Every venture-backed startup burns cash. The question is whether that burn is an investment or a slow walk toward bankruptcy.

In this episode of The 10x Finance Podcast, Albert Gozzi sits down with Diya Sagar, CFO at AWA Studios, to break down one of the most misunderstood concepts in startup finance: the difference between good cash burn and bad cash burn.

Diya shares the framework she uses to evaluate spend, how to tell the two apart on a cash flow statement (spoiler: you can't, fully), where most teams go wrong on marketing budget, and how to coach non-finance budget owners on thinking in costs versus benefits without turning every conversation into a spreadsheet.

If you're a finance leader, founder, or budget owner at a high-growth company, this one is 15 minutes well spent.

Chapters

• 00:00 — Cold open: Not all cash burn is created equal
• 00:49 — Welcome to The 10x Finance Podcast
• 01:07 — Introducing Diya Sagar, CFO at AWA Studios
• 01:36 — The Hot Take: Good burn vs. bad burn
• 02:54 — How to tell the good from the bad
• 04:33 — Why cash flow statements don't give you the whole picture
• 05:53 — The marketing spend trap: brand vs. growth
• 07:39 — Brand spend vs. growth spend at different stages
• 08:37 — Risk, reward, and long-term contracts
• 10:48 — Coaching non-finance budget owners
• 12:42 — Rapid fire: the one mistake finance teams repeat
• 13:25 — Rapid fire: advice for scaling finance teams
• 13:54 — Rapid fire: the trend that will shape the next five years
• 14:21 — Wrap