Actually, I don't have time to waste on someone who has an obvious agenda to start a dust up, so suffice to say there are hundreds of articles on the Internet describing how to value a start up venture firm.  This is a particularly good one - it talks all about future cash flows, IP, partnerships, technolgical advantage and some of the things I described earlier.  IBAW it's well above your level of financial business acumen,  but try and struggle through.  At least graze a few pages and then if you have any specific questions not covered you can ask me for an explanation.   As I'm not a professional my advice is free and I enjoy mentoring novice investors.  Enjoy!

 

http://www.business.illinois.edu/working_papers/papers/05-0124.pdf

 

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