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Girard  (p. 9-22)

Cooper (p. 23-32)

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Coulmas-Law (p.42-46)

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JOURNAL OF ACCOUNTING AND FINANCE

Multi-Stage Valuation for Start-Up High Tech Projects and Companies

Author(s): Egbert van de Schootbrugge, K. Matthew Wong

Citation: Egbert van de Schootbrugge, K. Matthew Wong, (2013) "Multi-Stage Valuation for Start-Up High Tech Projects and Companies," Journal of Accounting and Finance, Vol. 13, Iss. 2, pp. 45 - 56

Article Type: Research paper

Publisher: North American Business Press

Abstract:

Economic growth is propelled by new technology developments. However, valuating early stage high

tech development projects or companies is a very demanding task. In order to decide whether to fund a

high tech development project or not, whether to sell or buy shares at a certain price, or to set the right

price in an M&A, one needs to value the project or company. Traditional approaches such as using

multiples, DCF analysis and/or combinations of these all have fundamental flaws. In this paper, we

propose a multi-stage valuation approach as a pragmatic alternative to handle the valuation issue.