As CFOs continue to take on a more operational role in the C-Suite, one of the most crucial moves is beyond the financial realm: becoming a strong storyteller.
Veteran finance leader Lisa Cummins Dulchinos is an advocate of sharpening CFO’s communication skills. She is currently CFO at Ayar Labs, a semiconductor unicorn based in San Jose, California, backed by NVIDIA, AMD and Intel. A seasoned executive with more than 25 years in finance across startups and large companies alike, including Penguin Computing and Oracle, she has played a critical role in helping Ayar Labs attract and secure funding—including a $155M Series D funding round in 2024.
“Yes, you need to be transparent about the numbers and any potential challenges. But you also need to be able to tell a cohesive story that gets people excited about where the company is headed,” she says in an interview with CFO Leadership. She shares her strategies.
In what ways can startup CFOs navigate today’s complex financial landscape?
Startup CFOs must evolve beyond traditional finance roles to become strategic operators, risk managers and communicators. Developing a financial plan that doesn’t just track the basics but actively supports the company’s long-term goals is critical.
At Ayar Labs, I focus on building multiple financial scenarios specific to our stage and industry dynamics, ranging from shifts in market adoption and timing of customer design wins to delays in production or the impact of higher-than-expected tapeout costs. I rely on real-time data to adjust these scenarios and ensure our plan can pivot as new information emerges.
This approach allows me to make informed, timely decisions while keeping our CEO, board of directors and executive team aligned on strategy and execution. It’s what allows us to stay agile and deliver on our commitments to customers and investors even in an unpredictable environment.
Just as importantly, CFOs today need to be effective storytellers. They should be able to translate financial data in unique ways for specific audiences, including investors, customers and employees.
Today’s CFO is much more than a financial steward. Yes, you need to be transparent about the numbers and any potential challenges. But you also need to be able to tell a cohesive story that gets people excited about where the company is headed.
How can startup CFOs balance growth and discipline in today’s volatile funding environment?
My approach is rooted in thoughtful capital deployment that maintains strategic flexibility. While there’s ample funding available for AI startups today, that abundance has created volatility in the market. Valuation must be grounded in future performance and, if not done correctly, could eventually lead to a down round. Rather than chasing a massive, ego-driven valuation, CFOs should strive to raise capital based on substantiated value, not hype.
In the early stages, the emphasis is often on cash out date and preserving capital to get to that next fundraise. This is when you need to focus on establishing the infrastructure, systems and processes for financial success. The key is to remain measured: fund what’s necessary for execution while staying nimble enough to adapt.
What are some of the challenges you face today in the semiconductor industry?
The semiconductor industry is unlike any other sector I’ve worked in. It’s extremely capex-intensive, with long R&D cycles and extended timelines to commercialization. One of the biggest challenges is that early-stage investors in this space are often deeply technical. You’re typically engaging with technologists who are laser-focused on whether the technology can fundamentally disrupt existing infrastructure.
Their priority isn’t primarily on near-term revenue or projected returns—though those matter eventually—but rather on technological feasibility and proof points. For example, if an investor’s first question is about our current revenue run rate, that’s often a clear signal they may not be the right fit for a business like ours. This is more typical for a software company, not a hardware company.
At this stage, what really matters are future design wins; those contracts can translate to hundreds of millions in annual revenue once customers scale production. We need patient capital and investors who understand that the payoff in semiconductors is rarely immediate but can be transformative over a five- to 10-year horizon.
What are three pieces of advice you’d share with young finance leaders today?
Work smarter, not harder. Yes, you do need to put in the hours. But ultimately, it’s the people who step out of the weeds and think strategically about who will make the biggest impact and climb that corporate ladder. It’s easy to focus on task completion and getting the easy stuff out of the way, but what sets finance leaders apart is the ability to take a step back, synthesize complex information and then make decisions that truly move the business forward. Learn to delegate the details so you can see the big picture.
Be confident and stay informed. I’m not a huge fan of “fake it till you make it,” but you do need to project confidence in everything you do. That comes from preparation. Invest the time to deeply understand not just the financials, but also the technology, the market and the business model. The more you know, the more credibility you will have and the more value you will bring.
Build your network… before you need it. As you progress in your career, it can get lonely at the top. Having a strong network of peers and mentors is essential. You need people you trust to challenge your thinking, share perspectives and support you through tough decisions. Start cultivating those relationships early, because when you are under pressure you won’t have time to start from scratch.
