Running out of cash does not cause a startup’s failure, Hogan says—it’s merely a symptom of another issue. Excluding instances of “stupid spending” or the inability to raise capital in the first place, startups tend to run out of cash when a CEO has overlooked all other indicators of failure. “Unfortunately, sometimes it’s the only ‘symptom’ that the leadership sees,” [Steve Hogan] says. Why startups fail, according to their founders

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