Research & Case Studies
The financial decisions behind survival and failure.
We study why startups make it — and why they don't. Practical research and case studies for founders who'd rather learn from someone else's burn than their own.
Latest · Flagship Report
Case Studies
The Burn Report 2026
$15B+
raised across four startups — and lost
Builder.ai, Northvolt, 23andMe, and Lilium raised more than $15 billion between them and still failed. We break down what went wrong financially — and the warning signs founders can spot before they become fatal.
- Builder.ai — when financial reporting breaks down
- Northvolt — growth without operational readiness
- 23andMe — the revenue model problem
- Lilium — the cost of long timelines
WGF Group · 2026
The Burn
Report
$15B+ raised · 4 failuresReport
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