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  "documentTitle": "Valuing Pre revenue Companies",
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      "kind": "list",
      "text": "PricewaterhouseCoopers' MoneyTree™ provides the following definitions: Seed/Startup Stage: The initial stage. Early Stage: The company has a product or service in testing or pilot production.",
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      "text": "See the extended discussion of pre-money valuation in \"Valuation of Pre-revenue Companies: The Venture Capital Method\" by William H. (Bill) Payne starting on page 18. \"Is Valuation a Key Issue in Funding Startups?,\" by George Lipper, July 2007.",
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      "text": "For follow-on and later stage investing, the range of valuations is much wider and the number and complexity of valuation equations much greater. In summary, evaluations of small, high-growth opportunities ought to focus more on the quality of the management.",
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      "text": "The Last Word: There is no universally accepted analytical methodology for assigning value to a pre-revenue, startup company. Nonetheless, investors and entrepreneurs negotiate the value of tens of thousands of such ventures annually.",
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      "text": "Fundability and Valuation of Startups: An Angel's Perspective (continued)",
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