1. A businessmodel that speculates on the firm building out a market that does not exist yet will have valuations:

		that are more difficult to conduct than a firm with existing revenues in a well-understood business.
		makes the valuation more predictable and less volatile across multiple VC term sheets.
		that are typically stratospheric and reflect investors' FOMO (fear of missing out).
		is easier to value for the VC because they will be strictly focusing on the potential of management to build the market.