How to Invest in Technology Startups-Timeless Advice from an Angel Investor Who Turned $100,000 into $100,000,000


Author: Jason Calacanis

Publisher: HarperBusiness

ISBN: 9780062560704

Category: Business & Economics

Page: 304

View: 2697

Early Exits

Exit Strategies for Entrepreneurs and Angel Investors (but Maybe Not Venture Capitalists)


Author: Basil Peters

Publisher: Basil Peters

ISBN: 0981185509

Category: Sale of business enterprises

Page: 184

View: 310

Angel Investing

The Gust Guide to Making Money and Having Fun Investing in Startups


Author: David S. Rose

Publisher: John Wiley & Sons

ISBN: 1118901134

Category: Business & Economics

Page: 304

View: 6571

The Global Silicon Valley Handbook


Author: Michael Moe

Publisher: Grand Central Publishing

ISBN: 1455570311

Category: Business & Economics

Page: 208

View: 8792

A fun, yet factual guide to thrive not only in Silicon Valley, but in the emerging Global Silicon Valley. Silicon Valley has become synonymous with big ideas, start-ups, and inventing the future. But today, the magic of Silicon Valley has gone viral and global. From Austin to Boston, from Shanghai to Dubai, a Global Silicon Valley is emerging. In THE GLOBAL SILICON VALLEY HANDBOOK, bestselling author, venture capitalist, and global thought leader, Michael Moe, maps out an insider's guide to Silicon Valley and the hottest emerging markets from around the world. The book highlights need-to-knows, including who the top VCs and angel investors are, phrases to avoid in a pitch, or even where to close a deal over dinner or beers. Visually engaging, THE GLOBAL SILICON VALLEY HANDBOOK aspires to inspire the entrepreneur in all of us.

The Investing King

How I Started Angel Investing With $25,000, Found the Next Billion-dollar Startups, and You Can Too


Author: Ross Blankenship,Eugene H. Chung

Publisher: Createspace Independent Publishing Platform

ISBN: 9781983638305


Page: 150

View: 4427

Are you an investor? What if you were given the keys to unlock potential investing returns of 10x, 100x or even 1,000x, on your investment dollars? How much would you pay for these keys? To learn about the next, great startups in America. The good news is that for the cost of a few cups of coffee, we've decided to give you the most powerful formula ever released to the startup world. The keys to this formula - "The Blankenship Valuation Method" - embody the core startup DNA that separates successful startups from the failures. This book is for startups, entrepreneurs, venture capitalists, angel investors, and anyone who wants to learn about investing or building a great company. Whether you've ever considered investing in a startup, founding your own company, or simply wanted to learn about the tech founder stories that changed the course of history, then this book is for you. After analyzing thousands of startups across the world, we discovered striking motifs and similarities between the startups failures and billion-dollar "Unicorns" and IPOs. And now for the first time ever, we're releasing our insider observations and this proprietary formula, to the public. Ross D. Blankenship will guide both entrepreneurs and investors on critical topics such as... How to raise big-time capital for your startup. How to best structure your startup legally, financially, and operationally. How to achieve the highest valuation for your startup. The importance of achieving profitability in less than a year's time. For future startup investors and venture capitalists: How to spot the next billion-dollar startups. Example of startups that became major success stories, and why they became forces in their industry. How to get started investing, including red flags and caveats before you begin. How to understand valuations, financials, and investments, no matter if you're a beginner, intermediate, or veteran of venture capital and angel investing. There's even BONUS material for investors in this book for investors that includes tips on negotiating the best deals, secrets to building a brand name within any industry, and a simple guide to understand any startup's finances. If you're one of the following people, searching for topics such as: entrepreneurship, business and finance, investing, venture capital, or angel Investing, then this book is for you. Now's your chance to get ahead of your peers and start making returns on your investment: start with the amazingly profitable world of venture capital.

