Are Startups Over-Valued?

The market has had a strong run, far outpacing GDP growth

To Answer This Question, Start With the Public Markets

Interest rates are sharply down in recent years — and dramatically down since the pandemic began

Public Valuations Drive Startup Valuations

Early Stage Valuations Not Affected by Increase in Public Market Valuations

Early Stage Valuations: Cap Table Math vs. Comparables Math

Conclusion

Former entrepreneur turned VC @Flybridge, teach @HBS, author of Entering StartUpLand and Mastering the VC Game

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