If you’re an early-stage founder, striking the right balance between building a sustainable business model and raising capital to get there is one of the hardest challenges you’ll face. 

Inc. editorial assistant Annabel Burba recently spoke with Tovala founder and CEO David Rabie about exactly that topic. Rabie opens up about how his startup nearly ran out of runway and how a series of pivots and emergency funding rounds saved it. His big takeaway? “I no longer count my chickens the way I used to.” 

On this episode of The Business Model, Annabel joins Inc. senior editor Tim Crino to discuss why Rabie’s story stuck with her and what early-stage founders need to know about fundraising, including why the timing of when you raise can matter just as much as how much you raise. 

*In the interest of full disclosure, Joe Mansueto, who owns Inc., is an investor in Tovala.