prisoner of the capital markets.”
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