Investing in the Next Big Thing


Author: Joseph Hogue

Publisher: N.A

ISBN: 9780997111293


Page: N.A

View: 7089

There's a Secret World of Investing Controlled by Angel Investors and Venture Capital One investment has been the secret of the wealthy for more than 80 years. It accounts for nearly a fifth of the wealth for million-dollar investors and nearly four-times the return compared to stocks. For more than eight decades, anyone with less than a million dollars was locked out of this investment. Government regulators reasoned that investors like you and me weren't smart enough to handle the high risk and higher return. That all changed in 2016, when for the first time in a century investment in startup companies became open to everyone. Investing in startups has led to an average 27% return for wealthy investors, nearly four times the average 7.4% annual return on stocks over the decade to 2013. When asked where they invested their money, investors with an average of $7.6 million told BNP Wealth Management those alternative investments like venture capital and startups were their second-largest investment after their own business. But the government is right in that the risks are high for startup investors. A study by Willamette University of 1,200 investments by angel investors found that more than half of startups fail to return even the original investment. Just a fraction of those investments accounted for the vast majority of gains. But those gains in startup investing can be spectacular. Consider Peter Thiel's 2004 investment of $500,000 in Facebook as its first outside investor. Most of us weren't able to invest in the social media giant until it went public in 2012. By then, Thiel had already made $1.7 billion for a 340,000% return on his investment. Welcome to the World of Startup Investing and Equity CrowdfundingI've spent nearly a decade analyzing startup investments for venture capital firms and angel investors. I set up the research department for one venture capital investor and managed a team of six analysts, pouring over pitch material and market research to find the best startups in which to invest. When equity crowdfunding became popular in 2012, I knew it held the potential to break the 80-year ban on startup investing for everyday investors. I refined my proven methodology for venture capital investing and waited for the law to be changed. Investing in startups is like nothing you've ever seen in the stock market. These companies aren't covered by analysts, and you won't find a P/E value on Yahoo Finance. You won't hear other venture capital investors or angel investors sharing their process or picks on TV either. They don't want you stealing those 27% annual returns. That's what this book is all about, using a process I have developed over years as a venture capital analyst to avoid the risks in startup investing and find the best deals. It's not an easy process. It involves research and strategic planning on your part. I'm ready to share it with you if you're ready for the challenge. In this book you'll learn: My quick checklist of what to look for in a startup to weed out the losers before wasting your time on valuation (Page 53) The process I use to value startup companies for venture capital firms, including how to research the market and understanding deal terms (Page 63) Three different valuation methods I use with every deal that gives me more certainty in the upside (Page 83) A startup investing strategy that puts your money in the best deals and avoids chasing the losers. (Page 107) Tired of being stuck with roller-coaster risk in the stock market and mediocre returns? If you want in on the investments that make angel investors and venture capital firms billions of dollars, scroll back up and click buy now.

Kings Over Aces

The Insider's Guide to Angel and VC Investing in the Next Billion Dollar Startups and IPOs


Author: Ross D Blankenship

Publisher: N.A

ISBN: 9781512008180


Page: 482

View: 8589

Are you an entrepreneur, venture capitalist or startup investor? Or are you an investor who wants to get into venture capital and startup investments? What if you had the opportunity to be a startup investor in the next Facebook, Uber, Google or Airbnb? Now, you can invest in top startups and entrepreneurs like Elon Musk, Steve Jobs and Bill Gates. For years, angel investing and venture capital have been behind closed doors with the same individuals and VC firms getting access to top deals. The majority of accredited investors had no idea how to get in... how to get access to these deals... until now. Kings Over Aces gives you an inside look at how you too can invest in startups and put your investment capital to work. We show you how to invest in startups from incubators like Y Combinator, 500 Startups, TechStars and AngelPad. There are many billion dollar startups across the country waiting for entrepreneurs like you to invest. You'll also learn about Angel Kings' proprietary formula on startup investing. This secret formula is changing the way private equity and venture capital investments happen. Whether you're a new angel investor, venture capitalist, accredited investor, private equity investor, startup founder, or just someone who wants to learn about the hottest emerging deals and how you can get access, read Kings Over Aces... you might just make a lot of money investing in companies you love. If you've been sitting on the sidelines, it's time to get in the game. Instead of hearing about that next big deal and how your friend made money because he invested "early in X," now is your time to profit from the astronomical rise in startup and VC investing. Entrepreneurs are ready to meet venture capitalists just like you. We discuss investing concepts like the Lean Startup method by Eric Ries, discuss how to beat investors from shows like ABC's "Shark Tank," and provide detailed analysis of startups metrics such as cash flow, revenue, burn rate, exponential growth and company valuations. In addition, we analyze startups from Angel List, which is a growing platform for investing under the SEC's JOBS Act. You too can be the next billionaire startup investor.

