"War chest" kind of implies liquid assets of some kind. Code is a highly illiquid asset and even a liability if you have to maintain its existing functionality.

"War chest" kind of implies liquid assets of some kind. Code is a highly illiquid asset and even a liability if you have to maintain its existing functionality. Most of the small companies that are able to pivot easily do have reasonably large war chests in the form of VC funding. If they don't have that kind of funding they won't be able to pivot as easily because they need to worry about maintaining cash flow just to keep the lights on.