This "Founders' FAQ" is work in progress as of March 2023. Please bear with us while we push more of our content in here.

Midstage Founders' Frequently Asked Questions | See all

How can I extend my runway when money is tight?

Mid-stage startups can drive efficiency in their processes and deliver value to customers faster by adopting the following approaches:

  1. The Toyota Production System (TPS): The TPS emphasizes the elimination of waste (Muda), reduction of variability (Mura), and minimization of overburden (Muri) to improve production efficiency. Key concepts include Just-In-Time production, continuous improvement (Kaizen), and creating a culture of learning and problem-solving. Source: Liker, J.K. (2004). The Toyota Way. McGraw-Hill Education.
  2. Lean Startup methodology: Encourages a build-measure-learn feedback loop to validate ideas and ensure products or features are customer-centric. This iterative approach allows startups to minimize waste and deliver value by pivoting quickly based on customer feedback. Source: Ries, E. (2011). The Lean Startup. Crown Business.
  3. Value Stream Mapping: As described by Karen Martin, Value Stream Mapping helps businesses identify bottlenecks, redundant steps, and inefficiencies in their processes. Streamlining these processes can lead to delivering value to customers faster with less waste. Source: Martin, K., & Osterling, M. (2013). Value Stream Mapping. McGraw-Hill Education.
  4. Implementing Key Performance Indicators (KPIs): Setting and tracking relevant KPIs, as Karen Martin suggests, can help startups measure the effectiveness of their processes and understand areas that need improvement to deliver value efficiently. Source: Martin, K. (2012). The Outstanding Organization. McGraw-Hill Education.
  5. Cross-functional teams: Create multi-disciplinary teams to foster collaboration, knowledge sharing, and innovative problem-solving. This can reduce overhead and optimize resource allocation.
  6. Automating repetitive tasks: Utilize software and tools to automate tasks, thereby increasing efficiency, reducing errors and manual labor, and allowing teams to focus on more high-value activities.

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