The Art of the Waitlist: Siqi Chen on Driving Scarcity, Hype, and Feedback Loops

Runway CEO and co-founder Siqi Chen shares how his team used a waitlist not just to build hype, but to engineer smarter growth. In this episode of Fund/Build/Scale, Siqi breaks down how Runway strategically kept customers in a holding pattern to gather feedback, qualify demand, and refine product-market fit. We also talk about: How to build trust with early users through transparency Using scarcity and access control as GTM levers Why financial planning should be accessible to everyone on the team What most founders get wrong about burn rate and cash flow Whether you're in the early stages or prepping for launch, this episode offers a masterclass in thoughtful, tactical go-to-market execution. RUNTIME 39:46 EPISODE BREAKDOWN (2:49) “ What if somebody worked on a Figma for finance?” (5:48) “ You have to understand what are the different levers of the machine, and how the machine works.” (8:50) Why Runway represents a cultural shift in corporate transparency. (11:51) How much financial literacy should founders try to foster across their organizations?  (14:48) How much runway should a startup aim for? (18:39) How Runway’s waitlist fed directly into its GTM strategy. (21:36) The  ”very simple motivation” behind creating the waitlist. (24:35) The “negging trick” that makes sales prospects want to buy your product. (26:37) “ Your early customers join you for very different and specific reasons.” (28:55) “ Our first website, we didn't even really talk about the product.” (30:23) After opening up the waitlist, “ nothing really changed — we were doing outbound sales already.” (34:17) “People who are really motivated by your purpose and mission are willing to give you a lot more leeway.” (36:42) What the next five years could look like for Runway. (38:07) The one question Siqi would ask a CEO if he was interviewing at an early-stage startup.  LINKS Siqi Chen Runway Runway lands $27.5M to streamline financial planning for businesses As Not Seen on TV, Pete Wells, NYT Restaurant Review, 11/13/12 SUBSCRIBE 📥 LinkedIn: https://www.linkedin.com/newsletters/7249143254363856897/ 📸 Instagram: https://www.instagram.com/fundbuildscale/ Thanks for listening!   – Walter.