Startup Finance: Burn Rate, Runway, Unit Economics and Investor Reporting – London, 28 Dec 2026 – 1 Jan 2027

Programme overview

Introduction:

Startup finance breaks down after launch when founders track revenue but not monthly burn, discover the runway is shorter than assumed, and raise the next round without clean numbers. This Core Concept course gives founders, startup finance leads and SME finance managers the working methods behind startup finance: measuring gross and net burn, planning cash runway, testing unit economics, budgeting lean with rolling forecasts, reading a cap table and term sheet economics, and reporting to investors and boards. Each participant builds a 24-Month Startup Financial Model and Investor Update Pack for a case startup.

Course Objectives:

• Calculate gross burn, net burn and cash runway monthly and set cash-out trigger points for the next funding round
• Test unit economics with CAC, LTV, CAC payback months and contribution margin by customer cohort and acquisition channel
• Replace a static annual budget with a lean, driver-based rolling forecast and a monthly budget-versus-actual review
• Model the ownership effect of a priced round, a convertible instrument and an option pool top-up on a cap table
• Produce a startup KPI dashboard, a monthly investor update and a board finance pack from a small-team month-end close
• Assemble a due diligence data room and a 24-month financial model that ties revenue drivers, headcount and cash together

Target Audience:

• Founders and co-founders who own cash, hiring and fundraising decisions after the product is in market
• Startup finance leads who run month-end close, budgets and the financial model for a venture-backed company
• SME finance managers responsible for cash planning, pricing margin and reporting to owners or lenders
• Operations and commercial heads in scale-ups who own departmental budgets and growth spend
• Chiefs of staff and founder associates who prepare investor updates and board packs

Course Outline:

Day 1: Startup Financial Lifecycle, Funding Stages and Cash Burn

• Startup Funding Stage Map: Bootstrapped, Pre-Seed, Seed, Series A and Growth Rounds
• Gross Burn Versus Net Burn Calculation from the Bank Ledger
• Cash Runway Formula and Months-to-Zero Chart
• Default Alive Versus Default Dead Test and Fundraising Lead Time
• Cash Health Baseline Scorecard for the Case Startup

Day 2: Unit Economics, Pricing and Gross Margin Models

• Customer Acquisition Cost by Channel: Blended Versus Paid CAC
• Customer Lifetime Value from Churn, ARPU and Gross Margin
• LTV to CAC Ratio and CAC Payback Months Worksheet
• Contribution Margin Waterfall per Order, Seat or Subscription
• Pricing Tier Design and Gross Margin Sensitivity Grid

Day 3: Lean Budgeting, Rolling Forecasts and Startup KPI Dashboards

• Zero-Based Headcount Plan and Hiring Trigger Rules
• Driver-Based Revenue Build: Pipeline, Conversion and Cohort Retention
• Rolling Twelve-Month Forecast and Monthly Reforecast Routine
• Budget Versus Actual Variance Bridge for Founders
• Startup KPI Dashboard: MRR, Net Revenue Retention, Burn Multiple and Runway

Day 4: Cap Tables, Term Sheet Economics, Controls and Due Diligence Readiness

• Cap Table Mechanics: Fully Diluted Shares, Pre-Money and Post-Money
• Dilution Scenarios: Convertible Notes, SAFE Instruments and Option Pool Shuffle
• Term Sheet Economics Overview: Liquidation Preference, Anti-Dilution and Pro Rata
• Small-Team Finance Controls: Approval Matrix, Segregation of Duties and Month-End Close Checklist
• Due Diligence Data Room Index and Red-Flag Review

Day 5: Modelling Build: 24-Month Financial Model and Investor Update

• Three-Statement Startup Model Build: Income Statement, Balance Sheet and Cash Flow Links
• Scenario Toggles for Base, Downside and Bridge-Round Cases
• Runway Extension Levers: Spend Cuts, Collections and Pricing Moves
• Monthly Investor Update and Board Finance Pack Drafting
• Investor Update Presentation and Peer Model Stress Test

Skills You Will Gain:

• Burn and Runway Analysis
• Cohort Unit Economics
• Driver-Based Forecasting
• Cap Table Modelling
• Term Sheet Economic Assessment
• Startup KPI Reporting
• Small-Team Financial Control
• Due Diligence Preparation

Why Attend This Course:

• Leave with a working 24-Month Startup Financial Model and Investor Update Pack built on a case startup
• Know exactly how many months of cash remain and which levers extend runway before the next raise
• See how each new round, SAFE or option pool top-up changes founder ownership before signing
• Compare finance practice with founders and finance leads from software, e-commerce, services and industrial ventures

Conclusion:

Startups run out of time before they run out of ideas, and the difference is usually visible in the numbers months earlier. The week moves from funding stages and burn measurement, through unit economics, pricing and gross margin, to lean budgeting, rolling forecasts and KPI dashboards, and then to cap tables, term sheet economics, finance controls and due diligence readiness. The final day turns these methods into a 24-Month Startup Financial Model and Investor Update Pack ready for the next board meeting or funding conversation.