Startup Opportunities

Know When to Quit Your Day Job


Author: Brad Feld,Sean Wise

Publisher: John Wiley & Sons

ISBN: 1119378184

Category: Business & Economics

Page: 208

View: 8676

Start strong with essential early-stage guidance from the VC perspective Startup Opportunities is the go-to guide for anyone with a great business idea. Whether it's your first business or your fifth, realistic assessment from the outset can save you a lot of time and money; why pour your heart and soul into a venture that is doomed to fail? Instead, position yourself to win from the very beginning. In this book, accomplished venture capitalists share their insight on startups and entrepreneurs: who will fail, who will succeed and why, and what you should do to give your business the very best shot at becoming a global success story. You'll learn how to evaluate your business with a critical eye, and how early customer development can be key in turning a good idea into a great opportunity. If you're serious about building a business that lasts, this book provides invaluable guidance that you really cannot miss. More than five million people will launch a business this year, and many of them will be great ideas—yet few will be around in five years, and even fewer in ten years. A great idea is not enough to build a successful business. You need to fortify your idea with the proper foundation, and a scaffolding of good planning and early action. This book shows you how. Assess your business's viability using the 10x Rule Learn when you can quit your day job—or not Take the key steps to making your business succeed Discover the opportunities worth selling everything for This expert author team has witnessed more than 30,000 pitches over two decades, and have participated in over 500 startup launches. Startup Opportunities gives you the benefit of their experience to help you start strong and stay strong.


How to Break Into Venture Capital and Think Like an Investor Whether You're a Student, Entrepreneur Or Working Professional


Author: Carol Tietsworth,Guido Henckel

Publisher: N.A

ISBN: 9780998671833


Page: N.A

View: 9491

Straight Talk for Startups

100 Insider Rules for Beating the Odds--From Mastering the Fundamentals to Selecting Investors, Fundraising, Managing Boards, and Achieving Liquidity


Author: Randy Komisar,Jantoon Reigersman

Publisher: HarperCollins

ISBN: 0062869078

Category: Business & Economics

Page: 304

View: 4088

"Straight Talk for Startups memorializes age-old best practices and empowers both experienced and new investment professionals to beat the odds."—David Krane, CEO, Google Ventures "Straight Talk for Startups is filled with real, raw, and fact-based ‘rules of the road’ that you need to know when diving into our ultra-competitive startup world. A must read and a re-read!"—Tony Fadell, Coinventor of the iPod/iPhone & Founder of Nest Labs Veteran venture capitalist Randy Komisar and finance executive Jantoon Reigersman share no-nonsense, counterintuitive guidelines to help anyone build a successful startup. Over the course of their careers, Randy Komisar and Jantoon Reigersman continue to see startups crash and burn because they forget the timeless lessons of entrepreneurship. But, as Komisar and Reigersman show, you can beat the odds if you quickly learn what insiders know about what it takes to build a healthy foundation for a thriving venture. In Straight Talk for Startups they walk budding entrepreneurs through 100 essential rules—from pitching your idea to selecting investors to managing your board to deciding how and when to achieve liquidity. Culled from their own decades of experience, as well as the experiences of their many successful colleagues and friends, the rules are organized under broad topics, from "Mastering the Fundamentals" and "Selecting the Right Investors," to "The Ideal Fundraise," "Building and Managing Effective Boards," and "Achieving Liquidity." Vital rules you’ll find in Straight Talk for Startups include: The best ideas originate from founders who are users Create two business plans: an execution plan and an aspirational plan Net income is an option, but cash flow is a fact Don’t accept money from strangers Personal wealth doesn’t equal good investing Small boards are better than big ones Add independent board members for expertise and objectivity Too many unanimous board decisions are a sign of trouble Choose an acquirer, don’t wait to be chosen Learn the rules by heart so you know when to break them Filled with helpful real-life examples and specific, actionable advice, Straight Talk for Startups is the ideal handbook for anyone running, working for, or thinking about creating a startup, or just curious about what makes high-potential ventures tick.

