I tend to disagree again... A new company that transitions from R&D to production mode especially tied into the media and technology arena are valued on future revenues. Case in point the dot com era... Companies are priced to future revenues out as far as 1 to 2 years. You wait until the revenues come in the door you are paying much much more than the price when the growth actually was spawned into being... GROWTH companies are valued for future growth pretty plain and simple!!! Especially NEW GROWTH companies... Revenue streams are being seeded daily with ICPA not to mention its ties into the Social Networking arena... Soon to produce fruit!!!