If you missed my two part series on enterprise value in venture, here are the 10 essentials

🔹1 EV in venture isn’t observable - it’s inferred. There’s no market clearing price. Fair value reflects what a market participant would pay. 🔹2 Traditional valuation assumes fundamentals. Early stage companies rarely have revenue, margins, comps, or liquidity to anchor value. 🔹3 You’re pricing future enterprise value. It's about future upside, not current performance. 🔹4 Venture investments behave like options. Downside is capped; upside comes from low probability, high magnitude outcomes. 🔹5 Liquidity timing shapes value. Enterprise value is pathdependent. Time to the next financing or exit is part of the risk. 🔹6 Retiring risk is creating value. Technical validation, Product market fit signals, financing visibility, and credible exits all compress uncertainty. 🔹7 “Feels worth more” isn’t a valuation thesis. Confidence must map to a measurable shift in expected outcomes. 🔹8 Calibration is the discipline.Start with the last transaction and assess what’s changed in information, risk, or market conditions. 🔹9 Think like a market participant. If the company raised today, would sophisticated investors price it differently and why 🔹10 Governance makes judgment defensible. Consistency, documentation, and clarity on risk evolution matter more than models alone. Early stage EV isn’t missing, it’s embedded in a shifting distribution of outcomes. The work is showing, rigorously, how that distribution has moved since the last measurement date. This is exactly why we built The Platform for VC Cap Tables and Valuation Clarity.