Fundamentals of Angel Investing

A Guide to the Principles, Skills and Concepts Every Investor Needs to Succeed


Author: Hambleton Lord,Christopher Mirabile

Publisher: N.A

ISBN: 9781539346142


Page: 192

View: 7420

A Guide to the Principles, Skills and Concepts Every Angel Investor Needs to Succeed Written by two of Boston's most active and experienced angel investors, Angel Fundamentals is a handbook and desk reference for both new and experienced angels. Easy to read with a fast-moving conversational Q&A format, this comprehensive guide will help any early stage investor gain the skills and insights needed to make smarter investments. Overview of Contents: Part I - A Primer for Angel Investors - is designed to review the fundamental concepts of angel investing, including:: * The basics of building an angel portfolio * Expectations for return on investment * The theory and practice of asset allocation * Expectations for timing exits * The importance of due diligence * The risks inherent in early stage companies * The importance of investing both financial and human capital Part II - The 4 Critical Skills Every Angel Investor Should Master - helps angel investors develop key skills needed to make great investments in early stage companies, including: * How to evaluate a startup's management team * How to evaluate products and market opportunities * How to stage financial capital and make sure a company is properly financed * How to plan, optimize and manage an angel portfolio in a tax-efficient and organized manner Part III - Understanding Early-Stage Deal Terms - helps investors understand the concept behind key deal terms and how they can affect risk and returns. The section allows investors to navigate these sometimes very complicated deals by focusing on: * The fundamentals of equity deal terms * Mapping key deal terms to investor concerns * Deal term economics * Understanding Investor Rights/Protection provisions * Understanding Governance, Management & Control Issues * How deal terms affect exits and liquidity * Navigating angel investing documents Based on a wealth of practical experience, this guide boils down this sometimes tricky subject matter into a very clear, concise handbook investors of all experience levels will want to keep as a regular reference.

Mastering the VC Game

A Venture Capital Insider Reveals How to Get from Start-Up to IPO on Your Terms


Author: Jeffrey Bussgang

Publisher: Portfolio Trade

ISBN: 9781591844440

Category: Business & Economics

Page: 244

View: 6249

Counsels start-ups on how to finance and launch a business, drawing on the author's entrepreneurial experiences as well as the insights of leaders from such companies as Twitter and LinkedIn to cover topics ranging from successful pitches to beneficial partnerships.

Hacking Your Education

Ditch the Lectures, Save Tens of Thousands, and Learn More Than Your Peers Ever Will


Author: Dale J. Stephens

Publisher: Penguin

ISBN: 1101619686

Category: Education

Page: 208

View: 9153

It’s no secret that college doesn’t prepare students for the real world. Student loan debt recently eclipsed credit card debt for the first time in history and now tops one trillion dollars. And the throngs of unemployed graduates chasing the same jobs makes us wonder whether there’s a better way to “make it” in today’s marketplace. There is—and Dale Stephens is proof of that. In Hacking Your Education, Stephens speaks to a new culture of “hackademics” who think college diplomas are antiquated. Stephens shows how he and dozens of others have hacked their education, and how you can, too. You don’t need to be a genius or especially motivated to succeed outside school. The real requirements are much simpler: curiosity, confidence, and grit. Hacking Your Education offers valuable advice to current students as well as those who decided to skip college. Stephens teaches you to create opportunities for yourself and design your curriculum—inside or outside the classroom. Whether your dream is to travel the world, build a startup, or climb the corporate ladder, Stephens proves you can do it now, rather than waiting for life to start after “graduation” day.

Venture Deals

Be Smarter Than Your Lawyer and Venture Capitalist


Author: Brad Feld,Jason Mendelson

Publisher: John Wiley & Sons

ISBN: 1118538676

Category: Business & Economics

Page: 272

View: 3864

A full revised edition of the Wall Street Journal bestselling book on startups and entrepreneurship As each new generation of entrepreneurs emerges, there is a renewed interest in how venture capital deals come together. Yet there is little reliable information focused on venture capital deals. Nobody understands this better than authors Brad Feld and Jason Mendelson. For more than twenty years, they've been involved in hundreds of venture capital financings, and now, with the Second Edition of Venture Deals, they continue to share their experiences in this field with you. Engaging and informative, this reliable resource skillfully outlines the essential elements of the venture capital term sheet—from terms related to economics to terms related to control. It strives to give a balanced view of the particular terms along with the strategies to getting to a fair deal. In addition to examining the nuts and bolts of the term sheet, Venture Deals, Second Edition also introduces you to the various participants in the process and discusses how fundraising works. Fully updated to reflect the intricacies of startups and entrepreneurship in today's dynamic economic environment Offers valuable insights into venture capital deal structure and strategies Brings a level of transparency to a process that is rarely well understood Whether you're an experienced or aspiring entrepreneur, venture capitalist, or lawyer who partakes in these particular types of deals, you will benefit from the insights found throughout this new book.


