Finance for Biotech and Hardware Startups

Milestone-Based Funding

• Capital arrives in tranches tied to technical or clinical milestones, so your plan must map spend to the next value-inflection point.
• Define each milestone as an objective, verifiable event, because ambiguous gates create disputes and delay tranche releases.
• Budget runway to reach the milestone that most raises valuation, not merely to survive the next twelve months of operations.
• Model the downside where a milestone slips, and hold reserve capital so a delay does not force a raise from a weak position.