Case studies, frameworks, and breakdowns of liquidity events, acquisitions, and IPOs.
Answers question such as “when does the preferred convert?” or “what do my options actually net after dilution?”
Read more →Valuing a pre-revenue startup with a working product is less about spreadsheets and more about structured judgment. A robust approach triangulates three pillars: (1) Replacement Cost New — estimating what it would cost a strong team to rebuild the product and applying a premium for time-to-market and execution risk; (2) Strategic Revenue Synergies — modeling how a buyer could sell the product into their existing customer base, discounting those cash flows, and sharing a portion of that value with the seller; and (3) Market Comparables — checking where similar early-stage companies are being valued. Together, these inputs give founders and buyers a defensible valuation range and a clear narrative for “why this price, why now.”
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