A Brief History of Humankind


Author: Yuval Noah Harari

Publisher: Signal

ISBN: 9780771038518


Page: 464

View: 5620

Destined to become a modern classic in the vein of Guns, Germs, and Steel, Sapiens is a lively, groundbreaking history of humankind told from a unique perspective. 100,000 years ago, at least six species of human inhabited the earth. Today there is just one. Us. Homo Sapiens. How did our species succeed in the battle for dominance? Why did our foraging ancestors come together to create cities and kingdoms? How did we come to believe in gods, nations, and human rights; to trust money, books, and laws; and to be enslaved by bureaucracy, timetables, and consumerism? And what will our world be like in the millennia to come? In Sapiens, Dr. Yuval Noah Harari spans the whole of human history, from the very first humans to walk the earth to the radical -- and sometimes devastating -- breakthroughs of the Cognitive, Agricultural, and Scientific Revolutions. Drawing on insights from biology, anthropology, palaeontology, and economics, he explores how the currents of history have shaped our human societies, the animals and plants around us, and even our personalities. Have we become happier as history has unfolded? Can we ever free our behaviour from the heritage of our ancestors? And what, if anything, can we do to influence the course of the centuries to come? Bold, wide-ranging and provocative, Sapiens challenges everything we thought we knew about being human: our thoughts, our actions, our power...and our future.


The First Inside Account of Venture Capitalists at Work


Author: Randall E. Stross

Publisher: Random House LLC

ISBN: 9780812930955

Category: Business & Economics

Page: 327

View: 6844

Looking carefully at these "icons" of the 1990s, the author uses his unprecedented access to the venture capitalists behind Benchmark to reveal the surprising world behind the ultimate investment gamble.

DOHANOMICS – Timeless Lessons For Investors from Sant Kabir and Rahim


Author: Vinayak Sapre

Publisher: TV 18 BROADCAST LTD

ISBN: 9384061883


Page: N.A

View: 9144

We tend to complicate our lives. For instance, we start out owning a cycle, then graduate to using a scooter; soon, we aspire for a car and once we have the car of our dreams, we come a full circle by to wanting a cycle once more because we realize that riding one is the best way to stay fit. More often than not, our actions are driven by peer pressure and the need to follow the herd. We do not take into account the fact that we are all unique individuals with different needs and circumstances. So, naturally, to lead a happy and fulfilled life we must have clarity, not only on WHAT we want to achieve but WHY we wish to achieve it too. The world of investment is no different. People want to make more money than their neighbours or friends. So, they have casually decided on WHAT they want to achieve and completely ignored the more important issue of WHY they have set themselves this random aspiration. This is precisely what makes their financial lives complicated. Both living life and investing could be simple and uncomplicated if only we were more sensitive to our own unique needs and paid more attention to our environment. Sant Kabir and Rahim were very observant of the way people behaved and offered timeless solutions to the complexities of life in a very lucid manner. Their advice, when interpreted appropriately, is immensely pertinent for investors even today and can help preempt common mistakes that we tend to make in our financial lives. 'Dohanomics' is a collection of forty gems from Sant Kabir and Rahim, interpreted by the author, who has studied their ancient wisdom and applied it to behavioural aspects of investing. Presented in practical and logical terms, often with contemporary examples from the financial world, these interpretations offer both novices and seasoned investors robust advice that can be implemented effortlessly to elicit success in the world of investing.

