When people talk about valuation, the conversation often jumps straight to methodology. Should we use OPM? PWERM? Calibration to the last financing round? A market approach? But methodology is not where the valuation process starts. In reality, the calculation is one of the final steps. Before you can produce a valuation, you first need to build it. 1. Establish the capital structure Everything begins with reliable, up-to-date investment data. The cap table must accurately re