Innovation accelerates and compounds. Each point in front of you is bigger than anything that ever happened.
Smart tech investor thinks about: a) future product roadmap, b) bottoms-up market size & growth, c) talent and skill of team. Essentially you are valuing things that have not yet happened, and the likelihood of the CEO and team being able to make them happen. Finance people find this appalling, but investors who do this well can make a lot of money.
No one should expect building a new high-growth, software-powered company in an established industry to be easy. It's brutally difficult.
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