How to Turn Down a Billion Dollars

The Snapchat Story


Author: Billy Gallagher

Publisher: St. Martin's Press

ISBN: 1250108624

Category: Business & Economics

Page: 304

View: 9304

"In the grand tradition of Ben Mezrich's The Accidental Billionaires (2009)... an engaging look into a fascinating subculture of millions." —Booklist "Breezy...How to Turn Down a Billion Dollars ably if uncritically chronicles the short history of a young company catering to young users, with a young chief executive, and reveals, intentionally or not, the limitations that come with that combination." —Wall Street Journal The improbable and exhilarating story of the rise of Snapchat from a frat boy fantasy to a multi-billion dollar internet unicorn that has dramatically changed the way we communicate. In 2013 Evan Spiegel, the brash CEO of the social network Snapchat, and his co-founder Bobby Murphy stunned the press when they walked away from a three-billion-dollar offer from Facebook: how could an app teenagers use to text dirty photos dream of a higher valuation? Was this hubris, or genius? In How to Turn Down a Billion Dollars, tech journalist Billy Gallagher takes us inside the rise of one of Silicon Valley's hottest start-ups. Snapchat developed from a simple wish for disappearing pictures as Stanford junior Reggie Brown nursed regrets about photos he had sent. After an epic feud between best friends, Brown lost his stake in the company, while Spiegel has gone on to make a name for himself as a visionary—if ruthless—CEO worth billions, linked to celebrities like Taylor Swift and his wife, Miranda Kerr. A fellow Stanford undergrad and fraternity brother of the company’s founding trio, Gallagher has covered Snapchat from the start. He brings unique access to a company Bloomberg Business called “a cipher in the Silicon Valley technology community.” Gallagher offers insight into challenges Snapchat faces as it transitions from a playful app to one of the tech industry’s preeminent public companies. In the tradition of great business narratives, How to Turn Down a Billion Dollars offers the definitive account of a company whose goal is no less than to remake the future of entertainment.

Startup Wealth

How the Best Angel Investors Make Money in Startups


Author: Josh Maher

Publisher: Createspace Independent Publishing Platform

ISBN: 9781533606013


Page: 354

View: 5237

Startup investors are achieving 20%, 40%, and higher rates of return. Whether you're investing in early-stage companies, raising capital for your startup, or just interested in how angel investors really make their money, Startup Wealth will unravel the mystery surrounding startup capital. STARTUP WEALTH delivers engaging interviews with early- stage investors in Google, Invisalign, ZipCar, Uber, Twilio, Localytics, and other successful and not so successful companies. Find out how an amazing IPO can result in early investors getting pennies on the dollar-or a 10x+ return. Josh Maher profiles 23 of the country's best investors over the last two decades by way of real-world case studies. Through revealing interviews, readers are introduced to Mark Suster, Catherine Mott, Christopher Mirabile, Brad Feld, Allan May, Joanne Wilson, and many other accomplished angel investors and venture capitalists. In these interviews you'll learn: How the best investors think about identifying companies, negotiating terms, and partnering with founders and other investors How angel investing can involve many different successful approaches What the best investors have learned from their largest successes and failures How investors design their portfolios and work with companies to achieve the most successful results. STARTUP WEALTH is an insightful and useful tool for anyone seeking to make better investments, select great investors, or raise early-stage capital for their business. "There is nothing better when it comes to learning 'best practices' than hearing from successful people in the trenches. Josh's book captures the best of the best, as they reveal both what worked and what didn't for them as angel investors and entrepreneurs. Required reading whatever side of the investing fence you're on!"-Gerry Langeler, Managing Director at OVP Venture Partners. Co-founder of Mentor Graphics (NASDAQ: MENT). Author of The Success Matrix and Take the Money and Run! An Insider's Guide to Venture Capital."

Founder’s Pocket Guide: Startup Valuation


Author: Stephen R. Poland

Publisher: 1x1 Media

ISBN: 1938162048

Category: Business & Economics

Page: 50

View: 5713

This updated edition includes several new features, including: · The Startup Valuation Explorer · Expanded coverage of Valuation Methods · Responding to investor questions about your valuation · Understanding option pool impact on your valuation For many early-stage entrepreneurs assigning a pre-money valuation to your startup is one of the more daunting tasks encountered during the fundraising quest. This guide provides a quick reference to all of the key topics around early-stage startup valuation and provides step-by-step examples for several valuation methods. This Founder’s Pocket Guide helps startup founders learn: • What a startup valuation is and when you need to start worrying about it. • Key terms and definitions associated with valuation, such as pre-money, post-money, and dilution. • How investors view the valuation task, and what their expectations are for early-stage companies. • How the valuation fits with your target raise amount and resulting founder equity ownership. • How to do the simple math for calculating valuation percentages. • How to estimate your company valuation using several accepted methods. • What accounting valuation methods are and why they are not well suited for early-stage startups.