All startup investments absolutely are options. You're betting that the limited amount of money that you put into startup will tie you over until the next fund

All startup investments absolutely are options. You're betting that the limited amount of money that you put into startup will tie you over until the next funding round or until you hit positive cash flow. Runway is a race between the burn rate and growth metrics. You're betting that the fuse you lit is going to blow and not fizzle when it gets to zero.