

How Valuable Is Revenue For Startups? -  andrewdumont
http://andrewdumont.me/post/18529660490/value-of-revenue-for-startups

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paulsutter
It's all about net present value and nothing to do with eyeballs. 

A startup with no revenue can only have a spectacular valuation if investors
believe the time and risk adjusted future profitability of the company merits
that valuation. 

The alternative explanations (the investors are relying on the greater fool
theory, or are themselves fools), seem pretty unlikely.