The biggest risk of having too much money is not that you'll spend it, but that you'll lose your sense of urgency. When you have 6 months of cash in the bank,

The biggest risk of having too much money is not that you'll spend it, but that you'll lose your sense of urgency. When you have 6 months of cash in the bank, you're going to release MVPs, you're going to be customer-focused, and you're going to be super-driven to hit the next milestone so that you can get enough additional revenue (or additional funding) to stay in business. When you have 36 months of cash in the bank, the urgency can fade very quickly: you end up working on features without talking to customers because you think the features are useful and you can afford to be wrong; you end up tweaking things endlessly before launching because you can afford to be a perfectionist; you end up doing a lot of things that you shouldn't be doing because you feel like you can afford them. Pretty soon, you once again have 6 months of funding left, but now your culture is no longer in the right place to be scrappy and urgent and desperate in the way that you were before a mega-funding round.