Finance
Runway
The amount of time a company can continue operating before running out of cash, given current burn rate and reserves. Usually expressed in months.
Biological Context
Runway parallels stored energy reserves divided by metabolic rate—how long an organism can survive without feeding. Like animals preparing for hibernation or migration, companies must manage runway to survive resource-scarce periods. Runway determines how long you have to find food (revenue) or reach safety (profitability).
Business Application
Standard advice: maintain 12-18 months runway; raise when you have 6+ months left. Runway determines negotiating leverage, strategic flexibility, and ability to wait for the right opportunities.