Seed Valuations Aren't Valuations(whoisnnamdi.substack.com)
whoisnnamdi.substack.com
Seed Valuations Aren't Valuations
https://whoisnnamdi.substack.com/p/seed-valuations
1 comments
Seed companies don’t seem to be priced as businesses with intrinsic value derived from future cash flows. Rather than venture capital, they seem to be a proxy for the human capital of the founders and early team.