20 Feb 2017 Written by Joshua Watkins
Several year ago, following a discussion with a local investment banker about the DCF valuation of a client where the topic of appropriate discount rate was a hot issue, I wondered what others were using and if there was a "right" rate.
"I don't care how good of a manager you are...you can't manage ZERO to a profit." Jim Watkins
Several years ago, I ran across this diagram of the financing cycle of startup companies on eandua.com and thought it was an elegant expression of where true seed stage capital fits in the overall scheme of our economy and the critical role it plays despite it's relatively small dollar amounts.